24 December 2018
Tufton Oceanic Assets Limited (the "Company")
$12.2m Investment in one Product Tanker
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has agreed to acquire one product tanker for $12.2m. This acquisition will take the Company's fleet to eleven vessels.
The vessel will have a floating rate time charter of one to two years to a major commodity trading and logistics company. The forecast yield exceeds the targets expressed in the Company's C Share prospectus.
This will be the fifth investment made from the C Share proceeds announced on 11 October 2018. The Company has invested approximately 90% of the C Share net proceeds.
Tufton Oceanic Limited, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.
For further information, please contact:
Tufton Oceanic Limited Tel: +44 (0) 20 7518 6700
Andrew Hampson
Paulo Almeida
N+1 Singer Tel: +44 (0) 207 496 3030
James Maxwell, Alex Bond (Corporate Finance)
Alan Geeves, James Waterlow, Sam Greatrex (Sales)
Hudnall Capital LLP Tel: +44 (0) 20 7520 9085
Andrew Cade
About the Company
Tufton Oceanic Assets Limited invests in a diversified portfolio of secondhand commercial sea-going vessels with the objective of delivering strong cash flow and capital gains to investors. The Company's investment manager is Tufton Oceanic Limited. The Company was admitted to the Specialist Fund Segment of the London Stock Exchange on 20 December 2017.
