REG - Tufton Assets Ltd. Tufton Assets - SHPP - Two Tanker Charters Renewed at 47% Higher Rates

Tufton AssetsAnnouncement

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RNS Number : 5191Z  Tufton Assets Limited  09 April 2026

Tufton Assets Limited

 

(the "Company")

 

 

Two Handysize tanker charters renewed at 47% higher rates

 

 

Tufton Assets Limited, the income-focused investor in second-hand ocean-going
ships, has completed charter renewals on two of its Handysize Product Tankers,
increasing expected net income by c.US$2.5m per vessel, with annualised yield
increasing to c.26% on the two ships based on their December 2025 values.

 

Commenting on the renewals, Nicolas Tirogalas, Tufton Assets Limited's
portfolio manager said:

"We have renewed these charters with a leading global commodities trader,
which uses the ships to transport refined petroleum products all over the
world.

 

"The increased rates and period were agreed ahead of the recent escalation of
tensions in the Middle East and reflect the strengthening of the product
tanker market as a result of vessel shortages and Russian sanctions.

 

"While spot rates have firmed further since these renewals were agreed, the
Company's strategy continues to prioritise predictable, high-quality income
through charters that smooth out spot market volatility. Charter durations
across the portfolio are structured to provide a blend of tenures that deliver
smoother income streams whilst retaining the ability to benefit from
structural market improvements.

 

"A further eight vessels are due for charter renewals this year and we
anticipate achieving higher daily rates on average, generating additional
income for the Company."

 

Handysize Product Tankers are small-to-medium-sized vessels, typically ranging
from 30,000 to 40,000 deadweight tonnes designed to transport refined
petroleum products like petrol, diesel and jet fuel. The breadth of trades and
cargoes they can service is a characteristic that aligns closely with the
Company's investment strategy of targeting vessels able to enter most ports,
including those with draft or loading limits.

 

The new charter details for the ships, (designated Cocoa and Daffodil in the
portfolio) are:

·      Time charter: extended by 12 months, from late March 2026 for
Cocoa and from mid-March 2026 for Daffodil

·   New rate: a 47% increase to US$21,000/day gross, (US$20,738/day net)
from US$14,250/day gross,   (US$14,072/day net)

 

As part of the renewal negotiations, it was agreed that neither vessel is
permitted to call at a Russian port nor carry Russian oil products.

 

The Company expects to publish its next quarterly update and dividend
declaration on 15 April 2026 where it will provide further information on
portfolio performance and market commentary.

 

 

- Ends -

 

 

For further information, please contact:

 

 Tufton Investment Management Ltd (Investment Manager)  c/o H/Advisors

 Andrew Hampson

 Nicolas Tirogalas

 Singer Capital Markets                                 +44 (0) 20 7496 3000

 James Maxwell, Alex Bond (Corporate Finance)

 Alan Geeves, Sam Greatrex (Sales)

 Hudnall Capital LLP                                    +44 (0) 20 7520 9085

 Andrew Cade

 H/Advisors

 Olly Scott                                             +44 (0) 78 1234 5205

 William Clutterbuck                                    +44 (0) 77 8529 2617

 

About the Company

Tufton Assets Limited, (SHIP.L) invests in a diversified portfolio of
second-hand commercial sea-going vessels with the objective of delivering
strong cash flow and capital gains to investors. The Company has raised a
total of approximately US$316.5 million (gross) through its Initial Public
Offering on the Specialist Fund Segment of the London Stock Exchange on 20
December 2017 and subsequent capital raises. Including the Q4/25 dividend, the
Company has returned USD$198.4 million to investors since inception.

 

The Company's investment manager is Tufton Investment Management Ltd, a
specialist investment manager focused on maritime, raw materials, and
energy-related investments. Over the last decade, Tufton has managed in excess
of $1.5 billion in drawn capital for institutional investors and publicly
listed investment vehicles.

 

 

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