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.
