Tufton Oceanic Assets Ltd. Acquisition of Two Tankers & New Debt Financing (8113Z)
20 Setembro 2022 - 3:00AM
UK Regulatory
TIDMSHIP TIDMSHPP
RNS Number : 8113Z
Tufton Oceanic Assets Ltd.
20 September 2022
20 September 2022
Tufton Oceanic Assets Limited (The "Company")
Acquisition of two Product Tankers, new Debt Financing
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is
pleased to announce the Company has agreed to acquire two Product
Tankers for $73.0m. They are being acquired below depreciated
replacement cost. These acquisitions will take the Company's fleet
to twenty-three vessels.
Both vessels have fixed rate time charters for three to five
years to a major commodity trading and logistics company. The yield
during the charters exceeds the targets expressed in the Company's
prospectus dated 25 September 2018.
The acquisitions are being financed primarily by a new $60m
loan, which will be secured on the two Product Tankers being
acquired, Courteous and Mindful, and the two Product Tankers
acquired earlier this year, Marvelous and Exceptional. In parallel
with Courteous and Mindful being chartered as described above,
Marvelous will also enter a fixed rate time charter for three to
five years to the same major commodity trading and logistics
company from November. Until then Marvelous will operate in the
spot market via employment in a pool as described in our
announcement of 10 June 2022.
The Company will repay the loan over 3 to 5 years depending on
the charter coverage of the four vessels at the relevant time.
Exceptional will be available for a new charter by April 2024.
These four Product Tankers are in the top quartile of fuel
efficiency in their market segment but will nonetheless be
evaluated for further improvement, including the retrofit of energy
saving devices.
After the acquisitions, which are expected to close in mid
November, and the new charter for Marvelous, the average portfolio
charter length will be 1.4 years. Pro forma leverage will be c.15%
of portfolio charter-free value.
These acquisitions, charters and financing demonstrate our
commitments to capital re-allocation and ESG, and also the strong
improvement in the product and chemical tanker markets previously
communicated.
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
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September 20, 2022 02:00 ET (06:00 GMT)
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