Tufton Spends $25.5 Million To Add A Bulker

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Following profitable containership sales earlier this year, Tufton Oceanic Assets has invested $25.5 million to add one additional handysize bulk carrier to its portfolio as reported by Splash 247.

Fixed-rate 

The London-listed fund said it paid slightly more than depreciated replacement cost (DRC) for the vessel, which will be de-risked by cash flows from a fixed-rate term charter of nine to twelve months, resulting in a net yield of 25%.

Fuel efficiency

The unnamed vessel is believed to be in the top percentile of fuel efficiency in its market segment, but it will be reviewed for future improvements, including energy-saving device retrofits.

Tufton made around $16.5 million from three boxships it sold last month for around $39 million. Chemical and product tankers, as well as bulkers, are on the company’s wish list. It recently purchased a product tanker for $30.9 million and two handysize bulkers for roughly $47.3 million, in addition to the newest purchase.

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Source: Splash 247

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