Tufton Oceanic Assets Ltd. $23.0m investment in 2 Product Tankers & new loan

Oct 08 2020


The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has acquired two Product Tankers for $23.0m.

These acquisitions take the Company's fleet to eighteen vessels.

 

Both vessels have fixed rate time charters for three to five years to a major commodity trading and logistics company. The yield during the charters exceeds the targets expressed in the Company's prospectus dated 25 September 2018.

 

In parallel with the acquisitions, a subsidiary of the Company will complete a debt financing of $24.0m with an all-in cost below 5.0%. The new loan will be secured on four of the Company's Product Tankers with charters of c.2.5 to 3 years plus charterers' options to extend. The loan has no recourse to the Company. The Company expects to repay the loan within 3 years in line with the visible charter cash flow, but can choose to repay over up to 5 years if the charters are extended.

 

Tufton Investment Management Ltd, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.

 



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