UK shipping fund Tufton Oceanic Assets is hiving off another small container vessel for a $9.25m profit.
The London-listed company is selling the vessel for $18m.
It said the internal rate of return will be 46% and the return on invested capital is 2.3 times.
Company statements suggest that the deal involves the 2,500-teu Vicuna (built 2006), acquired in October 2019 for $8.75m.
It is the latest of a string of divestments in the container ship sector by the company.
Earlier this month, it sold two similarly sized vessels for a total of $21m.
Those are listed by brokers as the 2,490-teu sub-panamax pair ER Elena (renamed Elizabeth, built 2003) and ER Camilla (renamed Cindy, built 2004).
Tufton has sold four other container ships in the past year as prices have soared, while nine vessels of all types have been offloaded in total since the company’s inception in 2018.
It has reiterated its strategy is to hold assets in the long term, but it will sell if it can generate additional value for shareholders.
The latest deal leaves Tufton with three boxships in a mixed fleet of 20 vessels.
The divestments demonstrate a commitment to capital reallocation, it added, and managers continue to identify a pipeline of attractive opportunities to acquire ships across its core sectors, particularly in the chemical and product tanker arenas, and dry cargo.
In January, the 2,546-teu feeder boxship Hammonia Palatium (built 2006) was sold for $19.35m, producing an internal rate of return of 23%. It was bought in March 2018 for $11m.
Zero Carbon collaboration
Separately, Tufton said its investment manager is joining the Maersk Mc-Kinney Moller Center for Zero Carbon Shipping, an independent research outfit.
The company will join as a mission ambassador that will connect to the centre’s work through a formalised network and information flow.
The Copenhagen-based centre lists 11 mission ambassadors, including Navigare Capital, the Schulte Group, Torm and Ultranav Denmark.
