Tufton Oceanic Assets buys vessel for $21m; sells another for $33m

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Shipping group Tufton Oceanic Assets said it had acquired the ultramax bulk carrier Idaho for $21.4 million and sold the containership Citra for $33 million.

The Idaho vessel was being acquired at below depreciated replacement cost and was fuel efficient versus its peer group, the company said.

It had a fixed-rate time charter for 15-19 months producing an annual net yield of about 21%.

As for the Citra sale, the realised net internal rate of return would be 47%.

Citra was acquired in December 2018 for $13.1 million and the sale would mark the company's fifth divestment.

'Whilst the company aims to hold its investments over the longer term, the investment manager will seek to realise investments where additional value can be generated for shareholders,' Tufton said.