- Title:
$6.75m Investment in one Containership - Time:
07:00:03 - Date:
5 Jan 2021 - Category:
Acquisitions and alliances - ID:
4775K
5 January 2021
Tufton Oceanic Assets Limited (The "Company")
$6.75m Investment in one Containership
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has acquired one Containership for $6.75m. This acquisition takes the Company's fleet to nineteen vessels.
The vessel has a fixed rate time charter of at least three years to a major container line which is investment grade. It is fitted with an exhaust gas scrubber.
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.
Tufton Investment Management 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 Investment Management Ltd (Investment Manager) Andrew Hampson Paulo Almeida |
+44 (0) 20 7518 6700 |
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| N+1 Singer James Maxwell, Alex Bond (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales) |
+44 (0) 20 7496 3000 |
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| 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 Investment Management 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.
$6.75m Investment in one Containership07:00:035 Jan 2021Acquisitions and alliances4775K