$15.2m Investment in a Chemical Tanker

Jan 14 2021


The Board of Tufton Oceanic Assets Limited is pleased to announce that the Company has acquired a stainless steel Chemical Tanker for $15.2m.

This acquisition takes the Company's fleet to twenty vessels.

 

The vessel will be employed in a leading chemical tanker pool where it will earn a monthly floating charter rate based on the performance of the pool of vessels overall, but where the pool has significant contract coverage. The Company's exposure to the spot market therefore will be approximately 5% of NAV.

 

The expected yield from the pool exceeds the targets expressed in the Company's prospectus dated 25 September 2018.

 

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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