Tufton Oceanic Assets has cashed in two of its oldest tankers for a big profit.
The London-listed shipping fund said the 2008-built, 37,300-dwt MR1s Dinah and Pluto have gone for a combined $41.75m to unnamed interests.
The Dinah was bought from Ridgebury Tankers in 2020 for $13.25m and the sister was acquired from Claus-Peter Offen in 2018 for $12.2m, giving a profit of around $16m on the deals.
Tufton said the price represents a 3.1% premium to the most recent holding net asset value (NAV) of $40.50m for the duo.
“The disposals further confirm Tufton’s NAV methodology, while also demonstrating its ability to divest portfolio vessels at or above NAV,” it added.
Delivery is expected in the second quarter after the tankers complete their current charters.
The expected net internal rate of return for the transactions will be about 25%, significantly ahead of Tufton’s published target of 12%.
The owner will be left with 20 vessels, including bulkers and an LPG carrier.
The Dinah operates in the Norden tanker pool and is assessed as worth $21.9m by VesselsValue, up from $12.5m two years ago,
The Pluto is operated by the Maersk Handy Pool and is rated at $21.8m, against $12.45m in 2021.
Stena Bulk extends deal
Two more MR1s date from 2008, with the six MR2s built between 2010 and 2016.
Tufton also announced it has extended the employment of the 50,500-dwt Emma Grace (built 2015) for a potential extra three years, starting from this month.
Brokers record the ship as fixed to Stena Bulk in Sweden for two years from April 2022.
The new charter rate, which was not disclosed, implies a net yield of more than 15% for the firm extension period.
The aggregate charter length of the company’s product tankers is now about two years, up from 1.7 years in the last quarter.
