Tufton Assets Limited

("Tufton Assets" or the "Company")

Interim Results for the six-month period ended 31 December 2025

Tufton Assets announces its interim results for the six-month period ended 31 December 2025. A copy of the Interim Report and Unaudited Financial Statements will shortly be available on the Company's website in the Investor Relations section at www.tuftonassets.com.

For further information, please contact:

 

Tufton Investment Management Limited ("Investment Manager" or "Tufton")   Andrew Hampson Nicolas Tirogalas	+44 (0) 20 7518 6700
Singer Capital Markets   James Maxwell, Alex Bond, Jalini Kalaravy (Corporate Finance) Alan Geeves, Sam Greatrex, William Gumpel (Sales)	+44 (0) 20 7496 3000
Hudnall Capital LLP   Andrew Cade	+44 (0) 20 7520 9085

 

Highlights

 

For the six-month period ended 31 December 2025:

 

·  NAV Total Return Per Share 9.5% (2H24: 6.0%).

·  Forward Dividend Cover 1.6x (31 Dec 2024: 1.4x)

·  Dockings Completed 9 vessels (on time and within budget) (2H24: 1 vessel)

·  One Divestment 2.6% above NAV (Since inception, 20 vessels divested at 6% above NAV in aggregate)

Chair's Statement

Introduction

On behalf of the Board of Directors (the "Board"), I am pleased to present the Company's Financial Report and Financial Statements for the 6-month financial period ended 31 December 2025 (the "FP"). At the end of the FP the Company's portfolio consisted of 19 vessels (31 December 2024: 20 vessels), details of which are set out in the Investment Manager's Report.

Strong Financial Performance

On 31 December 2025, the Company's NAV was US$371.7m, being US$1.390 per share (31 Dec 24: US$428.9m, being US$1.593 per share). The Company declared a profit of US$33.0m (2H24: US$25.2m), with the US$ NAV Total Return Per Share over the FP being 9.5% (2H24: 6.0%).

The NAV total return over the FP was primarily driven by operating performance and rising charter-free values in a strengthening shipping market.

 

On 31 December 2025, the Average Charter Length was c.1 year. The Company has raised its annual dividend five times since inception to US$0.10 per share and is forecast to have Dividend Cover of 1.6x over the next 18 months (through the end of 2Q27). Since inception, the Company has returned US$221.2m of capital (~70% of the total capital raised of US$316.5m) via dividends, buybacks and capital redemption.

 

Share Price and Discount Management

 

During the FP, the Company's share price has marginally declined from US$1.16 per share as at the close of business 30 June 2025 to US$1.125 per share as at the close of business 31 December 2025. On average, the Company's shares traded at a 16% discount to NAV over the period.

 

During the FP, the Company did not repurchase any shares (2H24: 1,500,000 at a cost of US$1.8m). Refer to Note 5 for more details. At the end of the period, there were 20,896,000 (31 December 2024: 19,046,000) shares held in treasury. There are 267,406,330 shares outstanding as at 13 March 2026. As at 13 March 2026, the Company's shares traded at $1.18/ share, a 13.6% discount to the ex-dividend 31 December 2025 NAV.

 

Corporate Governance

The Company is a member of the Association of Investment Companies ("AIC") and has therefore elected to comply with the provisions of the current AIC Code of Corporate Governance issued in 2024 (the "AIC Code") which sets out a framework of best practices in respect of governance of investment companies. The AIC Code has been endorsed by the Financial Reporting Council and the Guernsey Financial Services Commission (the "GFSC") as an alternative means for AIC members to meet their obligations in relation to the UK Corporate Governance Code.

The Board is considering succession planning for the Directors and will update shareholders in due course. Where the Company's stakeholders, including shareholders and their appointed agents, have matters they wish to raise with the Board in respect to the Company, I would encourage them to contact us at [email protected].

Environmental, Social, Governance ("ESG")

The IM continues to integrate ESG factors into its investment recommendations and asset ownership practices. The Company's 2024 Sustainability report can be viewed on its website (www.tuftonassets.com). The IM intends to publish the Company's 2025 Sustainability Report later this year. The Board is pleased to note that the IM has achieved scores higher than its peer group in all three assessment categories of the 2025 UN PRI signatory assessment.

 

The Company and its vessels were compliant with all international sanctions imposed by the US, UK, EU and UN. During the FP the Company had no issues with any vessels being affected by sanctions. The Investment Manager ("Tufton" or the "IM") monitors compliance through regular inspection of vessel logs, satellite data and direct communication with the vessels. As of 10 March 2026, none of the Company's vessels were trading in the Persian Gulf or the Gulf of Oman. The IM has requested the charterers of the Company's vessels to avoid trading the vessels in the conflict zones. The Board and IM are monitoring for new sanctions being put in place. The IM has procedures to seek legal advice in any areas of uncertainty.

 

Recent Acquisitions

 

In early 2024, the IM released highlights of the Company's mid-term strategy review. Following a review of the IM's recommendations at that time, the Board concluded that the optimal strategy for SHIP over the medium term was to continue investing in fuel-efficient second-hand vessels to maximise shareholder returns, with the intention of realising the Company's portfolio of assets before the decarbonisation of shipping accelerates. Subsequent market developments have continued to reinforce the IM's conviction that a diversified portfolio with low leverage is well-positioned to deliver strong returns across shipping cycles, uncorrelated to geopolitical and general market volatility.

 

In February 2026, consistent with the strategy, the Company agreed to acquire two high-specification, eco-design, Japanese-built Handysize Bulkers for $33m en-bloc. The Board, having considered the expected returns and medium-term market outlook as presented by the IM, reviewed and approved the acquisition, concluding that the projected returns exceed both the threshold implied by the mid-term strategy review and the target returns set out in the Prospectus.

 

Outlook and recent events

While geopolitics continue to be very influential in the shipping markets, we remain cautiously optimistic about the outlook of our markets both in the near and mid-term. The reconfiguration of traditional trade routes due to conflicts, sanctions and tariff changes added significantly to tonne-mile shipping demand. The majority of the Company's NAV is held in two segments: product tankers and bulkers. Within both these segments, capital values and rates rose during the FP.

 

We are pleased to note that the Company continues to de-risk the portfolio and took advantage of the strong market to increase its dividend cover to 1.6x (until mid-2027) by extending charters on many of the Company's vessels at higher rates than their previous charters. The Company also completed the scheduled dockings on nine of its vessels during the FP. Successful completion of the scheduled dockings position the Company to benefit from an improving market in the medium term. Only two vessels are scheduled for dockings in 1H26.

 

On 28 February 2026, the US and Israel commenced aerial military operations in Iran. The Iranian retaliation was broad in scope, targeting US military bases and installations, energy infrastructure, and ports across the Middle East. As of 10 March 2026, none of the Company's vessels were trading in the Persian Gulf or the Gulf of Oman. The IM has requested the charterers of the Company's vessels to avoid trading the Company's vessels in the conflict zones.

 

We will continue to monitor geopolitical events and make any necessary adjustments, always prioritising the safety of our crew and vessels as well as optimising investor returns. On that note, the Board would like to thank investors for their continued support.

 

………………………    

Rob King

Non-executive Chairman

 

Board Members

 

The Company's Board of Directors comprises five independent non-executive Directors. The Board's role is to manage and monitor the Company in accordance with its objectives. The Board monitors the Company's adherence to its investment policy, its operational and financial performance and its underlying assets, as well as the performance of the Investment Manager and other service providers. In addition, the Board has overall responsibility for the review and approval of the Company's NAV calculations and financial statements. It also maintains the Company's risk register, which it monitors and updates on a regular basis.

The Directors of the Company who served during the period are:

Robert King

Christine Rødsæther

Stephen Le Page

Paul Barnes

Katriona Le Noury ("Trina")

All Directors also served during the year ended 30 June 2025, and their brief biographies are available in the Annual Report as at that date.

Investment Manager's Report

Highlights of the Financial Period

During the six-month FP ending 31 December 2025, NAV Total Return per share was 9.5% (2H24: 6.0%). NAV Total Return from inception to end of the FP was 130%. Alternate Performance Measures ("APM"s), applied on a consolidated basis, are utilised in this section to analyse performance. Please see the APM definitions on page 33 onwards.

The main return drivers during the period were:

·     Portfolio Operating Profit was US$17.1m (2H24: US$23.6m), lower than the comparative period primarily due to the significantly higher off-hire days for planned dry docking. The docking for nine vessels was completed during the period with 353 off-hire days during the FP vs. one vessel in 2H24 with only 44 off-hire days.

·     Unrealised capital value rose by US$16.0m as charter-free values of tankers and bulkers rose. The IM expects medium-term upside potential in both segments.

 

The Company paid dividends of US$13.4m during the period (2H24: US$14.0m). Total dividends paid were slightly lower than the comparative period due to the lower share count after share repurchases in the previous period. In late August, the Company disposed of Neon for total proceeds of US$23.5m, a ~2.6% premium to its June 2025 NAV.

The product tanker and bulker markets strengthened during the FP. The Company extended the charters on the product tankers Octane, Sierra and Marvelous at higher rates than their previous charters. The charterer of Courteous and Mindful exercised the first (of two) optional years (yielding >13%) on their charters. The Company extended the charters on the bulkers Laurel, Auspicious, Masterful, Charming, Idaho, Rocky IV and Mayflower at higher fixed rates than their previous charters, or at least similar indexation in the case of index-linked charters. Please see the Assets Section for details. As a result of the improved market outlook and the higher rate charters, the Company's forward 18-month dividend cover improved at the end of the FP to 1.6x (1.4x on 31 December 2024).

