The Board of Tufton Oceanic Assets Limited is pleased to announce that it has agreed to divest the Containerships Candy and Echidna for a total of $21.0m. The realised net IRR will be c.74% and realised net MOIC will be c.1.80x. Both ships were acquired in January 2021 for $13.75m in total, soon after the Company’s divestment of the Suezmax Tanker Bear. The divestment of Candy and Echidna follows the Company’s four Containership exits in the past year.
This will be the Company’s ninth divestment. Whilst the Company aims to hold its investments over the longer term, the Investment Manager will seek to realise investments where additional value can be generated for shareholders. This divestment, together with the various divestments announced since late 2020, demonstrates the Company’s commitment to capital re-allocation.
The Investment Manager continues to identify an attractive pipeline of opportunities across a range of the Company’s target sectors and expects to redeploy these proceeds promptly. Prospective investments include chemical and product tankers as well as bulkers. The Company will announce a further update in due course.
