Tufton Oceanic Assets Buys Two Container Ships For USD22.8 Million

LONDON (Alliance News) - Tufton Oceanic Assets Ltd said Friday that it has acquired two sub-Panamax container ships for USD22.8 million.

The vessels will have charters of at least two years and three years, respectively, the investment company said, adding that the initial yield is in line with the targets expressed in the company's prospectus.

The company to date has invested around 50% of its IPO proceeds and expects to invest the remaining net proceeds within the time frame indicated at IPO. Tufton was admitted to trading on London's Main Market on December 20, having raised USD91.0 million through the issue of 91.0 million shares at USD1.00 each.

Shares in the company were untraded at USD1.05 per share.