Following a thorough review of prospects for the bulker market, the IM reaffirmed its conviction that the market offers attractive return opportunities over the medium term. On 11 February 2026 the Company agreed to acquire two high-specification eco design Handysize bulkers after the expected returns from the acquisitions were considered and approved by the Board with reference to the mid-term strategy review and Prospectus objectives. Please see the Shipping Market Section for a discussion on the bulker market.

The Performance and Segment performance summary which follow are presented on a look-through basis (unaudited) using APMs (please see page 33 onwards)

Performance summary

	Figures below are in US$m unless otherwise stated	From 1 Jul 2025 to 31 Dec 2025	From 1 Jul 2026 to 31 Dec 2024
	Ship-Days	3,556	3,681
	Revenue	47.0	54.5
	Operating Expense	(26.1)	(26.1)
A	Gross Operating Profit	20.9	28.4
	Gross Operating profit / Time-weighted Capital Employed	9.9%	12.9%
B	Loan finance costs and fees	(2.1)	(3.1)
C	Gain / (loss) in capital values	16.0	1.6
D	Portfolio profit / (loss) [A+B+C]	34.8	26.9
E	Interest income	0.4	0.7
F	Fund Level Fees and Expenses	(2.1)	(2.4)
G	Performance fee accrual	-	-
	Profit / (Loss) for the period [D+E+F+G]	33.0	25.2
	Portfolio Operating Profit [A+B+E+F]	17.1	23.6

 

Product tankers: The market weakened during 2H24 with spot market rates and time charter rates falling in 3Q24 while values remained resilient. Rates continued to weaken in 4Q24 due to the combined effects of OPEC production cuts and lower refinery runs. Weaker crude tanker demand resulted in more swing tonnage switching from crude to products service. In 4Q24, product tanker charter-free values also fell. During 2H24, the benefit from the unwind of negative charter value (US$42m) because of falling benchmark time charter rates and the passage of time, outweighed the negative impact of falling charter-free values (US$29m). Towards the end of the financial period and in early 2025, product tanker time charter rates stabilised as several geopolitical wild cards emerged including an increase in scope of US sanctions. Please see the Shipping Market Review section for details. Though our product tankers are on fixed-rate charters, operating profit during 2H24 was lower YoY as three vessels switched to scheduled lower rate periods within their fixed rate charters.

Segment performance summary

Segment Performance During the Financial Period (unaudited)	Product Tankers	Chemical Tankers	Gas Tanker	Bulkers	Total
US$m unless otherwise stated
Gross Operating Profit	11.6	4.8	2.2	9.6	28.2
Loan interest & fees	(3.1)	-	-	-	(3.1)
Gain / (loss) in charter-free values	(29.0)	-	(0.3)	(12.9)	(42.2)
Gain / (loss) in charter values	42.0	1.3	-	0.5	43.8
Portfolio profit / (loss)	21.5	6.1	1.9	(2.8)	26.9

 

•     Gross Operating Profit was lower than the comparative period largely due to off-hire days for scheduled dockings on nine vessels and the disposal of Neon at the end of August.

•     Loan finance costs and fees were lower compared to the previous period because of the lower interest rate environment and a smaller loan balance.

•     Capital values rose as charter-free values of both product tankers and bunkers improved.

Segment performance summary

Segment Performance During the FP	Product Tankers	Chemical Tankers	Gas Tanker	Bulkers	Total
US$ m unless otherwise stated
Gross Operating Profit	10.7	2.7	1.0	6.5	20.9
Loan interest & fees	(2.1)	-	-	-	(2.1)
Gain / (loss) in charter-free values	11.8	(2.6)	0.3	8.1	17.6
Gain / (loss) in charter values	(1.3)	(1.3)	-	1.0	(1.6)
Portfolio profit / (loss)	19.1	(1.2)	1.3	15.6	34.8

 

Product Tankers: The product tanker market strengthened during the FP, boosted by the combined effects of OPEC production increases, improving oil demand and tighter sanctions. Stronger crude tanker demand resulted in more swing tonnage switching from products to crude service. Charter-free value of product tankers rose by US$11.8m. Though our product tankers are on fixed-rate charters, operating profit during the FP was lower than the comparative period due to increased off-hire days as four of our product tankers had their scheduled dockings during the period.

 

Chemical Tankers: The chemical tanker operating profit was lower compared to 2H24 due to off-hire days for scheduled dockings of both vessels. Both chemical tankers were on fixed-rate charters during the FP to a leading operator of chemical tankers at least until late 2026 with a floor/ceiling rate structure for another year after

 

Gas Tanker: The Company disposed of Neon (gas tanker) at the end of August at a ~2.6% premium to its NAV as of 30 June 2025.

 

Bulkers: As the IM expected, the bulker market improved during the FP. Operating profit during the FP was lower than 2H24 due to increased off-hire days as three of our bulkers had their scheduled dockings during the period. Charter-free values rose in an improving market. The IM believes the market for Handysize bulkers offers attractive, improving yields and potential for capital appreciation in coming years. Please see the Shipping Market Review section for details.

 

At the end of the period, the Company's diversified portfolio had high cash flow visibility from long-term charters on product tankers (c.39% of NAV) with a forecast net yield of 13.5% (vs. 9.2% at the end of December 2024). The fixed rate periods on the chemical tanker charters yield c.21%. The forecast net yield on the Company's bulkers (c.39% of NAV) was 9.7% (9.1% at the end of December 2024). Portfolio yields increased in product tankers and bulkers despite the higher charter-free values. As of 31 December 2025, the Company's vessels had an average age of 13.4 years (31 December 2024: 12.5 years) and were chartered to eight different counterparties (31 December 2024: eleven counterparties).

 

Segment exposure and forecast net yields

 

Segment Exposure and Forecast Yields**	Product Tankers	Chemical Tankers	Bulkers	Total
Vessels	8	2	9	19
% of NAV	38.8%	9.6%	39.4%
Forecast Net Yields**	13.5%	21.1%	9.7%	12.8%

** Based on the market values on 31 December 2025

 

The Assets

 

The Company's portfolio as at 31 December 2025:

 

SPV+	Vessel Type and Year of Build	Acquisition Date	Expected end of charter period**
Anvil	Handysize bulker built 2013	September 2021	April 2026
Auspicious	Handysize bulker built 2015	February 2022	October 2026

 

Awesome	Handysize bulker built 2015	January 2022	July 2026
Charming	Handysize bulker built 2015	June 2022	September 2026
Cocoa	Handysize product tanker built 2008	October 2020	March 2026
Courteous	MR product tanker built 2016	December 2022	September 2027
Daffodil	Handysize product tanker built 2008	October 2020	March 2026
Exceptional	MR product tanker built 2015	April 2022	September 2027
Golding	25,600 DWT stainless steel chemical tanker built 2008	April 2021	November 2027
Idaho	Ultramax bulker built 2011	July 2021	August 2026
Laurel	Handysize bulker built 2011	July 2021	August 2026
Marvelous	MR product tanker built 2014	July 2022	October 2026
Masterful	Handysize bulker built 2015	April 2022	September 2026
Mayflower	Handysize bulker built 2011	June 2021	January 2027
Mindful	MR product tanker built 2016	December 2022	December 2026
Octane	MR product tanker built 2010	December 2018	July 2026
Orson	20,000 DWT stainless steel chemical tanker built 2007	July 2021	November 2027
Rocky IV	Handysize bulker built 2013	September 2021	August 2026
Sierra	MR product tanker built 2010	December 2018	October 2026

+ SPV that owns the vessel.

** Based on our assessment of the prevailing market conditions at 31 December 2025.

 

The market for second-hand ships is very liquid with ~US$40 billion worth of annual transactions over the last 4 years.

 

The charter-free and associated charter values of the Company's standard vessels are calculated using the online valuation platform provided by VesselsValue which utilises transaction data as well as other market data to estimate charter-free values. The Company's NAV is supported by recent market transactions. During the FP, Neon was disposed at a 2.6% premium to its holding NAV as of 30 June 2025. Divestments to date have been in aggregate c.6% above NAV.

