Tufton Oceanic Assets Ltd. Acquisition of Bulker (3344F)
March 21 2022 - 3:00AM
UK Regulatory
TIDMSHIP
RNS Number : 3344F
Tufton Oceanic Assets Ltd.
21 March 2022
21 March 2022
Tufton Oceanic Assets Limited (The "Company")
Acquisition of Bulker
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is
pleased to announce that it has agreed to acquire a Handysize
Bulker for $25.5m.
It is being acquired slightly above DRC but the strong cash
flows from its charter will significantly de-risk the investment.
The vessel has a fixed rate time charter of nine to twelve months
producing a net yield of 25%. It is in the top quartile of fuel
efficiency in its market segment. Nonetheless it will be evaluated
for further improvement, including the retrofit of energy saving
devices.
This transaction, 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.
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END
ACQUWUNRUUUOAAR
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