Tufton Oceanic growing scrubber-fitted fleet

UK’s investment company Tufton Oceanic Assets Limited has expanded its fleet with two containerships equipped with exhaust gas cleaning systems (scrubbers).

On 5 January, Tufton Oceanic bought the first containership for $6.75 million. The unnamed vessel has a fixed rate time charter of at least three years to a major container line which is investment grade, according to the company.

The second boxship was acquired on 14 January for $7 million. As informed, the vessel has a floating rate time charter, subject to a floor and a ceiling, of at least three years to a major container line which is investment grade.

“The yield during the charter exceeds the targets expressed in the company’s prospectus dated 25 September 2018. The vessel’s share of expected fuel cost savings produced by the scrubber increases the yield to greatly in excess of the company’s targets,” Tufton Oceanic said for both transactions.

Also in January, the company purchased a stainless steel chemical tanker for $15.2 million that will be employed in a chemical tanker pool.

The three transactions increased Tufton Oceanic’s fleet to twenty-one vessels and are in line with the company’s strategy.

Earlier this month, the fund management company announced a corporate reorganisation in an effort to better position itself for growth opportunities.