Final Results and Notice of AGM

Tufton Assets Limited

24 September 2026

 

24 September 2026

("Tufton Assets" or the "Company")

FY26 Final Results and Notice of AGM

Tufton Assets Limited announces its final results for the financial year ended 30 June 2026 (FY26).

Key Highlights          

NAV Total Return	28.3%
Dividends Paid during the year	US$26.7m
Target Annual Dividend (from 3Q26)	US$0.11 per share
Divestments since inception	20 vessels (6% above NAV in aggregate)
Total Dividends declared, Buybacks and Capital Redemptions	US$234.5m
Capital Returned (as a % of capital raised)	74%

Rob King, the Company's Chairman, said:

"This was a strong year for Tufton Assets, with NAV total return per share of 28.3%.  This performance is thanks to the Company's diversified fleet and active investment strategy, which allowed us to take advantage of favourable conditions in different shipping markets.  NAV total return since inception in 2018 has now reached 169.6%.

Active management of the portfolio continued through the year. We recycled capital into attractive opportunities and agreed favourable charter contracts across the fleet, leading to strong cash generation and shareholder returns while maintaining a prudent approach to risk."

Nicolas Tirogalas, CEO of Tufton Investment Management, said:

"Looking ahead, we are positive on the outlook for the shipping markets in which we operate. There is continued underinvestment in fleet renewal in these areas.  Ship newbuild prices are high and regulatory uncertainty continues.  This should constrain vessel availability, while geopolitical and climate disruption continues to increase the tonne-mile demand for shipping capacity. These factors, together with our well-positioned fleet, underpin the Board's decision, made after the year end, to increase the target annual dividend by 10% to US$0.11 per share, effective from the 3Q26 dividend which is payable in November."

Financial Performance

At 30 June 2026, the Company's NAV was US$421m which represents US$1.576 per share (2025: US$352m and US$1.316 per share) a 19% increase. The Company reported a profit of US$96m (2025: loss of US$36m driven by unrealised change in vessel values) for the year, with the US$ NAV total return per share including dividends over the same period being +28.3% (2025: -9.1%). This increase was primarily driven by an unrealised increase in vessel values as the product tanker and bulker market strengthened, as well as good operating performance.

After the financial year end, in July, encouraged by the strong financial results and market outlook, the Board raised its target annual dividend by 10% to US$0.11 per share, starting in November 2026. This means that the Company has now raised its target annual dividend five times since inception. After this increase, the forecast dividend cover is 1.9x over the next 18 months.

At the end of June, the Company's portfolio consisted of twenty-one vessels (2025: twenty vessels) details of which are set out in the Investment Manager's Report below. In 3Q25 the Company disposed of Neon Ltd at a 2.6% premium to its NAV. The proceeds were used to buy two Handysize bulker ships at 85% of their depreciated replacement cost. These ships joined the fleet in April 2026 and commenced charters which yield at least 12%. The market value of these two bulkers at the end of the financial year was 10% higher than the purchase price.

At 30 June 2026, the Company's average charter length was 0.8 years (2025: 1 year). The Investment Manager remains cautiously optimistic while preparing to maximise the yield on the charters of the eleven ships likely to come up for charter renewal later in 2026.

Share Buybacks

The Company did not buy back any shares during the financial year, compared with 3,350,000 shares repurchased in 2025 at a cost of US$4.0m. At year end, 20,896,000 shares were held in treasury (2025: 20,896,000) and 267,406,330 shares were in issue. No additional shares have been bought back since 1 July 2026, and 267,406,330 shares were outstanding as at 21 September 2026. As at that date, the Company's shares traded at a 12.4% discount to the ex-dividend 30 June 2026 NAV.

Board Planning and Succession

When the Company was launched in December 2017, three of the incumbent directors were appointed and the Board has therefore been considering its composition and succession plan. As part of those considerations Stephen le Page will not be seeking re-election as a Director at the AGM to be held on 21 October 2026 and the Company will revert to a Board of four Directors. The Board will continue to review its composition and provide an update to Shareholders ahead of the continuation vote scheduled for the AGM in 2027.

