Tufton Oceanic Assets Limited

M&A Activity • Jan 11, 2021

National Storage Mechanism | Additional information

RNS Number : 1485L

Tufton Oceanic Assets Ltd.

11 January 2021

11 January 2021

Tufton Oceanic Assets Limited (The "Company")

$15.2m Investment in a Chemical Tanker

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has acquired a stainless steel Chemical Tanker for $15.2m. This acquisition takes the Company's fleet to twenty vessels.

The vessel will be employed in a leading chemical tanker pool where it will earn a monthly floating charter rate based on the performance of the pool of vessels overall, but where the pool has significant contract coverage. The Company's exposure to the spot market therefore will be approximately 5% of NAV.

The expected yield from the pool exceeds the targets expressed in the Company's prospectus dated 25 September 2018.

Tufton Investment Management Ltd, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.

For further information, please contact:

Tufton Investment Management Ltd (Investment Manager) Andrew Hampson Paulo Almeida	+44 (0) 20 7518 6700
N+1 Singer James Maxwell, Alex Bond (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales)	+44 (0) 20 7496 3000
Hudnall Capital LLP Andrew Cade	+44 (0) 20 7520 9085

About the Company

Tufton Oceanic Assets Limited invests in a diversified portfolio of secondhand commercial sea-going vessels with the objective of delivering strong cash flow and capital gains to investors. The Company's investment manager is Tufton Investment Management Ltd. The Company has raised a total of approximately $250m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange, on 20 December 2017, a subsequent placing and offer in October 2018, a placing in March 2019 and a placing in September 2019.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQUPUBUGUPGGRR