UK shipping fund Tufton Oceanic Assets has offloaded a suezmax to expanding Indian tanker owner Seven Islands Shipping.
Tufton did not name the vessel or its buyer, but said the price was $19m.
Brokers said the 159,200-dwt Bonny (built 2005) had gone to the Indian owner.
VesselsValue assesses the tanker as worth $19.6m, while Maritime Strategies International estimates it is worth $19.1m.
The realised yield will be above the targets outlined in the company's prospectus in 2018, Tufton said.
This is only the second time the company has sold a wholly owned vessel, after it disposed of three multipurpose ships in February.
The suezmax sale reduces the fleet to 18 ships.
"Whilst the company aims to hold its investments over the longer term, we will sell investments where this generates additional value for shareholders," Tufton added.
The fund said it expects to redeploy the proceeds over the next few months, with attractive opportunities in its sights.
Seven Islands keeps buying
The suezmax was bought for $19.9m last year from Ridgebury Tankers of the US.
Mumbai's Seven Islands now has 20 ships, including a VLCC and three suezmaxes.
It bought the 159,200-dwt suezmax Bastia (built 2005) last month for $20.5m from a joint venture comprising Tufton, Euronav and Ridgebury. This venture acquired two vessels last November.
Tufton boosted its fleet to 19 ships with a deal to buy a bulker in October. The handysize vessel, which it did not identify, cost $10.6m.
The fleet now comprises tankers, bulkers, boxships and an LPG carrier.
Tufton Oceanic said the fund's value had increased over the third quarter due to booming boxship markets.
The London-listed shipowner, which is backed by Tufton Investment Management, revealed an estimated unaudited net asset value of $0.95 per share as of 30 September.
This is an increase on the net asset value of $0.93, which equated to $238m, on 30 June.
