09 November 2020

Tufton Oceanic Assets Limited (The "Company")

$19.0m Divestment of a Suezmax Tanker

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has agreed to divest one Suezmax Tanker for $19.0m. The divestment will reduce the Company's fleet from nineteen to eighteen vessels.

The realised yield and IRR will greatly exceed the targets expressed in the Company's prospectus dated 25 September 2018.

This will be the Company's second divestment. The Company expects to redeploy the proceeds over the next few months. Whilst the Company aims to hold its investments over the longer term, we will sell investments where this generates additional value for shareholders.

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

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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 $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 .