TIDMSHIP

RNS Number : 3236B

Tufton Oceanic Assets Ltd.

20 September 2018

20 September 2018

Tufton Oceanic Assets Limited (the "Company")

$12.9m Investment in a Handysize Bulk Carrier

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has agreed to acquire a Handysize Bulk Carrier for $12.9m.

The vessel will have a time charter of 2-2.5 years to a leading operator of handysize bulkers. The yield is in line with the targets expressed in the Company's prospectus.

The Company has made seven investments since IPO and is now fully invested in less than nine months.

The Company paid a 2Q18 dividend of $0.015 per Ordinary Share and expects to pay a quarterly dividend of $0.0175 per Ordinary Share from 3Q18, in line with its stated objective of 7%* per annum for 2019 onwards. With the seventh investment, the 7% dividend will be over 1.6x covered by operating cash flow after capex provisions and all fees and expenses.

Tufton Oceanic Limited, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors. In order to capitalise on these opportunities and grow the portfolio, the Company recently announced its intention to raise further capital through an issue of C Shares. A further update will be announced before the end of September.

For further information, please contact:

   Tufton Oceanic Limited                                                  Tel: +44 (0) 20 7518 6700

Andrew Hampson

Paulo Almeida

N+1 Singer Tel: +44 (0) 207 496 3030

James Maxwell (Corporate Finance)

Alan Geeves, James Waterlow, Sam Greatrex (Sales)

Hudnall Capital LLP Tel: +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 Limited. The Company was admitted to the Specialist Fund Segment of the London Stock Exchange on 20 December 2017.

* based on the IPO issue price.

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.

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September 20, 2018 02:00 ET (06:00 GMT)

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