Tufton Oceanic Assets Limited

Regulatory Filings • Jan 14, 2021

National Storage Mechanism | Additional information

RNS Number : 5899L

Tufton Oceanic Assets Ltd.

14 January 2021

14 January 2021

Tufton Oceanic Assets Limited (The "Company")

$7.0m Investment in one Containership

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has acquired one Containership for $7.0m. This acquisition takes the Company's fleet to twenty-one vessels.

The vessel has a floating rate time charter, subject to a floor and a ceiling, of at least three years to a major container line which is investment grade. It is fitted with an exhaust gas scrubber.

The yield during the charter exceeds the targets expressed in the Company's prospectus dated 25 September 2018. The vessel's share of expected fuel cost savings produced by the scrubber increases the yield to greatly in excess of the Company's targets.

With this acquisition the Company will be fully invested but nonetheless 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.

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