(Alliance News) - Tufton Oceanic Assets Ltd on Tuesday said it has agreed to sell its last containership, the Riposte, for USD13.0 million.

Tufton Oceanic is a London-based investor in second hand commercial sea-going vessels.

The Riposte sale, which brings the company's fleet to twenty-two vessels, is being held at approximately depreciated replacement cost.

The realised net internal rate of return on the Riposte exceeds 12%, while the aggregate realised net IRR on the company's containerships over the past five years is around 27%.

Tufton argued that the divestment, alongside other divestments and investments over the last two years, demonstrated its commitments to capital re-allocation.

Looking ahead, it said that its investment manager continues to identify an attractive pipeline of opportunities, "as the recent macroeconomic and geopolitical environment creates dislocations and reduces some industry participants' access to capital".

In further news, Tufton added that the chemical tanker market has further improved materially, converging towards the product tanker market "as it tends to do".

This is expected to further increase the yields from the firm's two chemical tankers, with partial market exposure as well as, in the medium term, their asset values.

Tufton shares last traded at 94.50 on December 22, 2022.

By Holly Beveridge; Alliance News reporter

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