27th Mar 2020 07:00
27 March 2020
Tufton Oceanic Assets Limited (The "Company")
$7.0m Investment in a Handysize Bulk Carrier
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has acquired a Handysize Bulk Carrier for $7.0m.
The vessel has a fixed rate time charter for six to eight months to a major agricultural commodity trading and logistics company. The yield during the charter is in line with the targets expressed in the Company's prospectus dated 25 September 2018.
This acquisition takes the Company's fleet to sixteen vessels. SHIP currently has approximately $15m of investible cash.
Tufton Oceanic Ltd, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.
For further information, please contact:
Tufton Oceanic Limited (Investment Manager) Andrew Hampson Paulo Almeida | +44 (0) 20 7518 6700 |
N+1 Singer James Maxwell, Alex Bond (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales) | +44 (0) 20 7496 3000 |
Hudnall Capital LLP Andrew Cade | +44 (0) 20 7520 9085 |
About the Company
Tufton Oceanic Assets Limited invests in a diversified portfolio of secondhand commercial sea-going vessels with the objective of delivering strong cash flow and capital gains to investors. The Company's investment manager is Tufton Oceanic Ltd. The Company has raised a total of approximately $250m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange, on 20 December 2017, a subsequent placing and offer in October 2018, a placing in March 2019 and a placing in September 2019.
Related Shares:
Tufton Assets.