13 September 2021

Tufton Oceanic Assets Limited (The "Company")

August 2021 Estimated Net Asset Value

Tufton Oceanic Assets Limited announces that as at 31 August 2021, its estimated unaudited net asset value ("NAV") was $371.1 million and its estimated unaudited NAV per ordinary share was $1.323.

The containership and bulker markets continued to strengthen in August with containership values rising strongly. Because of the rising benchmark time charter rates in containerships and bulkers, the portfolio negative charter value increased to minus $121.7 million during the month. Despite the recent increase, this figure will trend to zero (i.e. increase NAV) in the medium term ceteris paribus. The value of the Company's fleet if it were charter-free would be $470.6 million while its with-charter value reflected in the estimated NAV is $348.9 million.

The Investment Manager continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors. Prospective investments include product tankers, handysize bulkers and one or more larger containerships with four to seven year charters already in place. The Company will announce a further update in due course.

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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 Ltd. The Company has raised a total of approximately $277.5m (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, a placing in September 2019 and tap issues in March and August 2021.