03 April 2019
Tufton Oceanic Assets Limited (The "Company")
$13.15m Investment in two General Cargo vessels
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has agreed to acquire two general cargo vessels for a total of $13.15m. These are the first investments made from the proceeds of the Placing announced on 11 March 2019 and they will take the Company's fleet to fourteen vessels.
The vessels will be bareboat chartered to a leading general cargo shipping operator. The average tenor is 5.5 years. The yield on these vessels exceeds the targets expressed in the Company's prospectus dated 25 September 2018.
The investments will also increase the Company's average charter length.
Tufton Oceanic Ltd, 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 Ltd Tel: +44 (0) 20 7518 6700
Andrew Hampson
Paulo Almeida
N+1 Singer Tel: +44 (0) 207 496 3000
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 Ltd. The Company has raised a total of approximately $219m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange, on 20 December 2017, a subsequent placing and offer in October 2018 and a placing in March 2019.
