Tufton Oceanic Assets Ltd. Unaudited 31 March 2020 NAV Estimate and Update (8119I)
06 Abril 2020 - 1:00AM
UK Regulatory
TIDMSHIP
RNS Number : 8119I
Tufton Oceanic Assets Ltd.
06 April 2020
6 April 2020
Tufton Oceanic Assets Limited ("SHIP")
Unaudited 31 March 2020 NAV Estimate and Company Update
As of 31 March 2020, the estimated unaudited NAV of SHIP was
$0.969 per share compared to $0.992 per share as of 31 December
2019. Operating profit was strong at $0.029 per share over the
quarter (c12% operating yield). The operating profit was offset by
a net fair value loss of $0.035 per share. The fair value losses in
containerships and bulkers were partly offset by fair value gains
in tankers. Including the dividend of $0.0175 per share paid on 21
February 2020, NAV total return was -0.6% for the quarter.
The Investment Manager (Tufton Investment Management Limited)
has noted the continued volatility in share prices of publicly
traded shipping companies and is therefore pleased that its
strategy of portfolio diversification and strong charter coverage
continues to insulate SHIP from the recent market volatility caused
primarily by Covid-19.
In line with SHIP's investment objectives, the Investment
Manager employs vessels on charters that protect the portfolio in
periods of market volatility. SHIP's most recent acquisition
(Antler) has a fixed rate charter for six to eight months to a
major agricultural commodity trading and logistics company, with a
yield in line with targets expressed in the prospectus. The average
charter length of the portfolio is c3 years. Vessels which have
charters expiring in the next six months represent only c16% of
NAV. The Investment Manager expects there to be minimal or no void
time between charters.
The Investment Manager continues to monitor the evolving
situation but is very confident that its strategy will continue to
result in low volatility of cash flow and NAV.
SHIP's final NAV as of 31 March 2020, quarterly factsheet and
dividend declaration will be released on 30 April 2020 as per the
original timetable.
For further information, please contact:
Tufton Investment Management Limited +44 (0) 20 7518 6700
Andrew Hampson
Paulo Almeida
N+1 Singer +44 (0) 20 7496 3000
James Maxwell, Alex Bond (Corporate
Finance)
Alan Geeves, James Waterlow, Sam Greatrex
(Sales)
Hudnall Capital LLP +44 (0) 20 7520 9085
Andrew Cade
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
Limited. 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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END
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April 06, 2020 02:00 ET (06:00 GMT)
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