Tufton Oceanic Assets Buys Handysize Bulker

BulkerIllustration. Image Courtesy: Pxhere under CC0 Creative Commons license

Fund management firm Tufton Oceanic Assets Limited has agreed to buy a secondhand Handysize bulk carrier.

The company is to acquire the ship for a price of USD 12.9 million from an unidentified buyer.

As informed, the vessel will have a time charter of 2-2.5 years to an operator of Handysize bulkers.

The yield is in line with the company’s targets, according to Tufton Oceanic Assets.

In December 2017, Tufton Oceanic Assets was admitted to the Specialist Fund Segment of the London Stock Exchange. The company has made seven investments since IPO and is now fully invested in less than nine months.

Tufton Oceanic Limited, the investment manager, continues to identify “an attractive pipeline of opportunities across a range of the company’s target sectors”.

In order to capitalize on these opportunities and grow the portfolio, the company recently announced its intention to raise further capital through an issue of C Shares, by way of a placing and offer for subscription, to be accompanied by a 12-month placing program.

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