Tufton Oceanic Assets Ltd. Company Update and Unaudited 29 February 2020 NAV (8983E)
04 March 2020 - 6:00PM
UK Regulatory
TIDMSHIP
RNS Number : 8983E
Tufton Oceanic Assets Ltd.
04 March 2020
4 March 2020
Tufton Oceanic Assets Limited ("SHIP")
Company Update and Unaudited 29 February 2020 NAV
The Investment Manager (Tufton Oceanic Limited) has noted the
share price movements of publicly traded shipping companies and
would like to provide an update to investors. The Investment
Manager is pleased that its strategy of portfolio diversification
and strong charter coverage has insulated SHIP from the recent
market volatility caused primarily by Covid-19.
As of 29 February 2020, the estimated unaudited NAV of SHIP was
$0.976 per share compared to $0.992 per share as at 31 December
2019. Year to date, fair value losses in containerships and bulkers
have been largely offset by fair value gains in tankers. The fair
value decrease in the portfolio of $0.020 per share was more than
offset by operating profit of $0.021 per share over the period.
SHIP's dividend for the fourth quarter of $0.0175 per share was
paid out on 21 February 2020 resulting in a small estimated
decrease in NAV.
In line with our investment objectives, the average charter
length of the portfolio is three years which minimises spot market
exposure and portfolio volatility. Vessels which have charters
expiring in the next six months represent only c14% of NAV.
Including the newly acquired product tanker, the Investment
Manager recently fixed two tankers in the portfolio on time
charters for a minimum of three years to a major commodity trading
company at mid-teen yields. The Investment Manager also recently
extended the employment of one containership (Kale) for 7 to 12
months, albeit at a lower yield than previously, without any void
period between charters despite the vessel being positioned in
Asia.
The Investment Manager continues to monitor the evolving
situation but is very confident that its strategy will continue to
result in low volatility of cash flow and NAV. With the
transactions announced earlier this quarter, SHIP currently has
approximately $20m of investible cash.
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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