The UK’s biggest fund manager has demonstrated its confidence in shipping specialist Tufton Oceanic Assets by adding to its stake.
A London Stock Exchange filing has revealed that Standard Life Aberdeen (SLA), with £545bn ($674bn) under management, had increased its holding in the shipowning fund to 5.9% from 5.07%.
Its slice is now worth $13.25m based on a share price of $0.88 on Friday morning. SLA has 15.06m shares.
Tufton has been contacted for comment.
The company said earlier this year that its first quarter result was "strong" in volatile markets.
The London-listed shipowner said that its operating profit was $0.029 per share over the three months, equating to a 12% yield.
In March, it spent $7m on an unnamed handysize bulker, bringing its fleet to 16 ships. It also bought a tanker and sold three cargoships in the period.
The new bulker has a fixed-rate time charter of between six and eight months with a major agricultural commodity trading and logistics company.
VesselsValue lists the ship as the 33,500-dwt Orient Alliance (built 2012), acquired from Interorient Shipmanagement.
