SHIP Tufton Oceanic Assets Limited

TIDMSHIP TIDMSHPP

RNS Number : 4051L

Tufton Oceanic Assets Ltd.

03 January 2023

3 January 2023

Tufton Oceanic Assets Limited (The "Company")

Divestment of Last Containership

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce the Company has agreed to sell its last Containership, the Riposte, for $13.0m. It is being sold at approximately depreciated replacement cost. The divestment will take the Company's fleet to twenty-two vessels.

The realised net IRR on the Riposte exceeds 12%. The aggregate realised net IRR on the Company's Containerships over the past five years is c.27%.

This divestment together with the other divestments and investments over the previous two years demonstrate our commitments to capital re-allocation and ESG.

The Investment Manager continues to identify an attractive pipeline of opportunities, as the recent macroeconomic and geopolitical environment creates dislocations and reduces some industry participants' access to capital.

Further to earlier market updates, the product tanker market remains strong, driven by a continued lack of new supply combined with the demand impact of low inventories and energy market dislocations. 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.

For further information, please contact:

 
 Tufton Investment Management Ltd (Investment 
  Manager) 
  Andrew Hampson 
  Paulo Almeida                                                   +44 (0) 20 7518 6700 
 
 Singer Capital Markets 
  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 $316.5m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange on 20 December 2017 and subsequent capital raises.

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January 03, 2023 02:00 ET (07:00 GMT)

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