Tufton Oceanic Assets Ltd. Divestment of Containership and Bulker Acquisition (5555Y)
January 17 2022 - 2:00AM
UK Regulatory
TIDMSHIP
RNS Number : 5555Y
Tufton Oceanic Assets Ltd.
17 January 2022
17 January 2022
Tufton Oceanic Assets Limited (The "Company")
Divestment of Containership and Acquisition of Bulker
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is
pleased to announce that it has agreed to divest the Containership
Patience for $19.35m and acquire a Handysize Bulker for
$23.75m.
The divestment of Patience will produce a realised net IRR of
c.23% and realised net MOIC of 2.1x. Patience was acquired in March
2018 for $11.0m as one of the Company's second pair of investments.
This follows the Company's three Containership divestments in 2021
and will be the Company's eighth divestment in total. Whilst the
Company aims to hold its investments over the longer term, the
Investment Manager will seek to realise investments where
additional value can be generated for shareholders.
The Handysize Bulker is being acquired below DRC. It has a fixed
rate time charter of eighteen to twenty-four months producing a net
yield over 15%. It is in the top quartile of fuel efficiency in its
market segment but will be evaluated for further improvement,
including the retrofit of energy saving devices. This acquisition
is essentially identical to the one announced on 30 December
2021.
These transactions, together with the others announced since
late 2020, demonstrate the Company's commitment to capital
re-allocation and ESG.
The Investment Manager continues to identify an attractive
pipeline of opportunities across a range of the Company's target
sectors. Prospective investments include chemical and product
tankers as well as bulkers. The Company will announce a further
update in due course.
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 $316.5m (gross)
through its Initial Public Offering on the Specialist Fund Segment
of the London Stock Exchange on 20 December 2017 and subsequent
capital raises.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQBFMJTMTJBBJT
(END) Dow Jones Newswires
January 17, 2022 02:00 ET (07:00 GMT)
Tufton Oceanic Assets (LSE:SHIP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tufton Oceanic Assets (LSE:SHIP)
Historical Stock Chart
From Jul 2023 to Jul 2024