Tufton Oceanic Raises USD 31 Mn for Secondhand Ships

UK’s fund management company Tufton Oceanic Assets Limited has raised USD 31 million from an earlier announced share placement.

The company decided to raise the funds in order to capitalise on “an attractive pipeline” of secondhand vessels.

Application has been made in respect of 30.69 million ordinary shares to be admitted to trading on the specialist fund segment of the main market of the London Stock Exchange plc. The new shares were priced at USD 1.01.

Following admission, the company will have 255,337,638 ordinary shares in issue.

“The company’s investments will be diversified across the core shipping segments in line with where the investment manager identifies attractive opportunities with the intention of the portfolio benefiting from a mix of strong cash yield and moderate capital gain potential,” Tufton Oceanic earlier said.

The investment manager anticipates that the continuing focus of investment will be on the tanker, containership and general cargo segments with opportunistic investments in the bulker segment. The portfolio will continue an emphasis on medium to long term time and bareboat charters strategies.