Sanctions

The Company and its ships were compliant with all international sanctions imposed by the US, UK, EU and UN. The Investment Manager monitors compliance through regular inspection of ships' logs, satellite data and direct communication with the ships, and the Board and Investment Manager monitor global sanctions regimes.

Environmental, Social, Governance ("ESG")

The Company's Investment Manager continues to integrate ESG factors into its investment recommendations and asset ownership practices. The Company has also published its 2025 Sustainability Report which is available on the Company's website in the Investor Relations section under Company Documents (www.tuftonassets.com). The highlights from the 2025 Sustainability Report include a 3% YoY reduction in portfolio emissions intensity during 2025, largely attributable to longer sailing distances, especially for bulkers. 2025 revenue corresponding to thermal coal carriage was 0.6% of total Company consolidated revenues.

Outlook

Geopolitics and other disruptions continue to play a major role in shipping markets. The scope of sanctions by the US, UK, EU and UN continues to expand. The impact that widening sanctions have on the supply of available compliant ships is magnified by the war in Iran and closure of the Strait of Hormuz, as well as disruptions to transit via the Suez Canal which caused re-routing of cargoes via longer voyages, adding to shipping tonne-mile demand. The Investment Manager has informed the charterers of the Company's vessels that trading the vessels in conflict zones will not be allowed.

Overall new orders for ships started increasing from the end of 2020. Newbuild ("NB") prices remain 47% higher since then due to shipyard capacity limitations. Many new orders have been for larger vessels and in particular containerships, gas shipping and more recently crude oil tankers, which offer higher profit margins for the shipyards. Despite the increase in new orders since 2020, the Investment Manager believes the Company's focus segments in small / mid-size vessels remains underinvested relative to demand growth from trade as well as from fleet renewal. Consequently, the Investment Manager expects strong yields and high asset values to persist in the medium term and is preparing to maximise the yield on charters for the Company's eleven ships set to come up for charter renewal later this year.

Annual Report

A copy of the Annual Report and Audited Financial Statements will be submitted to the National Storage Mechanism https://data.fca.org.uk/#/nsm/nationalstoragemechanism and will shortly be available in the Company's website in the Investor Relations section under Company Documents at www.tuftonassets.com/financial-statements.

AGM

The annual general meeting will be held at the Company's registered office at 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey on 21^st October 2026 at 09:00 BST.

Contact Information

Tufton Investment Management Ltd (Investment Manager) Nicolas Tirogalas Nikos Petrakakos	[phone]
Singer Capital Markets James Maxwell, Alex Bond (Corporate Finance) Alan Geeves, Sam Greatrex (Sales)	[phone]
Hudnall Capital LLP Andrew Cade H/Advisors William Clutterbuck Billy Moran	[phone] [e-mail] [phone] [phone]

About Tufton Assets

Tufton Assets Limited (LSE: SHIP) invests in a diversified portfolio of second-hand commercial sea-going vessels with the objective of delivering strong cash flow and capital gains to investors. The company raised a total of approximately $316.5 million through its 20 December 2017 Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange and via subsequent capital raises. The company has returned $211.8 million to investors since inception.

About Tufton Investment Management Ltd

The Company's investment manager, Tufton Investment Management Ltd ('Tufton'), is a specialist investment manager focused primarily on the maritime, raw materials, and energy-related sectors. Founded in 1985 and headquartered in London with offices in Geneva, Cyprus, and the Isle of Man, the firm manages public and private funds for institutional investors, including major UK pension funds. Over the past two decades, Tufton has managed over $3 billion for institutional investors, including UK pension funds, and has launched and managed publicly listed investment vehicles on the London Stock Exchange and Oslo Euronext Growth. Tufton's assets under management, including committed pipeline capital, is over $1.3 billion, across public and private funds and mandates.

 

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