Divestment of Containership

20 December 2021

Tufton Oceanic Assets Limited (The "Company")

Divestment of Containership

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that it has agreed to divest the Containership Swordfish for $19m. The realised net IRR will be 27% and realised net MOIC will be 2.4x. Swordfish was acquired in January 2018 for $10.25m as one of the Company's first two investments together with the Containership Kale, which was sold earlier this year.

This will be the Company's seventh divestment. 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. This divestment, together with the various divestments announced since late 2020, demonstrates the Company's commitment to capital re-allocation. This is increasingly relevant given the absolute and relative movements in asset values across and within the main shipping markets since 3Q20.

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

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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.