Shipping investor Tufton Oceanic Assets Ltd heads for an IPO at the London Stock Exchange intending to raise over 150 mill. $.
The UK-based company will invest in a portfolio of second-hand vessels »across the core segments of shipping«, and will target a cash distribution yield [ds_preview]of 7% for 2018. It expects to be admitted to trading on April 3 and has appointed Cenkos Securities PLC and Hudnall Capital LLP as its joint placing agents and financial advisers.
»Tufton believes there is currently an attractive opportunity in shipping to buy assets at a significant discount to their depreciated replacement cost and lock in long term employment producing mid-teen cash yields«, said Tufton‘s Head of Asset-Backed Investments Andrew Hampson in a statement.
Tufton currently controls 37 vessels with an aggregate value of $369m, according to VesselsValue, including 13Â bulkers, 9 container vessels and 9 tankers, five offshore support vessels (OSVs) and one specialised cargo carrier.
