UK owner Tufton Oceanic Assets has been quick to spend the proceeds of its latest share issue, splashing $19.9m on a crude tanker.
The company said the deal lifts its fleet to 16 ships.
The unnamed ship is time-chartered to a major tanker operator for two years at a fixed floor rate, plus a profit-sharing mechanism.
"The forecasted yield exceeds the targets expressed in the company's prospectus," it added.
