Tufton Oceanic Assets has snapped up an ultramax bulk carrier and struck a deal to sell another containership for more than double the purchase price.

The London-listed firm has agreed to acquire the ultramax Idaho for $21.4m at below depreciated replacement cost, said to be fuel efficient compared to its peer group. The vessel is being acquired with the proceeds of the sale of the containership Kale reported in early July. It has a fixed-rate time charter for 15-19 months, producing an annual net yield of about 21%.

Along with the acquisition, Tufton has sold its boxship Citra for $33m, acquired in December 2018 for $13.1m. This will be the company’s fifth divestment.

Tufton said it expects to redeploy the proceeds promptly and is looking to invest in chemical or product tankers, bulkers, or a larger containership with a 4-7 year charter already in place.