(Alliance News) - Tufton Oceanic Assets Ltd said Monday it has acquired a container vessel for USD23.6 million, which will increase the company's fleet to 15 vessels.
The vessel has a time charter of 5.5 years to an unnamed container line. Under the terms of the charter, Tufton will invest USD4.7 million to upgrade the vessel.
In addition, the investment will raise Tufton's average charter length across its portfolio to 3.5 years.
The acquisition was funded by the USD50 million raised through a placing conducted by Tufton in March. The company said following the acquisition and investment, it will have invested 85% of the net proceeds from the placing.
Shares in Tufton Oceanic Assets were untraded on Monday, last quoted at USD0.99.
Tufton Oceanic. (SHIP)