Tufton Oceanic Assets Ltd. September 2021 Estimated Net Asset Value (9607N)
05 Octubre 2021 - 1:00AM
UK Regulatory
TIDMSHIP
RNS Number : 9607N
Tufton Oceanic Assets Ltd.
05 October 2021
5 October 2021
Tufton Oceanic Assets Limited (The "Company")
September 2021 Estimated Net Asset Value
Tufton Oceanic Assets Limited announces that as at 30 September
2021, its estimated unaudited net asset value ("NAV") was $384.0
million and its estimated unaudited NAV per ordinary share was
$1.368.
The containership and bulker markets continued to strengthen in
September, but not as strongly as in the previous few months.
Because the benchmark time charter rates in containerships and
bulkers increased only moderately, the portfolio negative charter
value increased by less than in recent months, to minus $126.7
million during September. As previously communicated, this figure
will trend to zero (i.e. increase NAV) in the medium term ceteris
paribus. The value of the Company's fleet if it were charter-free
would be $488.3 million while its with-charter value reflected in
the estimated NAV is $361.6 million.
The NAV total return for the quarter based on the estimated
September NAV is 19.8% despite the negative movement in charter
values, primarily in July and August.
The Company is fully invested as reported on 30 September 2021.
The Investment Manager continues to identify an attractive pipeline
of opportunities across a range of the Company's target sectors.
Prospective investments include product tankers, handysize bulkers
and one or more larger containerships with four to seven year
charters already in place. The Investment Manager continues to
favour the risk-return profile in these sectors.
The final NAV and 3Q21 Dividend will be announced, and the 3Q21
Factsheet released, on 21 October 2021.
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 $277.5m (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, a
placing in September 2019 and tap issues in March and August 2021
.
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END
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