Tufton Oceanic Assets Ltd. Divestment of Last Containership (4051L)
03 Janeiro 2023 - 4:00AM
UK Regulatory
TIDMSHIP TIDMSHPP
RNS Number : 4051L
Tufton Oceanic Assets Ltd.
03 January 2023
3 January 2023
Tufton Oceanic Assets Limited (The "Company")
Divestment of Last Containership
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is
pleased to announce the Company has agreed to sell its last
Containership, the Riposte, for $13.0m. It is being sold at
approximately depreciated replacement cost. The divestment will
take the Company's fleet to twenty-two vessels.
The realised net IRR on the Riposte exceeds 12%. The aggregate
realised net IRR on the Company's Containerships over the past five
years is c.27%.
This divestment together with the other divestments and
investments over the previous two years demonstrate our commitments
to capital re-allocation and ESG.
The Investment Manager continues to identify an attractive
pipeline of opportunities, as the recent macroeconomic and
geopolitical environment creates dislocations and reduces some
industry participants' access to capital.
Further to earlier market updates, the product tanker market
remains strong, driven by a continued lack of new supply combined
with the demand impact of low inventories and energy market
dislocations. In recent months, the chemical tanker market has
further improved materially, converging towards the product tanker
market as it tends to do. This is expected to further increase the
yields from our two chemical tankers with partial market exposure
as well as, in the medium term, their asset values.
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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January 03, 2023 02:00 ET (07:00 GMT)
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