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Tufton Oceanic Assets Ltd - Guernsey, UK-based investment company with portfolio of sea-going vessels - Sells its container ship Patience for USD19.4 million and acquires a handy-size bulker for USD23.8 million. The divestment of Patience will produce a realised net internal rate of return of 23%. Patience was acquired in March 2018 for USD11 million as one of the company's second pair of investments. This will be the company's eighth divestment in total. The handy-size bulker is being acquired below depreciated replacement cost. It has a fixed rate time charter of eighteen to twenty-four months, producing a net yield over 15%.
Current stock price: USD1.38, up 0.9% on Monday in London
12-month change: up 41%
By Heather Rydings; heatherrydings@alliancenews.com
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