Tufton Assets strikes double Japanese handysize buy for $33m

London stock exchange-listed Tufton Assets Limited has agreed to acquire two Japanese-built handysize bulkers for $33m en-bloc.

The vessels, described as high-specification, eco-design ships, are being acquired at ~85% of DRC, according to the company.

After acquisition, one of the handysizes is expected to commence a fixed-rate charter for 11-13 months with a leading commodity trader. The fixed-rate charter is expected to have a net yield of c.12%.

The other vessel should commence an index-linked time charter with another leading commodity trader and is expected to have a net yield greater than 12% based on the investment manager’s positive view of the bulker market.

Tufton said the acquisitions reaffirm the company’s strategy of deploying capital into second-hand fuel-efficient, in-demand vessels