Barely a couple of weeks after announcing that it was actively pursuing investment opportunities, Tufton Oceanic Assets has been linked to a $90m deal for three MR tankers built in South Korea.
The UK-based shipping fund has agreed to acquire the 50,000-dwt sisterships Dong-A Krios, Dong-A Themis and Dong-A Triton (all built 2015) for about $30m each, according to brokers in Athens and South Korea.
Managers at Tufton did not immediately respond to a request for comment.
However, the company's leadership said on 15 December that it "continues to identify an attractive pipeline of opportunities" across a range of Tufton's target sectors and that it expected to promptly redeploy proceeds from a lucrative container ship sale.
Tufton has sold three feeder container ships since the summer at a significant profit.
In October, when announcing a share sale plan that ultimately raised the company $39m, management said it saw "multiple catalysts" on the horizon for improvement in the product tanker and chemical carrier markets.
Holding investments over the longer term could go hand in hand with grasping opportunities that could generate additional value for shareholders, Tufton said.
US financial giant Fidelity emerged in November as a major investor Tufton Oceanic Assets with a stake of nearly 5.6%.
Redeploying the capital
Managers at Dong-A Tanker were not immediately contactable.
A sale would suggest that the company's private-equity backers are redeploying their capital to focus on younger vessels.
Earlier this year, the company inked a deal for up to six MR tanker newbuildings worth about $216m at STX Offshore & Shipbuilding.
The order was initially reported to concern two firm vessels and two sets of two optional ships.
Not all options seem to have been declared yet. IHS Markit currently lists Dong-A Tanker with four firm newbuildings at the yard now known as K Shipbuilding — all scheduled for delivery in 2023 and featuring Hull Nos 1928 to 1931.
Dong-A Tanker emerged from court receivership in 2020 under the control of compatriot private equity firm Pine Tree Partners, which is said to have acquired the company for $50m.
Dong-A Tanker filed for court receivership in April 2019 after its difficulties to repay loans prompted creditor banks to declare an "event of default".
A sale of its three MRs to Tufton would leave Dong-A Tanker with two big product tankers in the water — the 113,300-dwt LR2 pair Dong-A Thetis and Dong-A Maia (both built 2016).
