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Tufton Oceanic acquires two carries for combined $23.2m
StockMarketWire.com
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Shipping group Tufton Oceanic Assets said it had agreed to acquire a chemical tanker for $9.8 million and a handysize bulk carrier for $13.4 million.
The chemical tanker was being acquired at below 70% of depreciated replacement cost and was expected to yield over 15% in a 'leading' chemical tanker pool, the company said.
The handysize bulk carrier was being acquired at below 90% of depreciated replacement cost.
Tufton said it was was 'significantly' more fuel efficient than two vessels recently sold for 100% of depreciated replacement cost. It also had a two-year charter producing an annual yield of about 20%.
The deals demonstrated the company's commitment to capital re-allocation, which it said was increasingly relevant given absolute and relative movements in main shipping markets.
Story provided by StockMarketWire.com
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