Tufton Oceanic Assets buys eighth ship

Tufton Oceanic Assets has agreed to acquire a container ship for $13m, it announced on Friday.

The London-listed specialist fund said the vessel would have a time charter of two years, to an unnamed private operator of container ships specialising in fresh fruit transport.

It said the yield was in line with the targets expressed in its C share prospectus.

“This is the second investment made from the C share proceeds announced on 11 October,” the Tufton board said in its statement.

“This acquisition will take the company's fleet to eight vessels, five of which are container ships all below 3000-TEU capacity.”

Tufton Oceanic Assets also recently employed one of its handysize bulkers on a time charter of approximately one year, and therefore currently currently had no spot market exposure.

Tufton Oceanic Limited, the firm’s investment manager, said it was continuing to identify an “attractive” pipeline of opportunities across a range of the company's target sectors.