The Board of Tufton Oceanic Assets is pleased to announce that it has agreed to acquire a Handysize Bulker for $25.5m.
It is being acquired slightly above DRC but the strong cash flows from its charter will significantly de-risk the investment. The vessel has a fixed rate time charter of nine to twelve months producing a net yield of 25%. It is in the top quartile of fuel efficiency in its market segment. Nonetheless it will be evaluated for further improvement, including the retrofit of energy saving devices.
This transaction, together with the others announced since late 2020, demonstrate the Company’s commitment to capital re-allocation and ESG. The Investment Manager continues to identify an attractive pipeline of opportunities across a range of the Company’s target sectors. Prospective investments include chemical and product tankers as well as bulkers. The Company will announce a further update in due course.
