Tufton adds product tanker and handy bulker

Tufton Oceanic Assets has invested close to $55m adding two more ships to its portfolio. The London-listed firm has acquired a product tanker for $30.9m and a handysize bulker for $23.6m.

Tufton said the product tanker is being acquired at approximately 85% of depreciated replacement cost (DRC). The unnamed ship is fixed for twelve to twenty-four months, producing a net yield of over 8%. 

The handy bulker is also being acquired below DRC and comes with a fixed rate time charter of eighteen to twenty-four months, producing a net yield of over 15%.

Tufton added that both vessels are already in the top quartile of fuel efficiency in their market segments but will be evaluated for further improvement, including the retrofit of energy saving devices.