REG - Tufton Oceanic Asset Tufton Oceanic -SHPP - Changes in Management Team

Tufton Oceanic AssetsAnnouncement

14/11/2023 07:00

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RNS Number : 2780T  Tufton Oceanic Assets Ltd.  14 November 2023

14 November 2023

 

 

Tufton Oceanic Assets Limited ("SHIP" or the "Company")

Changes in Management Team

 

 

Tufton Oceanic Assets Limited (LSE: SHIP) announces that, on 13(th) November,
Paulo Almeida stepped down as Chief Investment Officer (CIO) of its investment
manager, Tufton Investment Management Limited ("Tufton"), and has been
succeeded by Nicolas Tirogalas.

 

Paulo intends to spend more time with his family and on part-time interests,
including private investments and non-profit work.

 

Nicolas has more than 25 years of public and private markets experience across
a multitude of industries and sectors. During the last 15 years, he has
focused on the shipping and offshore industries. Most recently he has worked
for North American and European financial institutions and investment managers
with their maritime investments in a consultancy capacity.

 

Formerly, Nicolas served as the Managing Director of TMS Cardiff Gas where he
had overall responsibility for the company's activities and oversaw its growth
since its founding until his departure in 2016. Before that, he was EVP
Commercial and Finance at TMS Group where he evaluated and oversaw investments
and executed multiple capital raises (debt and equity) in most traditional
maritime segments, including drybulk, tankers, containers, LNG, LPG, and
offshore.

 

Andrew Hampson, CEO of Tufton Investment Management, commented:

 

"It has been a great pleasure working with Paulo and he has played an integral
role in transforming Tufton into the leading maritime fund manager that it is
today. I am sure that Paulo will continue to make meaningful contributions to
his chosen charitable work, and we wish him all the best in these endeavours
and any further challenges he decides to take up.

 

I am delighted to welcome Nicolas to Tufton. Nicolas brings with him a wealth
of hands on investment and management experience across a wide spectrum of
maritime industry segments. I greatly look forward to working with him to
continue the business expansion and development that has been built over the
past decade and I am convinced he will be a great asset to the future success
of the Company.

 

The Tufton team has a depth of experience across all sectors of our activity
in London, Cyprus, Isle of Man and the US, and now supplemented with Nicolas.
The team will continue to provide professional commitment and support to
SHIP's existing investment strategy together with Tufton's Investment
Committee and external Board of Directors".

 

Robert King, Chairman (SHIP), commented:

 

"Paulo was an important part of SHIP being established and has played a key
role in managing the portfolio since our inception and on behalf of the Board,
I would like to thank him for his contribution to the success of SHIP and wish
him well in the future.

 

I would like to welcome Nicolas to the Tufton team and look forward to
engaging with him in shaping the future strategy of SHIP."

 

For further information, please contact:

 

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

 Andrew Hampson

 Nicolas Tirogalas

 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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