Tufton Oceanic Assets Ltd. Opportunistic Sale of a Bulker (5930P)
October 20 2021 - 2:00AM
UK Regulatory
TIDMSHIP
RNS Number : 5930P
Tufton Oceanic Assets Ltd.
20 October 2021
20 October 2021
Tufton Oceanic Assets Limited (The "Company")
Opportunistic Sale of a Bulker
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is
pleased to announce that the Company has agreed to divest the
Handysize Bulker Dragon for $16.2m. The vessel is, taking its
charter into account, being sold for 119% of depreciated
replacement cost ("DRC"). It was acquired for 74% of DRC in
2018.
This sale, together with the Handy Bulker investments announced
last month, demonstrate the Company's commitment to ESG and capital
re-allocation. The latter is increasingly relevant given absolute
and relative movements across and within the main shipping markets
since 3Q20.
The Company's remaining six Bulkers are all built in Japan with
an average age of 9.5 years, are fuel efficient versus their peers
and have all been acquired in the past 12 months below DRC. These
vessels earn a net unlevered yield approximately 3 percentage
points higher than Dragon.
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 Investment Management Ltd (Investment
Manager)
Andrew Hampson
Paulo Almeida +44 (0) 20 7518 6700
Singer Capital Markets
James Maxwell, Alex Bond (Corporate Finance)
Alan Geeves, James Waterlow, Sam Greatrex
(Sales) +44 (0) 20 7496 3000
Hudnall Capital LLP
Andrew Cade +44 (0) 20 7520 9085
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 $277.5m (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, a
placing in September 2019 and tap issues in March and August 2021
.
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END
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