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Ship owner Tufton Oceanic Assets said it had sold three cargo vessels for a combined $19.3m, reducing the size of its fleet to 14.
The realised yield and internal rate of return from the sales exceeded targets expressed in the company's 25 September 2018 prospectus, it said.
Sale proceeds were expected to be redeployed over the next few months.
'Whilst the company aims to hold its investments over the longer term, we will sell investments where this generates additional value for shareholders,' Tufton Oceanic Assets said.