Tufton Oceanic Assets has boosted its fleet with the purchase of a container vessel in a transaction it says will provide strong yield.
Tufton Assets will pay $23.6m for the vessel, which is has not identified by name, it told investors this morning.
A further $4.7m will be invested to upgrade the ship under the terms of a 5.5 year charter with a major container line.
Tufton raised $50m in capital in March and the latest purchase means 85% of those funds have been deployed.
The company, listed in London, told investors it continued to see an attractive pipeline of opportunities across a range of its target sectors.
Since going public in late 2017, Tufton Assets has amassed a fleet of 15 vessels across the container, dry cargo, tanker, LPG and general cargo markets.
The company was profitable in 2018 as it grew its fleet.
In the second half of 2018, it booked net profit of $6.48m, adding to the $3.48m recorded in the first half.
