Tufton Oceanic Assets buys remaining quarter of LPG carrier
Tufton Oceanic Assets Limited C Shs NPV
$1.10
16:50 11/02/19
Tufton Oceanic Assets has acquired the remaining 25% interest in an LPG carrier for a cash consideration of $7.25m, it announced on Tuesday.
The London-listed specialist fund said that followed the acquisition of a 75% interest in the LPG carrier for $21.75m, as it announced on 25 July.
It was also the first investment made from the C Share proceeds, announced on 11 October.
“The vessel commenced a seven-year bareboat charter to a leading gas shipping operator on 1 August,” Tufton Oceanic Assets said in its statement.
“The LPG carrier is now 100%-owned by the company after acquiring the interest held by the bareboat charterer.”
Tufton Oceanic Limited, the investment manager, reportedly continued to identify an “attractive pipeline” of opportunities across a range of the company's target sectors, the board added.