London stock exchange-listed Tufton Assets Limited has agreed to acquire two Japanese-built handysize bulkers for $33m en-bloc.
The vessels, described as high-specification, eco-design ships, are being acquired at ~85% of DRC, according to the company.
After acquisition, one of the handysizes is expected to commence a fixed-rate charter for 11-13 months with a leading commodity trader. The fixed-rate charter is expected to have a net yield of c.12%.
The other vessel should commence an index-linked time charter with another leading commodity trader and is expected to have a net yield greater than 12% based on the investment manager’s positive view of the bulker market.
Tufton said the acquisitions reaffirm the company’s strategy of deploying capital into second-hand fuel-efficient, in-demand vessels that deliver attractive yields.
Both vessels are ranked in the top quartile of fuel efficiency in their market segment, according to the company, supporting Tufton’s commitment to ESG.
UK-based Tufton Assets Limited invests in a diversified portfolio of second-hand commercial sea-going vessels. The company’s investment manager is Tufton Investment Management Ltd.
Source: London Stock Exchange