 

As at 31 December 2025, the Company owned eight product tankers as follows (sort by employment):

 

SPV	Type	Employment	Comments
Octane and Sierra	MR Product tankers	Time chartered ("TC") to an investment grade oil major	In November 2025, Sierra commenced a new time charter for 11-14 months at a significantly higher rate vs. previous charter.
Cocoa, Daffodil Marvelous, Mindful and Courteous	Handysize product tankers (Cocoa & Daffodil), MR product tankers	TC to a major commodity trading and logistics company	Shortly after the end of the financial period, Cocoa's charter was extended for up to three months at a much higher rate vs. previously. Commencing from March 2026, Cocoa's and Daffodil's charters were extended by 12 months at much higher rates vs. previously. In October 2025, Marvelous's time charter was extended by 10-12 months at a much higher rate vs. previously. The charterer of Mindful and Courteous exercised their first optional years commencing from December 2025 at much higher rates vs. previous charters.
Exceptional	MR Product tanker	TC to a leading tanker shipping company	-
Orson and Golding	20,000 DWT and 25,600 DWT stainless steel chemical tankers	TC to a leading chemical tanker operator	-

Bulkers	Type	Employment	Comments
Mayflower, Anvil and Auspicious	Handysize Bulkers	TC to a leading owner and operator of bulkers	In December 2025, Mayflower's index-linked charter was extended by 9-11 months commencing from February 2026. After the end of the financial period, Anvil's index-linked charter was extended by 9-11 months commencing from March 2026 and both at same indexations vs. previous charter. In November 2025, Auspicious' index-linked charter was extended by 9-11 months at a slightly higher indexation vs. previous charter.
Laurel, Idaho	Handysize Bulker, Ultramax Bulker	TC to an operator of bulkers	Laurel's time charter was extended by 9-11 months from September 2025 at a slightly higher rate vs. previous charter. After the end of its time charter to a leading owner and operator of bulkers in December 2025, Idaho commenced a new time charter for 8-10 months at a higher rate vs. previous charter.
Charming, Masterful and Awesome	Handysize Bulkers	TC to a leading merchant and processor of agricultural goods	In December 2025, Charming's and Masterful's time charters were extended by 9-11 months at higher rates vs. previously. Commencing from August 2025, Awesome's index-linked charter was extended by 9-11 months at a slightly lower indexation vs. previous charter.
Rocky IV	Handysize Bulker	TC to an owner and operator of bulkers	In November 2025, Rocky IV's time charter was extended by 9-11 months at a higher rate vs. previous charter.

The Shipping Market

 

The Company aims to provide investors with an attractive level of regular and growing income and capital returns through investing in second-hand commercial sea-going vessels, with the portfolio diversified across the main segments of shipping. The ClarkSea Index, a broad vessel earnings indicator from Clarksons Research, ended the FP at US$29,856/day, c.18% higher than at the beginning of the FP. Shipyard orderbook forward cover (i.e. the number of years required to deliver the orderbook at the output level of the last 12 months) was 3.8 years at the end of the FP (3.9 years on 31 December 2024). While shipyard capacity remains significantly lower compared to a decade ago, some capacity expansions are currently underway.

 

The FP was marked by heightened geopolitical changes as the US sought to renegotiate established trade and tariff regimes. New vessel orders fell ~24% YoY in 2025 as the geopolitical uncertainty delayed investment decisions. The Clarksons Research Newbuild ("NB") price Index fell 1.3% during the FP but remains c.47% higher than the end of 2020.

During the FP, transits through the Suez Canal faced continued disruption due to the threat of Houthi rebel attacks on vessels in the Red Sea. Some containership operators have announced their intention to resume normal Suez transit, but the pace of normalisation is expected to be slow with ongoing geopolitical tension in the Middle East.

 

On 28 February 2026, the US and Israel commenced aerial military operations in Iran. The Iranian retaliation was broad in scope, targeting US military bases and installations, energy infrastructure, and ports across the Middle East. The conflict has effectively halted vessel transits through the Strait of Hormuz - a critical artery for global energy shipping through which approximately 20% of the world's oil and gas passes. This has already resulted in higher oil and gas prices globally and pushed up tanker shipping rates considerably.

A significant proportion (estimated ~4%) of the global shipping fleet is currently either within the Middle East Gulf or awaiting entry through the Strait of Hormuz. These 'idled' vessels are contributing materially to tightness in international shipping markets, providing a meaningful short- to medium-term benefit from the rerouting of traditional trade flows. While the duration and ultimate extent of the conflict remain uncertain, the region's centrality to global oil and gas supply could have a material impact on the broader market, with knock-on effects across shipping sectors such as through increased tonne-miles, slower vessel speeds, and the kind of market inefficiencies that have historically benefited shipping.

 

Bulge in global fleet age profile supports case for fleet renewal

We have analysed vessel deliveries since 2001 for each target segment over a rolling 5-year period. Based on a typical fleet age profile and 25-year vessel life, deliveries over a 5-year window would be expected to amount to ~20% of the fleet, excluding the impact from fleet growth which should decrease the number to < 20% when weighted as % of fleet from the latest period. In each of our segments, deliveries significantly exceeded this level over 5-year windows between 2005 and 2013. Weighted by tonnage, ~33% of the fleet in aggregate was delivered during a rolling 5-year window across our main segments between 2008 and 2013, representing an ageing cohort of vessels. While the impact to each segment will gradually phase in at slightly different times, these historical deliveries are expected to create supply-side impacts over the coming decade through scrapping, speed reduction, and yard capacity constraints for docking. These dynamic supports substantial upside potential for vessel values and market rates.

 

Product Tankers

 

The product tanker market has benefited since mid-2022 as the war in Ukraine partially replaced demand for short-haul product tanker cargoes with demand for long-haul cargoes. The strong market encouraged NB orders which is expected to result in relatively high level of deliveries in 2026. Despite the increased delivery cadence, growth in available vessel capacity is likely to be muted due to the growing number of sanctioned vessels. The count of sanctioned tankers at the end of 2025 was more than 930 vessels or ~16% of tanker fleet capacity. This includes all Russian / Iranian / Venezuelan sanction programmes issued by the US, UK, EU and UN. The average age of these tankers is over 21 years, versus 14 years for the global tanker fleet.

 

The sanctioned vessels tend to be older and therefore with higher maintenance capex requirements. Sanctioned vessels are also unlikely to be scrapped as lack of insurance, KYC and foreign exchange restrictions limit sale to established recycling yards. Eventually, when sanctions are lifted, shipowners may find accelerated scrapping attractive instead of the higher maintenance capex required for the vessels to resume normal commercial service. Removal of sanctioned vessels could result in ~4% of the global tanker fleet being excluded from commercial service - strongly positive for medium term supply fundamentals.

 

In early 2026 the US started enforcing sanctions more vigorously, arresting five tankers. The growing sanctions regime and enforcement forces legitimate trade to a smaller group of commercial trading vessels which is supportive of asset values and rates. US military action in Venezuela and subsequent negotiations appear to be forcing more Venezuelan oil trade away from sanctioned vessels into the mainstream commercial vessels with cargoes bound for the US, Europe as well as long-haul destinations in Asia.  

 

Since the outbreak of hostilities in the Middle East, > 300 tankers (including ~200 product tankers) are currently positioned within the Persian Gulf, with a further 200 tankers (of which ~160 are product tankers) waiting outside the Strait of Hormuz. This accumulation has compounded the effect of recently tightened Russia-related sanctions, driving crude tanker spot rates to all-time highs and lifting associated asset values. The impact is already beginning to feed through to product tanker rates and values, though the full extent of the effect on longer-term rates remains contingent on how the conflict develops.

 

Chemical Tankers

 

The Company's two chemical tankers, Orson and Golding, are currently employed on fixed time charters to a leading operator of chemical tankers, yielding c.20% until late 2026 with an optional year on the charter with floor/ceiling rate structure. The strong chemical tanker market since late 2022 has incentivised NB orders. The orderbook for stainless steel chemical tankers (10k-25k dwt) at the end of the FP was ~16% of fleet with significant deliveries scheduled in 2026. The high level of expected deliveries in 2026 partly results from ongoing shipyard delivery delays. For example, actual deliveries in 2025 were ~56% of scheduled deliveries at the beginning of year. Slippage may continue to push deliveries out to 2027/28. We expect a balanced chemical tanker market in the near term as demand growth improves and is met by the NB deliveries which would represent a positive factor for chemical tanker values and outlook. 

 

The tanker tonnage idling in and around the Persian Gulf due to the outbreak of hostilities is generally positive for the chemical tanker market to the extent it limits swing tonnage switching to chemicals service.

 

Bulkers

 

The bulker market strengthened during the FP. We believe the segment offers investment opportunities with an attractive risk-reward profile.

The orderbook for Handysize bulkers at the end of the FP was 9% of fleet (vs. 11% as of 31 December 2024). The significant increase in new orders seen in other segments such as gas shipping and containerships has not been as apparent in the bulker segment which is perceived to be a lower margin business for established shipyards. Orders for new bulkers fell ~31% YoY in 2025 (vs. 24% for shipping overall). This limits the pace of NB deliveries in coming years.

On the other hand, effective capacity growth continues to be constrained by several factors including longer voyages, port wait times / port congestion, and speed reduction to comply with environmental regulations.

MSI and Tufton research suggests bulker fleet efficiency shows a structural decline with 1 DWT of vessel capacity moving ~40% less cargo p.a. compared to 2 decades ago, likely due to a mixture of the factors mentioned earlier.

Finally, the IM notes that of our target segments, small bulkers have the most extreme age bulge with ~36% of the fleet delivered between 2009 and 2013 (vs. 20% expected from regular deliveries over a 25-year life). Please see chart on page 11. This means a large proportion of the current fleet will enter the >15y old cohort in coming years. Such vessels typically are less fuel efficient and tend to have lower operating flexibility - e.g. may need to limit operating speed to meet environmental regulations.

The evolving Middle East conflict is expected to be less impactful in the short-term for bulkers than it is for tankers. Nonetheless, in the short-term, the ~2% of the global bulker fleet within the Middle East Gulf or waiting outside of the Strait of Hormuz is likely to result in a similar supply tightening. Higher oil prices are also likely to result in slower vessel speeds, resulting in a further tightening of vessel supply. From a demand perspective, a potential negative impact is for fertilizer exports from several Middle East countries such as Saudi Arabia and Oman, representing over 25% of global fertilizer supply. However, this is less than 1% of total dry bulk volumes and is likely to be offset by the increased tonne-miles to fill that shortage from other exporting regions. A greater positive impact on demand may be seen if the conflict is sustained for a long period, where high oil and gas prices may result in increased imports of coal, especially in China, despite China's previous projections of reducing imports in 2026.

