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:

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.