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On 03 October 2024, Tufton Oceanic Assets Limited ("SHIP") announced it has agreed up to three-year time charters for its two Chemical Tankers, Orson and Golding. These charters are with a leading operator of Chemical Tankers, securing a minimum of c.$25m EBITDA for SHIP. The charters include a fixed rate for two years yielding c.20% return, with a floor/ceiling rate structure for the third year.
| Date | 3 Oct 2024 |
| Time | 07:00:05 |
| Category | Miscellaneous |
| ID | 7360G |
03 October 2024
Tufton Oceanic Assets Limited ("SHIP" or the "Company")
Attractive fixed-rate charters with strong yields on two Chemical Tankers
The Company announces that it has agreed for its two Chemical Tankers, Orson and Golding, to commence up to three-year time charters to a leading operator of Chemical Tankers securing a minimum of c.$25m of EBITDA for SHIP. The time charters will have a fixed rate for two years yielding c.20% return and a floor/ceiling rate structure for the third year.
These charters provide strong visibility on operating cashflows and increase the portfolio charter length.
For further information, please contact:
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Tufton Investment Management Limited ("Investment Manager" or "Tufton") Andrew Hampson Nicolas Tirogalas |
+44 (0) 20 7518 6700 |
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Singer Capital Markets James Maxwell, Alex Bond, Jalini Kalaravy (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales) |
+44 (0) 20 7496 3000 |
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Hudnall Capital LLP Andrew Cade |
+44 (0) 20 7520 9085 |
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.