Tufton Oceanic Assets Ltd. Acquisition of Two Vessels (6451V)
July 25 2018 - 2:00AM
UK Regulatory
TIDMSHIP
RNS Number : 6451V
Tufton Oceanic Assets Ltd.
25 July 2018
25 July 2018
Tufton Oceanic Assets Limited (the "Company")
$31.75m Investments in a LPG Carrier and a Handysize Bulk
Carrier
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is
pleased to announce that the Company has agreed to acquire a 75%
interest in a LPG carrier for $21.75 million and a 100% interest in
a Handysize Bulk Carrier for $10 million.
The LPG carrier will have a bareboat charter of seven years to a
leading gas shipping operator. The yield is in line with the
targets expressed in the Company's prospectus. The bareboat
charterer holds the remaining 25% interest in the vessel, which the
Company can acquire at a fixed price plus interest in due course.
The LPG carrier slightly increases the portfolio's yield and
significantly increases the weighted average charter length to 4.3
years minimum and 4.9 years expected.
The handysize bulk carrier will have floating revenue from
operating in a leading bulker pool and will be the only spot
market-linked vessel in the initial portfolio.
The Company has made six investments since IPO and has invested
approximately 83% of the net IPO proceeds. It expects to invest the
remaining net proceeds within the time frame indicated at IPO.
The Company is also pleased to announce that N+1 Singer was
appointed joint corporate broker effective 1 July 2018.
For further information, please contact:
Tufton Oceanic Limited Tel: +44 (0) 20 7518 6700
Andrew Hampson
Paulo Almeida
N+1 Singer Tel: +44 (0) 207 496 3030
James Maxwell, Liz Yong (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 intends to invest in a diversified
portfolio of secondhand commercial sea-going vessels delivering
strong cash flow and capital gains to investors. The Company's
investment manager is Tufton Oceanic Limited. The Company was
admitted to the Specialist Fund Segment of the London Stock
Exchange on 20 December 2017.
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contact rns@lseg.com or visit www.rns.com.
END
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