Commercially trading vessels are required to perform regular special surveys / dockings which require off-hire periods. Special surveys are scheduled based on vessel age. The IM expects a higher level of dockings for the global bulker fleet between 2025 and 2027. Our analysis of historic deliveries suggests a ~0.5% reduction in bulker fleet operating days between 2025 and 2027 compared to 2023 - 2024 levels due to off-hire for scheduled dockings. On the other hand, demand growth has been very supportive. Demand for minor bulk trade grew at ~4% CAGR over the last five years outpacing the overall demand growth for bulkers at ~3% CAGR over the same period. The lower growth in the latter is mainly the result of slightly lower demand growth for iron ore trade which was impacted by the slowdown in the Chinese property market.

Minor bulk trade encompasses a very large and diverse group of commodities such as fertilisers, sugar, minerals ores including bauxite and alumina as well as steel and timber products. Minor bulk trade growth is therefore correlated with overall GDP growth but also closely related to fast developing emerging markets and smaller ports. Handysize bulkers tend to have high exposure to minor bulk cargoes.

 

The IM is optimistic about bulker demand growth in coming years as minor bulk demand growth continues at least at its trend rate. Additionally, the IM has noted several positive catalysts for overall bulker demand growth as iron ore (tonne-mile) trade demand improves. Iron ore exports from the Simandou mine in Guinea to China are expected to ramp up over the next 5 years with production, displacing lower quality indigenous Chinese iron ore and shorter haul exports from Australia.

The growth in Guinea iron ore exports should follow a similar success story to bauxite exports from Guinea which grew at 25% CAGR over the past decade from zero to ~150m tonnes. Macroeconomic forecasts also envision a lower drag on Chinese GDP growth from the property market in coming years as oversupply in the sector gradually diminishes and the government maintains active fiscal and monetary policies to boost spending and employment. In January 2026, the IMF revised its 2026 Chinese GDP growth upward by 0.3 percentage points to 4.5 percent, reflecting lower US effective tariff rates on Chinese goods and expected stimulus measures.

Environmental, Social and Governance Report

Principal Risks and Uncertainties

 

Directors consider that the principal risks and uncertainties have not significantly changed since the publication of the Annual Report for the year ended 30 June 2025. The risks and associated risk management processes, including financial risks, can be found in the Annual Report for the financial year ending 30 June 2025 at http://www.tuftonassets.com/financial-statements/.

The risks referred to and which could have a material impact on the Company's performance for the remainder of the current financial year relate to:

 

·  Regulatory and legislative compliance

·  Service quality of the Investment Manager and other Service Providers

·  Shipping and financial markets

·  Liquidity

·  Damage to the Company's assets

·  Cost overruns

·  Commercial risks around charter payments

·  Safety, health and environment

·  Geopolitics

Interim Report of the Directors

 

The Directors present their Interim Report and the Condensed Interim Financial Statements of the Company for the six-month period ended 31 December 2025.

The Company was registered in Guernsey on 6 February 2017 and is a registered closed-ended investment scheme under the Protection of Investors (Bailiwick of Guernsey) Law, 2020, as amended. The Company's shares were listed on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 20 December 2017 under the ticker SHIP. Post the compulsory redemption on 14 August 2024, an additional GBX ticker (SHPP) was added to the same market exchange.

Investment Objective

The Company's investment objective is to provide investors with an attractive level of regular and growing income and capital returns through investing in second-hand commercial sea-going vessels. The Board monitors the IM's activities through strategy meetings and discussions as appropriate. The Company has established a wholly owned subsidiary that acts as a Guernsey holding company for all its investments, LS Assets Limited ("LSA"), which is governed by the same Directors as the Company.

All vessels acquired, vessel-related contracts and costs will be held by SPVs domiciled in the Isle of Man or other jurisdictions considered appropriate by the Company's advisers. The Company conducts its business in a manner that results in it qualifying as an investment entity (as set out in IFRS 10: Consolidated Financial Statements) for accounting purposes and as a result applies the investment entity exemption to consolidation. The Company therefore reports its financial results on a non-consolidated basis.

Subject to the solvency requirements of the Guernsey Companies Law 2008, the Company intends to pay dividends on a quarterly basis. The Company raised its target annual dividend to US$0.10 per share starting 1Q24 (previously US$0.085 per share).

The Company aims to achieve an IRR of 12% or above (net of expenses and fees) on the Issue Price over the long term.

Results and dividends

The Company's performance during the period is discussed in the Chair's Statement on pages 2 - 3. The results for the period are set out in the Condensed Statement of Comprehensive Income on page 20.

Related Parties

Details of related party transactions that have taken place during the period and of any material changes are set out in Note 13 of the Condensed Interim Financial Statements.

Directors

The Directors of the Company who served during the period and to date are set out on page 4.

Directors' interests

The Directors held the following interests in the share capital of the Company either directly or beneficially:

	31 December 2025	30 June 2025
	Shares	Shares
R King	65,000	60,000
S Le Page	46,504	46,504
P Barnes	18,651	18,651
C Rødsæther	37,906	37,906
T Le Noury	10,000	10,000

 

The annual Directors fees agreed are as disclosed below:

	Payable from  1 January to 31 December 2026	Payable from 1 January to 31 December 2025
	£	£
R King	47,000	47,000
S Le Page	40,500	40,500
P Barnes	42,000	42,000
C Rødsæther	40,500	40,500
T Le Noury	44,500	44,500

 

The Directors fees for the accounting periods are as disclosed below:

	Payable from 1 January 2026 to 30 June 2026	Paid from 1 July 2025 to 31 December 2025	Paid from 1 July 2024 to 30 June 2025
Director	£	£	£
R King	23,500	23,500	46,000
S Le Page	20,250	20,250	41,500
P Barnes	21,000	21,000	41,000
C Rødsæther	20,250	20,250	39,500
T Le Noury	22,250	22,250	41,500

 

Other Interests

 

Tufton Group related stakeholders including current & former shareholders, employees, and non-executive directors directly or beneficially held ~3.2% of the issued share capital as of 31 December 2025 (30 June 2025: ~3.3%). Refer to Note 13 for details on ordinary shares held and Note 5 for rights and obligations of the Company's shares.

 

Share Buybacks and Discount Management

Subject to working capital requirements, and at the absolute discretion of the Board, excess cash may be used to repurchase shares. The Directors may implement share buybacks at any time before the 90-day guideline set out in the Prospectus where they feel it is in the best interest of the Company and all shareholders. The Board will consider repurchasing the Company's ordinary shares in the market if they believe it to be in shareholders' interests as a whole and as a means of correcting any imbalance between supply of and demand for the shares.

The Company did not purchase any of its own Shares during the current period. Refer to Note 5 for more details. There were 20,896,000 Shares held in Treasury and 267,406,330 Shares outstanding as at the end of the financial period. The Company had 267,406,330 Shares outstanding as at the date of approval of these accounts.

Going Concern

In assessing the going concern basis of accounting the Directors have, together with discussions and analysis provided by the IM, had regard to the guidance issued by the Financial Reporting Council.

 

They have considered the possible impact of recent market volatility and geopolitical events on the current and future operations of the Company and its investments. Cash reserves are held at the LSA and SPV levels and rolled up to the Company as required to enable expenses to be settled as they fall due.

 

The Directors are satisfied that, at the time of approving the financial statements, no other material uncertainties exist that may cast significant doubt concerning the Company's ability to continue for the foreseeable future concluding that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. For these reasons, the Directors continue to adopt the going concern basis in preparing the financial statements.

 

Responsibility Statement

For the period from 1 July 2025 to 31 December 2025

 

The Directors are responsible for preparing the Interim Report and Condensed Interim Financial Statements, which have not been audited or reviewed by an independent auditor, and confirm that to the best of their knowledge:

·     the Condensed Interim Financial Statements have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting;

·     the Interim Report includes a fair review of the information required by:

·     DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the Condensed Interim Financial Statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

·     DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

Approved by the Board of Directors on 17 March 2026 and signed on behalf of the Board by:

…………………………                         …………………………

Rob King                                              Trina Le Noury

Non-executive Chairman                      Director

 

Condensed Statement of Comprehensive Income

 

For the 6-month period ended 31 December 2025

 

	Notes	31 December 2025 US$		31 December 2024 US$
Income		(Unaudited)		(Unaudited)
Net changes in fair value of financial assets at fair value through profit or loss	4	35,135,620		27,462,178
Total net income		35,135,620		27,462,178
Expenditure
Administration fees		(81,576)		(84,899)
Audit fees		(120,947)		(99,619)
Corporate Broker fees		(75,000)		(75,000)
Depositary fees		(45,496)		(27,749)
Directors' fees	15	(143,034)		(132,087)
Directors' expenses		(2,728)		(8,452)
Foreign exchange loss		(1,172)		(6,217)
Insurance fee		(17,093)		(18,138)
Investment management fee	11	(1,517,483)		(1,766,844)
Legal fees		-		(8,105)
Professional fees		(59,702)		(97,212)
Sundry expenses		(29,934)		(27,057)
Total expenses		(2,094,165)		(2,351,379)
Operating profit		33,041,455		25,110,799
Finance income		4,132		124,184
Profit and comprehensive income for the period		33,045,587		25,234,983
IFRS Earnings per ordinary share (cents)	6	12.36		9.16

There were no potentially dilutive instruments in issue at 31 December 2025 or 31 December 2024.

