21st Mar 2019 09:57
LONDON (Alliance News) - Tufton Oceanic Assets Ltd on Thursday reported a fall in its interim net asset value per share, as it looks ahead to further expansion.
At the end of December the investment company, which acquires vessels and other maritime assets, registered a net asset value per share of USD0.9872 from USD1.016 at the end of June.
During the period, Tufton acquired three product tankers, one containership and one handysize bulker, investing USD75.2 million.
It declared and paid dividends of USD0.015 and USD0.0175 per share.
Looking ahead, Tufton will continue to look for further acquisitions, and "new and varied opportunities" to increase the size of the company through 2019 and beyond.
"I have been encouraged by the investment manager's ability to identify, execute and complete the purchase of the vessels in a timely manner," Chair Rob King said.
"There continues to be a strong pipeline of investments particularly in the tanker, general cargo and containership segments which makes it possible to invest recent future proceeds on a timely basis."
Tufton shares were untraded on Thursday, last quoted at USD1.04 each.
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