11 Jan 2021 07:00
11 January 2021
Tufton Oceanic Assets Limited (The "Company")
$15.2m Investment in a Chemical Tanker
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has acquired a stainless steel Chemical Tanker for $15.2m. This acquisition takes the Company's fleet to twenty vessels.
The vessel will be employed in a leading chemical tanker pool where it will earn a monthly floating charter rate based on the performance of the pool of vessels overall, but where the pool has significant contract coverage. The Company's exposure to the spot market therefore will be approximately 5% of NAV.
The expected yield from the pool exceeds the targets expressed in the Company's prospectus dated 25 September 2018.
Tufton Investment Management Ltd, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.
For further information, please contact:
Tufton Investment Management Ltd (Investment Manager) Andrew Hampson Paulo Almeida | +44 (0) 20 7518 6700 |
N+1 Singer 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 $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.
Tufton Oceanic. (SHIP)