Tufton Oceanic adds containership to its fleet

UK’s fund management company Tufton Oceanic Assets Limited has reached an agreement to acquire a containership for USD 23.6 million.

The boxship has a time charter of around 5.5 years to a major container line.

Tufton Oceanic has also committed to invest USD 4.7 million to upgrade the vessel under the terms of the charter.

The yield exceeds the targets expressed in the company’s prospectus dated September 25, 2018, according to Tufton Oceanic.

This acquisition will boost the company’s fleet to fifteen vessels and increase the average charter length across the portfolio to 3.5 years.

The purchase is the third investment made from the proceeds of the placing announced on March 11, 2019 and, following completion of this acquisition and taking account of the required investment to upgrade the vessel, Tufton Oceanic will have invested some 85% of the net proceeds from the placing.

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