Tufton Assets completes $23.5 million disposal of sea vessel
Tufton Assets Ltd on Friday confirmed the $23.5 million divestment of a shipping asset, and proceeds could go towards a return to shareholders.
The Guernsey, Channel Islands-based investment firm focuses on secondhand commercial sea vessels, and is managed by London-based Tufton Investment Management Ltd.
As of Friday, the firm has sold its Neon asset, leaving its fleet count at 19 vessels.
Tufton said it had realised a 13.5% net internal rate of return on Neon, ahead of its 12% IRR target. The firm added that Neon’s $23.5 million price tag represented a 2.6% premium to its holding net asset value at June 30.
Disposals thus far have been an aggregate 6% above NAV, according to Tufton. Total NAV was $428.9 million at December 31, the most recent year-end.
Neon’s sale proceeds will either be reinvested or returned to shareholders, with an update planned ‘in due course’.
Commenting on trading conditions since the end of June, the company highlighted improvements in major markets such as Product Tankers and Bulkers,
Tufton shares were up 0.2% at $1.13 on Friday morning in London, and have fallen 16% in the last 12 months.
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