Tufton Assets acquires two Japan-built Handysize bulkers for $33m

Following the acquisition, one vessel is expected by Tufton to begin a fixed-rate charter for 11 to 13 months with a leading commodity trader. The company stated this charter is expected to provide a net yield of approximately 12 per cent.

The second vessel will commence an index-linked time charter with another commodity trader, according to the company. Tufton said the yield for this vessel is expected to be greater than 12 per cent based on a positive market outlook for the bulker sector.

Both vessels are positioned in the top quartile of fuel efficiency within their specific market segment, Tufton remarked.