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Kalkine Media ASX Share Market News & Research

Tufton Oceanic Assets Ltd increases its fleet count to 18 with the acquisition of two Product Tankers

October 05, 2020 08:06 PM BST | By Team Kalkine Media
Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp

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Tufton Oceanic Assets Ltd (LON:SHIP) has acquired two Product Tankers for $23.0 million. The acquisition of these tankers has increased Company's fleet to eighteen vessels from existing sixteen.

  • There is a fixed rate time charters of 3 to 5 years for both the acquired product tankers to a key commodity trading and logistics company.
  • The company has also stated that in congruence to the acquisition, one of its subsidiaries will complete a debt financing of $24.0 million, which the company expects to repay within a period of 3 years in line with the expected cash flow.
  • SHIP shares on 5 October 2020, at the time of writing, GMT 08:55 AM, were trading at USD 0.84, up unchanged against the previous day’s closing price.

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