Dry CargoEurope

Tufton offloads handy bulker for $16.2m

London-listed Tufton Oceanic Assets has sealed what it calls an opportunistic new sale, landing $16.2m from its handysize bulker Dragon

The vessel, acquired in 2018, is being sold for 119% of depreciated replacement cost (DRC) when taking its charter into account.

“This sale, together with the handy bulker investments announced last month, demonstrate the company’s commitment to ESG and capital re-allocation. The latter is increasingly relevant given absolute and relative movements across and within the main shipping markets since 3Q 2020,” Tufton said.

The company has six Japanese-built bulkers remaining with an average age of 9.5 years and all acquired in the past 12 months below DRC. These vessels are said to earn a net unlevered yield approximately 3% higher than the vessel Tufton sold.

The latest transaction will be the company’s sixth divestment. In August, Tufton struck a deal to sell a boxship for more than double the purchase price. It also recently added two handysize bulkers for $41.2m.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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