UK shipowner Tufton Oceanic Assets has continued to stock up on bulk carriers after a series of container ships sales this year.
The London-listed fund said it had agreed to acquire an unnamed handysize for $25.5m.
The vessel comes with a fixed-rate time charter for nine to 12 months, producing a net yield of 25%.
The price is slightly above the depreciated replacement cost (DRC), or newbuilding parity, but the strong cash flows from its charter will significantly de-risk the investment, the company said.
Tufton said the bulker is the top quartile for fuel efficiency in its market segment.
“Nonetheless it will be evaluated for further improvement, including the retrofit of energy-saving devices,” the owner added.
“This transaction, together with the others announced since late 2020, demonstrate the company’s commitment to capital re-allocation and ESG,” Tufton said.
Brokers reported the 34,000-dwt Xing Yuan Hai (built 2015) joining the fleet for $23.75m in February.
The ship has been renamed Amilyn.
The seller was China’s Bank of Communications Financial Leasing.
VesselsValue assesses this handysize as worth $24.7m.
Container ships moved on
The sistership Xing Jing Hai was acquired from the same company for $23.6m in January.
The latest deal makes it eight handy sizes in a fleet of 23 ships.
Nine vessels of various types were acquired in 2021.
More vessel buys are being examined, with an “attractive pipeline” of opportunities in view across chemical and product tanker sectors, as well as bulkers, Tufton said.
Four container ships have been sold so far this year in record markets for $58m in total
The company posted a net profit in the six months to 31 December of $72.2m, or $0.253 per share, against $29.1m in the same period of 2020.
The net asset value per share increased from $1.158 on 30 June to $1.376 or $424.8m by year-end.
