Tufton Oceanic Asset - Acquisition of Bulker

Tufton Assets

21/03/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220321:nRSU3344Fa&default-theme=true

RNS Number : 3344F  Tufton Oceanic Assets Ltd.  21 March 2022

21 March 2022

 

Tufton Oceanic Assets Limited (The "Company")

Acquisition of Bulker

 

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to
announce that it has agreed to acquire a Handysize Bulker for $25.5m.

 

It is being acquired slightly above DRC but the strong cash flows from its
charter will significantly de-risk the investment. The vessel has a fixed rate
time charter of nine to twelve months producing a net yield of 25%. It is in
the top quartile of fuel efficiency in its market segment. Nonetheless it will
be evaluated for further improvement, including the retrofit of energy saving
devices.

 

This transaction, together with the others announced since late 2020,
demonstrate the Company's commitment to capital re-allocation and ESG.

 

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

 

 

For further information, please contact:

 

 Tufton Investment Management Ltd (Investment Manager)                  +44 (0) 20 7518 6700

 Andrew Hampson

 Paulo Almeida

 Singer Capital Markets                                                +44 (0) 20 7496 3000

 James Maxwell, Alex Bond (Corporate Finance)

 Alan Geeves, James Waterlow, Sam Greatrex (Sales)

 Hudnall Capital LLP                                                     +44 (0) 20 7520 9085

 Andrew Cade

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQUWUNRUUUOAAR