NAV, Dividend Declaration and Q4 2020 Update

21 January 2021

TUFTON OCEANIC ASSETS LIMITED

("Tufton Oceanic Assets" or the "Company")

Net Asset Value, Dividend Declaration and Q4 2020 Update

Tufton Oceanic Assets announces that as at 31 December 2020, the unaudited net asset value ("NAV") was $250.43 million and the unaudited NAV per ordinary share was $0.982. The NAV total return for the quarter was 5% and the NAV total return for the year was 6.4%.

The Company has raised its target annual dividend to $0.075 per share from $0.07 per share. The Company is therefore pleased to announce a dividend of $0.01875 per ordinary share for the quarter ending 31 December 2020. The dividend will be paid on 12 February 2021 to holders of ordinary shares recorded on the register as at close of business on 29 January 2021 with an ex-dividend date of 28 January 2021. After the increase, the Company is forecast to have a 2021 dividend cover of c.1.5x and an average expected charter length of c.2.8 years (EBITDA weighted).

The Company's quarterly factsheet as at 31 December 2020 will shortly be available on the Company's website in the Investor Relations section under Company Documents at www.tuftonoceanicassets.com/quarterly-reports.

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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 Investment Management 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.