London-listed Tufton Assets has secured a daily charter rate of $39,000 for its MR product tanker Mia Grace, lifting the vessel’s earnings rate by 81% from its current employment, Splash 247 reported. The agreement covers 12 to 14 months and is expected to begin around 30 September, replacing a charter paying $21,500 a day.
The tanker fixture represents an annualised yield of roughly 29% against the vessel’s June valuation, according to the report. It comes during a particularly strong period for tanker markets, with Tufton pointing to sanctions and disruption around the Strait of Hormuz as factors constraining the availability of compliant ships. The company said that pressure had spread from the crude tanker market into product carriers.
Splash 247 reported that the broader tanker market had stayed exceptionally tight throughout September. Changes to Gulf trading patterns had also supported product tanker rates. The Mia Grace agreement locks in the higher daily rate for at least a year, with its expected start falling at the end of that strong September market.
Tufton has also arranged a nine-to-11-month charter for the handysize bulk carrier Amilyn at a daily rate above $15,000. That is about 20% higher than the $12,750 a day agreed in February for sister vessel Whitby. The comparison is with a separate ship’s fixture, rather than an increase against Amilyn’s previous employment.
For another bulk carrier, Staithes, Tufton has used an option to switch from an index-linked charter to a fixed rate of $19,000 a day for the fourth quarter. The ship is due to return to floating-rate employment at year-end, although Tufton retains the right to fix its rate for the first quarter of 2027.
The fund’s fleet currently comprises 21 vessels across the handysize bulk carrier and product tanker segments. Earlier this year, it agreed to buy two Japanese-built handysize ships together for $33m, expanding its exposure to dry bulk shipping.