Tufton Oceanic Completes First Distressed Portfolio Acquisition…

In the past few months, there has been a lot of talk on whether private equity firms will be able to provide the much needed financing support for the shipping industry. As we understand, a number of private equity firms are in the process of raising money while those who have the cash are still largely sitting on the sideline. We are very pleased to hear that fund management firm Tufton Oceanic has completed full acquisition of Allocean Charters (Singapore) Pte. Ltd. (“ACS”), together with SIF Limited, a private investment vehicle specialising in asset-backed investments.

Tufton says ACS fleet is currently valued at approximately USD 250 million and is comprised of nine anchor handling tug supply vessels, two Aframax tankers, two 1700-TEU containerships and a Supramax bulk carrier. Twelve of the fourteen vessels have long-term charters. The acquisition cost was not revealed.

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