The Board of Tufton Oceanic Assets Limited is pleased to announce:
Divestment of Containership
The Company has agreed to divest the Containership Vicuna for $18.0m. The realised net IRR will be 46% and realised net MOIC will be 2.3x. The Company acquired Vicuna in October 2019 for $8.75m.
This will be the Company’s tenth 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.
Collaboration with the Maersk Mc-Kinney Møller Center for Zero Carbon Shipping
The Investment Manager has joined the Maersk Mc-Kinney Møller Center for Zero Carbon Shipping (the “Center”) as a Mission Ambassador. The Company will benefit from Tufton and the Center’s collaboration on decarbonisation of the maritime industry.
