Last checked at 
5 Oct 2021 07:00
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.