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LONDON (Alliance News) - Tufton Oceanic Assets Ltd said Monday that it plans to raise further capital via the issue of an offering of C shares in the company.
Tufton, which invests in second-hand commercial sea-going vessels, said it intends to raise capital by way of placing and subscription, in a 12-month placing programme.
The company said that its asset manager Tufton Oceanic Ltd believes that "the capital availability for shipping continues to be constrained", as it identified an "attractive pipeline of secondhand vessels".
The fundraise, the company said, will help it to capitalise on these opportunities and grow its portfolio.
Tufton shares were untraded at USD1.06 each on Monday.