01 July 2019
Tufton Oceanic Assets Limited (The "Company")
$28.3m Investment in a Containership
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has agreed to acquire a containership for $23.6m. This acquisition will take the Company's fleet to fifteen vessels.
The vessel has a time charter of approximately 5.5 years to a major container line. The Company has also committed to invest $4.7m to upgrade the vessel under the terms of this charter.
The yield exceeds the targets expressed in the Company's prospectus dated 25 September 2018.
The investment will also increase the Company's average charter length across the portfolio to 3.5 years.
This is the third investment made from the proceeds of the placing announced on 11 March 2019 and, following completion of this acquisition and taking account of the required investment to upgrade the vessel, the Company will have invested approximately 85% of the net proceeds from the placing.
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.
