StockMarketWire.com - Ship owner Tufton Oceanic Assets said it had sold three cargo vessels for a combined $19.3m, reducing the size of its fleet to 14.

Separately, the company said it had agreed to acquire a product tanker for $13.25m, which would lift its fleet up to 15.

The realised yield and internal rate of return from the sold vessels exceeded targets expressed in the company's 25 September 2018 prospectus, it said.

'Whilst the company aims to hold its investments over the longer term, we will sell investments where this generates additional value for shareholders,' Tufton Oceanic Assets said.

The newly-acquired vessel, meanwhile, would have a fixed-rate time charter for three to four years to a major commodity trading and logistics company, the company added.

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