Tufton Oceanic Asset Tufton Oceanic -SHPP - Divestment of Last Containership

Tufton Assets

03/01/2023 07:00

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RNS Number : 4051L  Tufton Oceanic Assets Ltd.  03 January 2023

3 January 2023

 

Tufton Oceanic Assets Limited (The "Company")

Divestment of Last Containership

 

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to
announce the Company has agreed to sell its last Containership, the Riposte,
for $13.0m. It is being sold at approximately depreciated replacement cost.
The divestment will take the Company's fleet to twenty-two vessels.

 

The realised net IRR on the Riposte exceeds 12%. The aggregate realised net
IRR on the Company's Containerships over the past five years is c.27%.

 

This divestment together with the other divestments and investments over the
previous two years demonstrate our commitments to capital re-allocation and
ESG.

 

The Investment Manager continues to identify an attractive pipeline of
opportunities, as the recent macroeconomic and geopolitical environment
creates dislocations and reduces some industry participants' access to
capital.

 

Further to earlier market updates, the product tanker market remains strong,
driven by a continued lack of new supply combined with the demand impact of
low inventories and energy market dislocations. In recent months, the chemical
tanker market has further improved materially, converging towards the product
tanker market as it tends to do. This is expected to further increase the
yields from our two chemical tankers with partial market exposure as well as,
in the medium term, their asset values.

 

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.

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