Tufton Oceanic Assets has revealed another jump in its net asset value (NAV) and expects more to come as tanker markets improve.
The London-listed UK shipping fund said the estimated unaudited NAV was $447.4m on 30 June, up from $424.8m at the end of 2021.
The NAV return for the second quarter was 6.2%.
Tufton said it will announce a dividend for the period on 19 July.
“The strong performance over the second quarter is attributable to the strength in the bulker market and the improving product and chemical tanker markets,” it said.
This continued strength is expected to increase the yields from its two chemical tankers with partial market exposure, as well as a product tanker that has full market exposure.
Tufton added that the recovery will also boost the asset values of the 10-ship tanker fleet.
The owner has been busy divesting container ships at what could be a market peak, and ploughing money into tankers and bulkers.
Last month, it paid $31.5m to acquire a 50,000-dwt MR built in or around 2015, according to broker estimates.
One container ship left
The ship is being acquired at 90% of depreciated replacement cost, and the company is now fully invested.
Tufton said that, as with 50,000-dwt MR Emma Grace (built 2015) bought for $30.9m at the end of 2021, the new addition is in the top quartile of fuel efficiency in its market segment.
In May, the shipowner sold the 8,204-teu container ship MSC Paris (built 2006) for $31m.
This vessel was bought from Hammonia Reederei in 2019 for an undisclosed price.
The fund now has one boxship.
