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Tufton Oceanic Assets sells two carriers for $20.5m
StockMarketWire.com
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Shipping company Tufton Oceanic Assets said it had agreed to sell two handy-size bulk carriers for a combined $20.5 million.
Tufton said the realised internal rate of return materially exceeded targets expressed in the company's prospectus dated 25 September 2018.
'Whilst the company aims to hold its investments over the longer term, we will sell investments where this generates additional value for shareholders,' it added.
The vessels were acquired for less than 70% of depreciated replacement cost in 2018 and early 2020.
'The company expects to redeploy the proceeds promptly, and expects to invest in a tanker with similar economics to the vessel Golding acquired earlier this year at 70% of depreciated replacement cost,' Tufton said.
'A further update will be made in due course.'
Story provided by StockMarketWire.com
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