UK’s fund management company Tufton Oceanic Assets Limited has further expanded its fleet with two general cargo vessels.
The company reached an agreement to invest USD 13.1 million into the two units, which will be bareboat chartered to an unnamed general cargo shipping operator.
These are Tufton Oceanic’s first investments made from the proceeds of the placing announced on March 11, 2019. The additions will take the company’s fleet to fourteen vessels.
According to Tufton Oceanic, the average tenor is 5.5 years. The yield on these vessels exceeds the targets expressed in the company’s prospectus dated September 25, 2018.