UK shipping fund Tufton Oceanic Assets is re-investing sales cash into the acquisition of two handysize bulkers.
The London-listed company said the combined price for the unnamed ships is $41.2m.
Tufton added that the bulkers are being bought at below depreciated replacement cost and are fuel efficient compared with their peer group.
The handysizes comes with fixed-rate time charters for a year, giving an annual net yield of 25%.
