30 September 2019
Tufton Oceanic Assets Limited (The "Company")
$19.9m Investment in one Crude Oil Tanker
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has agreed to acquire a Crude Oil Tanker for $19.9m. This acquisition will take the Company's fleet to sixteen vessels.
The vessel is time chartered to a major tanker operator for two years at a fixed floor rate plus a profit-sharing mechanism. The forecasted yield exceeds the targets expressed in the Company's prospectus dated 25 September 2018.
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, a placing in March 2019 and a placing in September 2019.