 

All activities are derived from continuing operations.

 

There is no other comprehensive income or expense apart from those disclosed above and consequently a Statement of Other Comprehensive Income has not been prepared.

 

The accompanying notes are an integral part of these Condensed Interim Financial Statements.

 

Condensed Statement of Financial Position

At 31 December 2025

 

	Notes	31 December 2025 US$		30 June 2025 US$
Non-current assets		(Unaudited)		(Audited)
Financial assets designated at fair value through profit or loss	4	380,816,859		345,681,239
Total non-current assets		380,816,859		345,681,239
Current assets
Trade and other receivables		38,859		7,187,164
Cash and cash equivalents		182,226		175,812
Total current assets		221,085		7,362,976
Total assets		381,037,944		353,044,215
Current liabilities
Trade and other payables		9,357,215		1,038,915
Total current liabilities		9,357,215		1,038,915
Net assets		371,680,729		352,005,300
Equity
Ordinary share capital	5	256,118,295		256,118,136
Retained reserves	5	115,562,434		95,887,164
Total equity attributable to ordinary shareholders		371,680,729		352,005,300
Net assets per ordinary share (cents)	8	138.99		131.64

 

The accompanying notes are an integral part of these Condensed Interim Financial Statements.

 

The Condensed Interim Financial Statements were approved and authorised for issue by the Board of Directors on 17 March 2026 and signed on its behalf by:

 

 

_______________________________                              _____________________________

Rob King                                                                              Trina Le Noury

Non-executive Chairman                                                      Director

 

 

Condensed Statement of Changes in Equity

For the 6-month period ended 31 December 2025

 

	Notes		Ordinary share capital US$		Retained earnings US$		Total US$
For the six months ended 31 December 2025 (Unaudited)
Shareholders' equity at 1 July 2025			256,118,136		95,887,164		352,005,300
Profit and comprehensive income for the period			-		33,045,587		33,045,587
Share buybacks	5		159		-		159
Dividends paid	7		-		(13,370,317)		(13,370,317)
Shareholders' equity at 31 December 2025			256,118,295		115,562,434		371,680,729

 

 

	Notes		Ordinary share capital US$		Retained earnings US$		Total US$
For the six months ended 31 December 2024 (Unaudited)
Shareholders' equity at 1 July 2024			291,640,823		159,414,849		451,055,672
Profit and comprehensive income for the period			-		25,234,983		25,234,983
Share buybacks			(1,803,606)		-		(1,803,606)
Compulsory redemption			(31,559,339)		-		(31,559,339)
Dividends paid	7		-		(14,045,972)		(14,045,972)
Shareholders' equity at 31 December 2024			258,277,878		170,603,860		428,881,738

 

The accompanying notes are an integral part of these Condensed Interim Financial Statements.

 

Condensed Statement of Cash Flows

For the 6-month period ended 31 December 2025

 

	Notes	31 December 2025 US$		31 December 2024 US$
		(Unaudited)		(Unaudited)
Cash flows from operating activities
Total comprehensive income for the period		33,045,587		25,234,983
Adjustments for:
Changes in fair value on investments held at fair value through profit or loss	4	(35,135,620)		(27,462,178)
Foreign exchange loss		1,172		6,217
Operating cash flows before movements		(2,088,861)		(2,220,978)
Return of investment capital	4	-		33,326,540
Movement in trade and other receivables		7,148,305		7,207,577
Movement in trade and other payables		8,318,300		9,204,501
Net cash generated from operating activities		13,377,744		47,517,640
Cash flows from financing activities
Net amount paid for compulsory redemption	5	-		(31,559,339)
Amounts paid for share buybacks	5	159		(1,803,606)
Dividends paid	7	(13,370,317)		(14,045,972)
Net cash utilised in financing activities		(13,370,158)		(47,408,917)
Net movement in cash and cash equivalents during the period		7,586		108,723
Cash and cash equivalents at the beginning of the period		175,812		56,007
Foreign exchange (loss) / gain		(1,172)		(6,217)
Cash and cash equivalents at the end of the period		182,226		158,513

 

The accompanying notes are an integral part of these Condensed Interim Financial Statements.

 

Notes to the Condensed Interim Financial Statements

For the 6-month period ended 31 December 2025

 

1.    General information

The Company was incorporated with limited liability in Guernsey under the Companies (Guernsey) Law, 2008, as amended, on 6 February 2017 with registered number 63061, and is regulated by the GFSC as a registered closed-ended investment company. The registered office and principal place of business of the Company is 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL.

The Company's investment objective is to provide investors with an attractive level of regular and growing income and capital returns through investing in second-hand commercial sea-going vessels. The Company had 267,406,330 ordinary shares in issue on 1 July 2025, all of Which were listed on the Specialist Funds Segment of the Main Market of the London Stock Exchange.

During the period, the Company did not buy back any ordinary shares. Further details are noted in Note 5.

The total number of Company's shares in issue, excluding Treasury Shares, was 267,406,330 at the end of the financial period (31 December 2025: 267,406,330).

2.      Significant accounting policies

(a) Basis of preparation

The Condensed Interim Financial Statements have been prepared on a going concern basis in accordance with IAS 34 Interim Financial Reporting, and applicable Guernsey law. These Condensed Interim Financial Statements do not comprise statutory Financial Statements within the meaning of the Companies (Guernsey) Law, 2008, and should be read in conjunction with the Financial Statements of the Company as of and for the year ended 30 June 2024, which were prepared in accordance with International Financial Reporting Standards. The statutory Financial Statements for the year ended 30 June 2024 were approved by the Board of Directors on 25 September 2024. The opinion of the auditors on those Financial Statements was not qualified. The accounting policies adopted in these Condensed Interim Financial Statements are consistent with those of the previous financial year and the corresponding interim reporting period can be found in the Annual Report for the financial year ending 30 June 2024, http://www.tuftonassets.com/financial-statements/, except for the adoption of new and amended standards as set out below.

 

Compliance with IFRS Accounting Standards

The financial statements have been prepared on a going concern basis in accordance with IFRS accounting standards as issued by the International Accounting Standards Board ("IASB") and International Financial Reporting Interpretations Committee ("IFRIC"), Listing rules and applicable Guernsey law.

Historical cost convention

The financial statements have been prepared on a historical cost basis modified by the revaluation of investments at fair value through profit or loss. The principal accounting policies adopted, and which have been consistently applied (unless otherwise indicated), are set out below.

Basis of non-consolidation

The Directors consider that the Company meets the investment entity criteria set out in IFRS 10: Consolidated Financial Statements. As a result, the Company applies the mandatory exemption applicable to investment entities from producing consolidated financial statements and instead fair values its investments in its subsidiaries in accordance with IFRS 13: Fair Value measurement.

The criteria which define an investment entity are as follows:

·     an entity that obtains funds from one or more investors for the purpose of providing those investors with investment services; and

·     an entity that commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income or both (including having an exit strategy for investments); and

·     an entity that measures and evaluates the performance of substantially all of its investments on a fair value basis.

The Directors consider that the Company's objective of pooling investors' funds for the purpose of generating an income stream and capital appreciation is consistent with the definition of an investment entity, as is the reporting of the Company's net asset value on a fair value basis.

(b) New standards and interpretations not yet adopted

Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Company. These standards, amendments or interpretations are not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions, with the exception of IFRS18, as detailed below.

(c) Standards, amendments and interpretations effective during the year

IFRS 18 Presentation and Disclosure in Financial Statements: This Standard replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1 unchanged, effective for periods commencing 1 January 2027.

 

3.    Critical accounting judgements and estimates

 

The preparation of financial statements requires management to make estimates and judgements that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenue and expenses during the period. The nature of the estimation means that actual outcomes could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.

 

Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years affected.

 

The significant judgements, estimates and assumptions which have the greatest effect on the recognition and measurement of assets, liabilities, income and expenses are the same as those that applied to the Annual Report and Financial Statements for the year ended 30 June 2025.

 

Critical judgements in applying the Company's accounting policies - IFRS 10: Consolidated Financial Statements

 

The audit committee considered the application of IFRS 10, and whether the Company meets the definition of an investment entity.

 

The Company owns the investment portfolio through its investment in LSA. The investment by LSA comprises the NAVs of the SPVs. The Company holds 100% voting shares in LSA and has all the characteristics of an investment company. Cash reserves are held at the LSA and SPV levels and paid up to the Company as required to enable expenses to be settled as they fall due.

 

In the judgement of the Directors, the Company meets the investment criteria set out in IFRS 10 and they therefore consider the Company to be an investment entity in accordance with IFRS 10. As a result, as required by IFRS 10, the Company is not consolidating its subsidiary but is instead measuring it at fair value in accordance with IFRS 13 - Fair value measurements.

 

The criteria which define an investment entity are disclosed in Note 2(a).

 

       Critical accounting estimates

The following are the key assumptions and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next Financial Year.

 

The principal critical accounting estimate in the Company's financial statements is the value of its investment in LSA, which is in turn dependent on the values of LSA's investments in the SPVs. Principal critical accounting estimates in determining the values of the SPVs comprise the fair values of their vessels, in turn comprised of the charter-free and attached charter values, both of which are critical accounting estimates.

 

The unobservable inputs which significantly impact the fair value of the vessels have been determined to be the charter-free valuation and market charter rates for standard vessels (used to calculate charter values) and the discount rate applied for specialised vessels.

