Tufton Oceanic unveils corporate reorganisation
The company is going to be divided into two. Andrew Hampson will lead Tufton Investment Management (Tufton) as CEO and will cover the current asset-backed investment sector.
“Tufton is in excellent hands and with its reorganised shareholding structure is ready to take advantage of the many new growth opportunities we see in the global shipping industry. I am also very pleased that the firm’s new shareholder has requested I remain involved in the business for at least the next few years,” commented Tufton founder Ted Kalborg.
Oceanic Investment Management (OIM) will be headed by Cato Brahde and Jonas Andreasson and will cover the current investment activities in the public markets and the real-time shipping tracking platform for TRACS. Each corporation will have separate ownership, independent boards, leadership and employees.
Tufton has also concluded a reorganization of its ownership as part of the structural reform, with a new unnamed financial partner purchasing the shares of a number of long-standing financial shareholders of Tufton.
The transaction allowed the management team of Tufton to acquire a massively higher stake in the company. Tufton, based in the UK, operates $1.1 billion in shipping assets across a range of funds.
“The shipping sector has been challenged since the financial crisis due to a significant oversupply of tonnage. The current recovery in the sector – together with the coming energy transition – provide very exciting investment opportunities where we believe our long experience in the shipping, new energy and oil and gas industries will be invaluable,"” stated Cato Brahde, CIO of OIM.
Maritime Business World