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January 18, 2021

Investment company Tufton Oceanic acquires two containerships

UK-based investment company Tufton Oceanic Assets has acquired two containerships, which are fitted with exhaust gas cleaning systems (scrubbers).

UK-based investment company Tufton Oceanic Assets has acquired two containerships, which are fitted with exhaust gas cleaning systems (scrubbers).

Tufton Oceanic purchased its first containership for $6.75m on 5 January.

According to the company, the unnamed ship will be time-charted at a fixed rate for at least three years to an investment-grade major container line.

On 14 January, the company bought the second boxship for $7m.

The vessel has a floating rate time charter of at least three years to a major container line, which is also investment grade, reported Offshore Energy.

Tufton Oceanic said: “The yield during the charter exceeds the targets expressed in the company’s prospectus dated 25 September 2018. The vessel’s share of expected fuel cost savings produced by the scrubber increases the yield to greatly in excess of the company’s targets.”

In addition, the company purchased a stainless steel chemical tanker for $15.2m in January and said that it will be used in a chemical tanker pool.

The three recent purchases have expanded Tufton Oceanic’s fleet to 21 vessels.

The transactions have been made in accordance with the company’s strategy.

In an effort to better position itself for growth opportunities, the fund management company also announced a corporate reorganisation earlier this month.

The business was split into Tufton Investment Management and Oceanic Investment Management.

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