 

The process of calculation of the charter-free and charter values of the vessels is described in Note 2(j), Significant Accounting Policies, of the statutory Financial Statements.

 

At 31 December 2025 the charter-free valuations of two vessels (30 June 2025: two vessels) were provided through independent broker valuations rather than VesselsValue. These broker valuations are themselves estimates derived from the specialist knowledge of the broker, their proprietary data that considers vessel specifications and applicable market information.

 

Further to the information mentioned in Note 2(j) of the statutory Financial Statements there are specific capital adjustments considered as part of the valuation process for standard vessels, mainly the adjustments for Ballast Water Treatment Systems ("BWTSs") and scrubbers installed. BWTSs installed by the Company's SPVs were an enhancement to the charter-free value.

 

BWTS were initially recognised at cost and straight-line depreciated from the commissioning date to 8 September 2024, being the date by which the IMO mandated all vessels should have installed BWTS. Scrubbers are considered an enhancement to the charter-free value using an estimated valuation from a shipbroker, and straight-line depreciated over 5 years.

 

There were no other material areas of estimation for the Company.

 

4.    Financial assets designated at fair value through profit or loss (Investment)

		31 December 2025 US$		30 June 2025 US$
LSA		(Unaudited)		(Audited)
Brought forward cost of investment		245,456,769		280,963,309
Total investment disposed of in the period / year		-		(35,506,540)
Carried forward cost of investment		245,456,769		245,456,769
Brought forward unrealised gains on fair value		100,224,470		164,014,074
Movement in unrealised gains / (loses) on fair value		35,135,620		(63,789,604)
Carried forward unrealised gains on fair value		135,360,090		100,224,470
Total investment at fair value		380,816,859		345,681,239

 

The Company owns the investment portfolio through its investment in LSA, which comprises the NAV of the SPVs and residual assets and liabilities in LSA. The NAVs consist of the fair value of vessel assets and the SPVs' residual net assets and liabilities. The whole investment portfolio is designated by the Board as a Level 3 item on the fair value hierarchy because of the lack of observable market information in determining the fair value.

 

As a result, all the information above relates to the Company's Level 3 assets only, with respect to the requirements set out in IFRS 7. The investment held at fair value is recorded under Non-Current Assets in the Statement of Financial Position as there is no current intention to dispose of its investment in LSA.

 

The changes in the financial assets measured at fair value through profit or loss for which the Company has used Level 3 inputs to determine fair value, after considering dividends declared (see Note 7) are as detailed above.

 

The SPVs and holding companies Handy Holdco Limited and Product Holdco Limited (which are also SPVs) are incorporated in the Isle of Man. The subsidiary company LS Assets Limited is incorporated in Guernsey. The country of incorporation is also their principal place of business.

 

       Breakdown of Fair Value:

Name	31 December 2025 US$	30 June 2025 US$	Direct or indirect holding	Principal activity	Ownership at 31 December 2025	Ownership at 30 June 2025
LS Assets Limited	-	-	Direct	Holding company	100%	100%
Anvil Limited	15,220,720	13,234,419	Indirect	SPV	100%	100%
Auspicious Limited	16,991,587	16,153,012	Indirect	SPV	100%	100%
Awesome Limited	17,498,262	15,932,917	Indirect	SPV	100%	100%
Charming Limited	17,176,652	15,817,408	Indirect	SPV	100%	100%
Cocoa Limited4	-	-	Indirect	SPV	100%	100%
Courteous Limited4	-	-	Indirect	SPV	100%	100%
Dachshund1,2 Limited	-	-	Indirect	SPV	100%	100%
Daffodil Limited4	-	-	Indirect	SPV	100%	100%
Exceptional Limited4	-	-	Indirect	SPV	100%	100%
Golding Limited	17,142,172	17,407,181	Indirect	SPV	100%	100%
Handy HoldCo Limited	-	1,096,858	Indirect	SPV (Holding Company)	100%	100%
Idaho Limited	17,358,356	15,234,233	Indirect	SPV	100%	100%
Laurel Limited	12,875,998	10,863,171	Indirect	SPV	100%	100%
Marvelous Limited4	-	-	Indirect	SPV	100%	100%
Masterful Limited	16,961,180	15,334,488	Indirect	SPV	100%	100%
Mayflower Limited	13,319,819	11,265,283	Indirect	SPV	100%	100%
Mindful Limited4	-	-	Indirect	SPV	100%	-
Neon Limited8	-	25,839,426	Indirect	SPV	100%	100%
Octane Limited	18,904,601	17,673,031	Indirect	SPV	100%	100%
Orson Limited	13,537,837	14,472,898	Indirect	SPV	100%	100%
Pollock Limited1,2	-	-	Indirect	SPV	100%	100%
Product HoldCo Limited	60,052,490	43,026,853	Indirect	SPV (Holding Company)	100%	-
Rocky IV Limited	15,375,347	13,356,354	Indirect	SPV	100%	100%
Sierra Limited	19,211,398	18,395,864	Indirect	SPV	100%	100%
Impressive Limited	40,416	14,879	Indirect	SPV	100%	-
Cash and cash equivalents3	36,488,076	16,631,913
Residual net assets3	72,661,948	63,931,051
Total investment at fair value*	380,816,859	345,681,239

 

^* Vessels are valued at fair value in each of the SPVs shown in the table above and combined with the residual net liabilities of each SPV to determine the fair value of the total investment attributable to LSA.

 

¹ Vessel sold.

² These SPVs report zero fair value in the table above because they are owned by the intermediate holding company Handy Holdco Limited and are included in Handy Holdco Limited's fair value.

³ The cash and residual net liabilities are held in LSA.

⁴ These SPVs report zero fair value in the table above because they are owned by the intermediate holding company Product Holdco Limited and are included in Product Holdco Limited's fair value.

⁵ Company has been dissolved.

⁶ Fair value of LSA equals the sum of the assets of residual net assets, and cash as detailed below.

⁷ This SPV solely holds cash rather than a vessel.

⁸ SPV sold.

 

 

 

The movement in the fair value of the investment is recorded in the Condensed Statement of Comprehensive Income.

 

5.    Ordinary share Capital

 

        Share capital

 

Share issuance	Number of shares	Gross amount (US$)	Issue costs (US$)	Share capital (US$)
As at 30 June 2025	267,406,330	262,274,392	(6,156,256)	256,118,136
Cost adjustment	-	-	159	159
Total in issue at 31 December 2025	269,256,330	262,274,392	(6,156,097)	256,118,295

 

During the FP, issue costs of US$159 were refunded to the Company's account.

 

 The ordinary shares issued are of no par value and are authorised, issued and fully paid. Ordinary shares carry the right to receive all income of the Company attributable to ordinary shares, and to participate in any distribution or other return of capital attributable to ordinary shares. Ordinary shareholders have the right to receive notice of and attend any general meetings of the Company and to vote at such meeting with one vote for each ordinary share held.

 

The rights conferred upon the holders of the shares are not varied by the creation or issue of further shares or classes of shares or by the purchase or redemption by the Company of its own shares, or the holding of such shares in treasury.

 

At the end of the period, there were 20,896,000 shares (30 June 2025: 20,896,000 shares) held in treasury. These treasury shares may be subsequently cancelled or sold for cash.

 

No shares will be sold from treasury at a price less than the NAV per share at the time of the sale unless they are first offered pro rata to existing shareholders.

 

6.    Earnings / (Loss) per share

 

		31 December 2025 US$		31 December 2024 US$
		(Unaudited)		(Unaudited)
Total comprehensive income for the period		33,045,587		25,234,983
Weighted average number of ordinary shares		267,406,330		275,640,458
Earnings per ordinary share (cents)		12.36		9.16
Diluted Earnings per ordinary share (cents)		12.36		9.16

 

There were no potentially dilutive instruments in issue at 31 December 2025 or 31 December 2024.

 

7.    Dividends

 

The company paid the following dividends during the period:

 

Quarter end	Dividend per share	Ex div date	Net Dividend paid	Record date	Paid date
Dividends declared for the period ended 31 December 2025:
30 June 2025	US$0.025	24 July 2025	US$6,685,158	25 July 2025	8 August 2025
30 September 2025	US$0.025	23 October 2025	US$6,685,159	24 October 2025	7 November 2025
Dividends declared for the period ended 31 December 2024:
30 June 2024	US$0.025	25 July 2024	US$7,277,064	26 July 2024	9 August 2024
30 September 2024	US$0.025	26 October 2024	US$6,768,908	27 October 2024	5 November 2024

 

 

In addition, the company declared the following dividend in relation to the profit for the period ended 31 December 2025:

 

Quarter end	Dividend per share	Ex div date	Net Dividend paid	Record date	Paid date
31 December 2025	US$0.025	29 January 2026	US$6,685,158	30 January 2026	18 February 2026

 

Under the Companies (Guernsey) Law, 2008, the Company can distribute dividends from capital and revenue reserves, subject to a prescribed net asset and solvency test.

 

The net asset and solvency test considers whether a company can pay its debts when they fall due, and whether the value of a company's assets is greater than its liabilities. The Board confirms that the Company passed the net asset and solvency test for each dividend paid.

 

8.    Net assets per ordinary share

		31 December 2025 US$		30 June 2025 US$
		(Unaudited)		(Audited)
Shareholders' equity		371,680,729		352,005,300
Number of ordinary shares		267,406,330		267,406,330
Net assets per ordinary share (cents)		138.99		131.64

 

9.    Financial risk management

 

The Company's activities expose it to a variety of financial risks; market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk.

