Tufton Oceanic Assets Buys Container Ship

The fund management firm for the maritime Tufton Oceanic Assets has agreed to acquire a container ship for $13mln.

The London-listed specialist fund said that the containership is designed to haul fresh fruit all over the globe. "The ship is being lent on a two year charter to a leading private operator of containerships in the fresh fruit transportation sector," it said.

According to a stock exchange annoucement, the yield is in line with the targets expressed in the Company’s C Share prospectus.

This is the second investment made from the C Share proceeds announced on 11 October 2018. This acquisition will take the Company’s fleet to eight vessels, five of which are containerships all below 3000-TEU capacity.

The Company also recently employed one of its handysize bulkers on a time charter of approximately one year, and therefore the Company currently has no spot market exposure.

Tufton Oceanic said its investment manager continued to identify an attractive pipeline of opportunities across a range of target sectors.