$13.25m Investment in Product Tanker; New Charter

3 February 2020

Tufton Oceanic Assets Limited (The "Company")

$13.25m Investment in one Product Tanker with a 3 to 4 year charter and

a new 3 to 4 year charter for the Product Tanker Pollock

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that:

(i) the Company has agreed to acquire a Product Tanker for $13.25m. This acquisition will take the Company's fleet to fifteen vessels. The vessel will have a fixed rate time charter for three to four years to a major commodity trading and logistics company; and

(ii) the Company has successfully renewed (as reported in the 4Q19 Factsheet released 30 January 2020) the employment for the Product Tanker Pollock with a fixed rate time charter for three to four years to a major commodity trading and logistics company.

The acquisition and employment renewal will partly offset the reduction in the Company's average fleet charter coverage resulting from the recent divestment of three General Cargo vessels.

The forecasted yield for the new Investment and the employment renewal exceed 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.

The Company has approximately $20m investable cash after the transactions announced today.

For further information, please contact:

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 $250m (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.