 

The Condensed Interim Financial Statements do not include all financial risk management information and disclosures required in the Annual Financial Statements; they should be read in conjunction with the Company's Audited Financial Statements as at 30 June 2025.

 

There have been no significant changes in the management of risk or in any risk management policies since the last Statement of Financial Position date.

 

10.  Financial assets and liabilities not measured at fair value

Cash and cash equivalents and trade and other receivables are liquid assets whose carrying value represents fair value. The fair value of other current assets and liabilities would not be significantly different from the values presented at amortised cost.

 

11.   Investment Management fee

The IM is entitled to receive an annual fee, calculated on a sliding scale, as follows:

 

0.85% per annum of the quarter end Adjusted Net Asset Value up to US$250 million;

0.75% per annum of the quarter end Adjusted Net Asset Value more than US$250 million but not exceeding US$500 million; and

0.65% per annum of the quarter end Adjusted Net Asset Value more than US$500 million.

 

For the period ended 31 December 2025 the Company incurred US$1,517,483 (2H24: US$1,766,844) in management fees of which US$766,861 (2H24: US$875,282) was outstanding at the period end.

 

Effective 1 January 2026 there will be no fees chargeable on uninvested realised cash held at LSA level.  Uninvested realised cash will consist of sale proceeds which is not earmarked for reinvestment within 90 days of realisation (above a de minimis level of US$10 million).

 

12.  Performance fee

Tufton ODF Partners LP shall be entitled to a performance fee in respect of a Calculation Period provided that the Total Return Per Share on the Calculation Day for the Calculation Period of reference is greater than the High Watermark Per Share and such performance fee shall be an amount equal to the Performance Fee Pay-Out Amount if:

•    the High Watermark is greater than the Total Return Per Share on any Calculation Day; and

•    the prevailing Historic Performance Fee Amount is greater than zero on such Calculation Day,

Any fee accruing as at the end of the Calculation Period is paid 50% subsequent to the end of that period, with the remaining 50% being retained by the Company and deferred until the next time that a performance fee payment is due, being adjusted for any subsequent underperformance during that time. The prevailing Historic Performance Fee Amount shall be reduced by the lower of: (i) 20% of the difference between the High Watermark Per Share and the Total Return Per Share on such Calculation Day multiplied by the Relevant Number of shares; and (ii) the prevailing Historic Performance Fee Amount.

Whilst the total return performance of the Company remains above the hurdle rate, the calculation methodology does not currently allow for any accrual to be made.

A performance fee of US$ nil (2024: US$ nil) was accrued at period end.

13.  Related parties

The IM, Tufton Investment Management Ltd, is a related party due to having common key management personnel with the SPVs of the Company. All management fee transactions with the IM are disclosed in Note 11.

 

Tufton ODF Partners LP is a related party due to being the beneficiary of any performance fee paid by the Company. All performance fee transactions are disclosed in Note 12.

 

Transactions with LSA and subsidiary SPVs are not disclosed. There are no commercial transactions between the Company and LSA other than the business of investment into LSA, the transactions of which are shown in the main financial statements.

 

The Directors of the Company and their shareholdings are stated in the Interim Report of the Directors on page 17.

 

       Other interest

       Tufton Group related stakeholders including current and former shareholders, employees, and non-executive directors directly or beneficially held ~3.2% of the issued share capital as at 31 December 2025 (30 June 2025: ~3.3%).

14.  Controlling party

In the opinion of the Directors, based on shareholdings advised to them, the Company has no immediate or ultimate controlling party.

15.  Directors' fees

The remuneration of the Directors was US$143,034 (2024: US$132,087) for the period which consisted solely of short-term employment benefits (refer to the Interim Report of the Directors on page 18). At 31 December 2025, Directors' fees of US$ nil (2024: US$ nil) were outstanding.

The Directors fees for the first six months of the accounting periods are as disclosed below:

		31 December  2025	31 December  2024
Director		£	£
R King		23,500	22,500
S Le Page		20,250	21,250
P Barnes		21,000	20,000
C Rødsaether		20,250	19,250
T Le Noury		22,250	19,250

 

16.  Events after the reporting period

On 29 January 2026, the Company declared a dividend of US$0.025 per ordinary share for the quarter ending 31 December 2025. The dividend was paid on 18 February 2026 to holders of ordinary shares recorded on the register as at close of business on 30 January 2026 with an ex-dividend date of 29 January 2026.

On 11 February 2026, the Company announced that it had agreed to acquire two high-specification, eco-design Japanese-built Handysize Bulkers for US$33m en-bloc.

There has not been any other matter or circumstance occurring after the end of the financial period that has significantly affected, or may significantly affect, the operations of the Company or the situation of the Company in the current or future financial years. 

Alternative Performance Measures ("APMs")

 

This Interim Report and Condensed Interim Financial Statements contain APMs, which are financial measures not defined in IFRS Accounting Standards. These include certain financial and operational highlights and key financials. The definition of each of these APMs is shown below.

 

The Company assesses its performance using a variety of measures that are not specifically defined under IFRS Accounting Standards and are therefore termed APMs. The APMs that the Company uses may not be directly comparable with those used by other companies. These APMs are used to present a clearer picture of how the Company has performed and are all financial measures of historical performance. The APMs are prepared on a consolidated basis.

 

Alternative Performance Measure	Definition / Method of calculation	Reason for use
Aggregate Realised Net IRR	Realised IRR based on aggregated equity cash flows across all divested vessels calculated at SPV level, net of fees	Measures the net realised IRR on all vessel divestments
Average Charter Length	Total forecast EBITDA from fixed-rate charters in place, divided by the annualised EBITDA of those charters	To provide information about the extent to which the future revenue of the SPVs is contractually fixed
Compound Annual Growth Rate ("CAGR")	The geometric progression ratio that provides a constant rate of return over the time period	To provide a measure of annual compound growth rate over time
Company IRR	The IRR of the Company calculated using all gross capital raises, dividends and buyback and current Company NAV	Measures the IRR achieved by the Company
Consolidated Gearing Ratio	Loans to charter-free value including capital adjustments on a consolidated basis	To provide an indication of leverage, which is not reported in the financial statements which are not prepared on a consolidated basis
Depreciated Replacement Cost ('DRC")	Estimating the cost to replace the asset, considering any changes in the cost of materials and labour since the asset was initially purchased or constructed, and subtracting the depreciation that has occurred since that time	To provide a methodical basis for estimating the residual value of an asset at the end of a planned investment period
Dividend Cover	Portfolio Operating Profit less debt amortisation, divided by dividends for the period	To provide information about the extent to which past dividends are covered by earnings
EBITDA	Earnings before interest, taxes, depreciation and amortisation	To provide a measure of profitability from operating activity, independent of financing strategy
Forecast Net Yield	Forecast EBITDA over the current charters minus any capex accruals for the vessels in the portfolio divided by the time-weighted vessel values over the same period	To provide information about profitability from future operating activity relative to current vessel values
Gain / (loss) in Capital Values	Fair value gains and losses (being the change in charter-free value + change in charter value) from marking assets to market in accordance with the valuation policy of the Company	Fair value of the Company's underlying investments is a key component of the Company's overall investment performance
Gross Operating Profit	Operating profit before gain / (loss) in capital values, loan interest, fees, and all other Company level expenses	To provide an indication of the underlying profit from operating activity, which is not reported in the financial statements, before interest, fees and Company level expenses.
Internal Rate of Return ("IRR")	The interest rate at which the net present value of all the cash flows from a project or investment equal zero, and is a common performance indicator used in investment funds	A widely used APM which allows the shareholders to compare the performance of different funds
NAV Total Return Per Share	The change in NAV per share plus dividends per share paid by the Company during the period, divided by the initial NAV per share at inception	A measure showing how the NAV per share has performed over a period, considering both capital return and dividends paid to shareholders
Operating Expenses	Expenses (other than finance costs) of operating the Company's subsidiary SPVs and their ships	To provide an indication of the cost of the underlying operating activity, which is not reported in the financial statements
Portfolio Operating Profit	Gross Operating Profit and interest income less loan interest and fees, Company Level Fees and Expenses	To provide an indication of the underlying net profit from operating activity, which is not reported in the financial statements
Portfolio Price / Depreciated Replacement Cost ("P/DRC")	Price divided by the Depreciated Replacement Cost. Price may refer to a transaction (investment or divestment) value or fair value at a certain date	The IM's preferred valuation metric for investment analysis. P/DRC tends to revert to 100% in the long-term
Revenue	Charter income, net of broker commissions and charter related costs, earned by SPVs	To provide an indication of the underlying income from operating activity which is not reported in the financial statements
Ship-Days	The sum of the number of days each vessel was owned by the Company over the financial period	To provide information about the vessel operating activity measured in days
Time-Weighted Capital Employed	Time-weighted capital invested in vessels	A metric used to compare Gross Operating Profit across different periods
Total Return Per Share	The Net Asset Value per ordinary share on any Calculation Day adjusted to: (i) include the gross amount of any dividends and/or distributions paid to an ordinary share since Admission; (ii) not take account of any accrual made in respect of the performance fee itself for that Calculation Period;	A measure showing how the investment in the Company's shares has performed over a period, considering both capital return and dividends paid to Shareholders
	(iii) not take account of any accrual made in respect of any prevailing Historic Performance Fee Amount (as adjusted pursuant to the operation of this paragraph below); (iv) not take account of any increase in Net Asset Value per share attributable to the issue of ordinary shares at a premium to Net Asset Value per share or any buyback of any ordinary shares at a discount to Net Asset Value per ordinary share during such Calculation Period; (v) not take account of any increase in Net Asset Value per share attributable to any consolidation or sub-division of ordinary shares; (vi) considering any other reconstruction, amalgamation or adjustment relating to the share capital of the Company (or any share, stock or security derived therefrom or convertible there into); and (vii) considering the prevailing Net Asset Value of any C Shares in issue

