TIDMSHIP

RNS Number : 6423B

Tufton Oceanic Assets Ltd.

03 February 2020

3 February 2020

Tufton Oceanic Assets Limited (The "Company")

$13.25m Investment in one Product Tanker with a 3 to 4 year charter and

a new 3 to 4 year charter for the Product Tanker Pollock

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that:

(i) the Company has agreed to acquire a Product Tanker for $13.25m. This acquisition will take the Company's fleet to fifteen vessels. The vessel will have a fixed rate time charter for three to four years to a major commodity trading and logistics company; and

(ii) the Company has successfully renewed (as reported in the 4Q19 Factsheet released 30 January 2020) the employment for the Product Tanker Pollock with a fixed rate time charter for three to four years to a major commodity trading and logistics company.

The acquisition and employment renewal will partly offset the reduction in the Company's average fleet charter coverage resulting from the recent divestment of three General Cargo vessels.

The forecasted yield for the new Investment and the employment renewal exceed the targets expressed in the Company's prospectus dated 25 September 2018.

Tufton Oceanic Ltd, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.

The Company has approximately $20m investable cash after the transactions announced today.

For further information, please contact:

 
 Tufton Oceanic Limited (Investment                                        +44 (0) 20 7518 6700 
  Manager) 
  Andrew Hampson 
  Paulo Almeida 
 
 N+1 Singer                                                                +44 (0) 20 7496 3000 
  James Maxwell, Alex Bond (Corporate 
  Finance) 
  Alan Geeves, James Waterlow, Sam Greatrex 
  (Sales) 
 
 Hudnall Capital LLP                                                       +44 (0) 20 7520 9085 
  Andrew Cade

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 Oceanic 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.

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.

END

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