UK shipping fund Tufton Oceanic Assets posted a dip in third-quarter profit as it predicted a boost to shipping demand from Chinese fiscal stimulus measures.
The London-listed shipowner, managed by Tufton Investment Management, said operating earnings were $0.041 per share, or $11.1m, down from $13.9m a year ago.
Tufton Oceanic noted that towards the end of the quarter, the Chinese government announced a series of stimulus measures that “provide reason for optimism”.