 

Corporate Information

 

Directors

Robert King, Chairman

Stephen Le Page

Paul Barnes

Christine Rødsæther

Trina Le Noury 

 

Registered office

1 Royal Plaza

Royal Avenue

St Peter Port

GY1 2HL

Guernsey

 

Investment Manager and AIFM

Tufton Investment Management Ltd

70 Pall Mall

1^st Floor London

SW1Y 5ES

 

Asset Manager

Tufton Management Limited

3^rd Floor, St George's Court

Upper Church Street

Douglas

Isle of Man IM1 1EE

 

Secretary and Administrator

Apex Fund & Corporate Services (Guernsey) Limited

1 Royal Plaza

Royal Avenue

St Peter Port

GY1 2HL

Guernsey

 

Brokers

Hudnall Capital LLP

Adam House

7-10 Adam Street

London

WC2N 6AA

 

Singer Capital Markets

1 Bartholomew Lane

London

EC2N 2AX

 

Depositary

Apex Depositary (UK) Limited

Bastion House

140 London Wall

London

EC2Y 5DN

 

Guernsey Legal Advisers

Carey Olsen (Guernsey) LLP

PO Box 98, Carey House

Les Banques

St Peter Port

Guernsey

GY1 4BZ

 

UK Legal Advisers

Gowling WLG (UK) LLP

4 More London Riverside

London

SE1 2AU

 

Registrar

Computershare Investor Services (Guernsey) Limited

1^st Floor, Tudor House

Le Bordage

St Peter Port

Guernsey

GY1 1DB

 

Receiving Agent

Computershare Investor Services PLC

The Pavillions

Bridgewater Road

Bristol

BS99 6AH

 

Independent Auditor to the Company

PricewaterhouseCoopers CI LLP

Royal Bank Place

1 Glategny Esplanade

St Peter Port

Guernsey

GY1 4ND

 

Principal Bankers

Barclays Bank Plc

Guernsey International Banking

PO Box 41

St Peter Port

Guernsey

GY1 3BE

 

Definitions

The following definitions apply throughout this document unless the context requires otherwise:

 

Adjusted Net Asset Value	the Net Asset Value less uninvested monies (cash and cash value equivalents) held by the Company from time-to-time excluding monies arising on or from the realisation of or a distribution from an investment
Administrator	Apex Fund and Corporate Services (Guernsey) Limited
AIC	the Association of Investment Companies
AIFM Directive or AIFMD	the EU Directive on Alternative Investment Fund Managers (No. 2011/61/EU)
AIF	an Alternative Investment Fund
AIFM	an Alternative Investment Fund Manager
AIFM Rules	the AIFM Directive and all applicable rules and regulations implementing the AIFM Directive in the UK
Articles of Incorporation or Articles	the articles of incorporation of the Company, as amended from time-to-time
Asset Manager	Tufton Management Limited
Auditor	PricewaterhouseCoopers CI LLP
Brokers	Hudnall Capital LLP and Singer Capital Markets
BWTS	Ballast Water Treatment System
Calculation Day	The last business day of each Calculation Period
Calculation Period	(a) the period starting on Admission and ending on the earlier of (i) 30 June 2024; (ii) the commencement of the winding up of the Company; and (iii) the termination of the Manager's appointment; and (b) if the previous Calculation Year ended on 30 June of the previous Year, each successive period starting on 1 July and ending on the earlier of (i) 30 June three years later; (ii) the commencement of the winding up of the Company; and (iii) the termination of the Manager's appointment.
Calculation Year	1 July to 30 June
Companies Law	the Companies (Guernsey) Law, 2008 as amended
Company	Tufton Assets Limited (Guernsey registered number 63061) which, when the context so permits, shall include any intermediate holding company of the Company and the SPVs.
Company Level Fees and Expenses	the investment management fee and other professional fees and expenses at company level
Depreciated Replacement Cost or DRC	the IM's preferred valuation metric. DRC for a second-hand vessel is the current cost of replacing the vessel with an equivalent newbuild, depreciated to the same age
Directors or Board	the Board of Directors of the Company or the Directors from time to time
Disclosure Guidance and Transparency Rules or DTRs	the Disclosure Guidance and Transparency Rules made by the Financial Conduct Authority under Section 73A of FSMA.
Discount Control Policy	The policy described in the Discount Control section of the Company's Prospectus.
DWT	an abbreviation for deadweight tonnage, a measure of a ship's total carrying capacity, including cargo, fuel, water, and crew.
Environmental, Social, and Corporate Governance (ESG)	an evaluation of the Company's collective conscientiousness for social, environmental and governance factors.
FCA	the UK Financial Conduct Authority
Financial Reporting Council or FRC	the UK Financial Reporting Council
FSMA	the Financial Services and Markets Act 2000 and any statutory modification or re-enactment thereof for the time being in force.
FP	financial period
GFSC or Commission	the Guernsey Financial Services Commission
High Watermark Per Share	the higher of: (i) US$1.00 increased by the Hurdle; and (ii) if a Performance Fee has previously been paid, the Total Return Per Share on the Calculation Day for the last Calculation Period (if any) by reference to which a Performance Fee was paid
High Performance Fee Amount	in respect of any Calculation Period, an amount equal to the Performance Fee Pay-Out Amount for the previous Calculation Period where a Performance Fee was payable
Historic Performance Fee Amount	in respect of any Calculation Period, an amount equal to be Performance Fee Pay-Out Amount for the previous Calculation Period where a performance fee was payable
IASB	International Accounting Standards Board
IFRIC	International Financial Reporting Interpretations Committee
IFRS Accounting Standards	International Financial Reporting Standards
IMO	International Maritime Organisation
Investment Manager or IM	Tufton Investment Management Ltd
IPO	Initial Public Offering
Issue Price	the initial cost of a security when it first becomes available for purchase by the public
Listing Rules	the listing rules made by the UKLA pursuant to Part VI of FSMA
London Stock Exchange or LSE	London Stock Exchange plc
LS Assets Limited or LSA	the Guernsey holding company owning the SPVs through which the Company invests into vessels.
LSE Admission Standards	the rules issued by the London Stock Exchange in relation to the admission to trading of, and continuing requirements for, securities admitted to the SFS.
Main Market	the main market for listed securities operated by the London Stock Exchange.
Market Abuse Regulation or MAR	Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse.
Memorandum	the memorandum of association of the Company.
Net Asset Value or NAV	the value, as at any date, of the assets of the Company after deduction of all liabilities of the Company and in relation to a class of shares in the Company, the value, as at any date of the assets attributable to that class of shares after the deduction of all liabilities attributable to that class of shares determined in accordance with the accounting policies adopted by the Company from time-to-time.
OPEC	Organisation of the Petroleum Exporting Countries
Performance Fee Amount	20 per cent. of the excess in Total Return Per Share and the High Watermark Per Share multiplied by the time weighted average number of shares in issue during the Calculation Period
Performance Fee Pay-Out Amount	in respect of the relevant Calculation Period, an amount equal to "A", where: A = (0.5 x B) + C; B = the Performance Fee Amount; and C = an amount equal to the High Performance Fee Amount
POI Law	the Protection of Investors (Bailiwick of Guernsey) Law, 2020, as amended
Portfolio	the Company's portfolio of investments from time to time
Paris Agreement	a legally binding international treaty on climate change
Prospectus	the Placing and Offer for Subscription document for the Company dated 8th December 2017.
Redemption	the capital return via a compulsory redemption of ordinary shares at a pre-determined price
Register	the register of members of the Company.
Relevant Number of Shares	for any Calculation Period the time weighted average number of ordinary shares in issue during such Calculation Period.
Responsible Investment	strategy and practice to incorporate environmental, social and governance (ESG) factors in investment decisions and active ownership
SFS or Specialist Funds Segment	the Specialist Funds Segment of the Main Market (previously known as the Specialist Fund Market or SFM).
Segment	classifications of vessels within the shipping industry including, inter alia, Tankers, General Cargo, Containerships and Bulkers.
SOFR	Secured Overnight Financing Rate.
SPV or Special Purpose Vehicle	corporate entities, formed and wholly owned (directly or indirectly) by the Company, specifically to hold one or more vessels, and including (where the context permits) any intermediate holding company of the Company.
£ or Sterling	the lawful currency of the United Kingdom.
Tufton	the Investment Manager.
Tufton Group	Tufton Investment Management Holding Ltd and its subsidiaries.
UK Corporate Governance Code	the UK Corporate Governance Code as published by the Financial Reporting Council from time-to-time.
UK Listing Authority	the FCA acting in its capacity as the competent authority for the purposes of Part VI of FSMA.
United Kingdom or UK	the United Kingdom of Great Britain and Northern Ireland.
VesselsValue	VesselsValue Limited, a third-party provider of vessel valuations to the Company and Investment Manager.
WACC	the weighted average cost of capital.