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Tufton sells last boxship to exit container sector

Tufton Oceanic Assets Limited has decided to exit the container shipping sector selling its last container vessel for US$13 million.

The 2009-built and 2,546 TEU Sealand Guayaquil is being sold at approximately depreciated replacement cost, according to Tufton, which will now have a fleet of 22 vessels.

The buyer of the boxship has not yet been announced.

"This divestment together with the other divestments and investments over the previous two years demonstrate our commitments to capital re-allocation and Environmental, social, and governance (ESG)," the company said in a statement.

Tufton added, "In recent months, the chemical tanker market has further improved materially, converging towards the product tanker market as it tends to do. This is expected to further increase the yields from our two chemical tankers with partial market exposure as well as, in the medium term, their asset values."