Unaudited 31 March 2020 NAV Estimate and Update

6 April 2020

Tufton Oceanic Assets Limited ("SHIP")

Unaudited 31 March 2020 NAV Estimate and Company Update

As of 31 March 2020, the estimated unaudited NAV of SHIP was $0.969 per share compared to $0.992 per share as of 31 December 2019. Operating profit was strong at $0.029 per share over the quarter (c12% operating yield). The operating profit was offset by a net fair value loss of $0.035 per share. The fair value losses in containerships and bulkers were partly offset by fair value gains in tankers. Including the dividend of $0.0175 per share paid on 21 February 2020, NAV total return was -0.6% for the quarter.

The Investment Manager (Tufton Investment Management Limited) has noted the continued volatility in share prices of publicly traded shipping companies and is therefore pleased that its strategy of portfolio diversification and strong charter coverage continues to insulate SHIP from the recent market volatility caused primarily by Covid-19.

In line with SHIP's investment objectives, the Investment Manager employs vessels on charters that protect the portfolio in periods of market volatility. SHIP's most recent acquisition (Antler) has a fixed rate charter for six to eight months to a major agricultural commodity trading and logistics company, with a yield in line with targets expressed in the prospectus. The average charter length of the portfolio is c3 years. Vessels which have charters expiring in the next six months represent only c16% of NAV. The Investment Manager expects there to be minimal or no void time between charters.

The Investment Manager continues to monitor the evolving situation but is very confident that its strategy will continue to result in low volatility of cash flow and NAV.

SHIP's final NAV as of 31 March 2020, quarterly factsheet and dividend declaration will be released on 30 April 2020 as per the original timetable.

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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 Limited. 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.