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Tufton Oceanic Asset (SHIP)


Monday 17 January, 2022

Tufton Oceanic Asset

Divestment of Containership and Bulker Acquisition

RNS Number : 5555Y
Tufton Oceanic Assets Ltd.
17 January 2022

17 January 2022


Tufton Oceanic Assets Limited (The "Company")

Divestment of Containership and Acquisition of Bulker


The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that it has agreed to divest the Containership Patience for $19.35m and acquire a Handysize Bulker for $23.75m.


The divestment of Patience will produce a realised net IRR of c.23% and realised net MOIC of 2.1x. Patience was acquired in March 2018 for $11.0m as one of the Company's second pair of investments. This follows the Company's three Containership divestments in 2021 and will be the Company's eighth divestment in total. Whilst the Company aims to hold its investments over the longer term, the Investment Manager will seek to realise investments where additional value can be generated for shareholders.


The Handysize Bulker is being acquired below DRC. It has a fixed rate time charter of eighteen to twenty-four months producing a net yield over 15%. It is in the top quartile of fuel efficiency in its market segment but will be evaluated for further improvement, including the retrofit of energy saving devices. This acquisition is essentially identical to the one announced on 30 December 2021.


These transactions, together with the others announced since late 2020, demonstrate the Company's commitment to capital re-allocation and ESG.


The Investment Manager continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors. Prospective investments include chemical and product tankers as well as bulkers. The Company will announce a further update in due course.



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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