Tufton Oceanic to Raise USD 100 Mn for Ship Purchases

MoneyIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

UK’s fund management company Tufton Oceanic Assets Limited is looking to raise USD 100 million through a share offering in an effort to fund future ship acquisitions.

Namely, the company has identified an attractive pipeline of second hand vessels and in order to capitalise on these opportunities, Tufton Oceanic is now planning to raise up to USD 100 million by the issue of C shares and also to initiate a placing programme that will permit the company to issue up to a further 200 million ordinary shares and/or 200 million C shares over the next 12 months.

Tufton Oceanic informed that its focus of investment will be on the containership, tanker and general cargo segments with opportunistic investments in the bulker segment. The company added that the portfolio will continue an emphasis on long term bareboat and time charters strategies.

Since listing on the Specialist Fund Segment of the Main Market in December 2017, the company has made seven investments and has now fully invested the net proceeds of its initial public offering in less than nine months.

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