Tufton Oceanic Assets Ltd. Acquisition of Two Vessels (6451V)

TIDMSHIP

RNS Number : 6451V

Tufton Oceanic Assets Ltd.

25 July 2018

25 July 2018

Tufton Oceanic Assets Limited (the "Company")

$31.75m Investments in a LPG Carrier and 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 75% interest in a LPG carrier for $21.75 million and a 100% interest in a Handysize Bulk Carrier for $10 million.

The LPG carrier will have a bareboat charter of seven years to a leading gas shipping operator. The yield is in line with the targets expressed in the Company's prospectus. The bareboat charterer holds the remaining 25% interest in the vessel, which the Company can acquire at a fixed price plus interest in due course. The LPG carrier slightly increases the portfolio's yield and significantly increases the weighted average charter length to 4.3 years minimum and 4.9 years expected.

The handysize bulk carrier will have floating revenue from operating in a leading bulker pool and will be the only spot market-linked vessel in the initial portfolio.

The Company has made six investments since IPO and has invested approximately 83% of the net IPO proceeds. It expects to invest the remaining net proceeds within the time frame indicated at IPO.

The Company is also pleased to announce that N+1 Singer was appointed joint corporate broker effective 1 July 2018.

For further information, please contact:

Tufton Oceanic Limited Tel: [phone]

Andrew Hampson

Paulo Almeida

N+1 Singer Tel: [phone]

James Maxwell, Liz Yong (Corporate Finance)

Alan Geeves, James Waterlow, Sam Greatrex (Sales)

Hudnall Capital LLP Tel: [phone]

Andrew Cade

About the Company

Tufton Oceanic Assets Limited intends to invest in a diversified portfolio of secondhand commercial sea-going vessels 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.

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 [e-mail] or visit www.rns.com.

END

ACQBLGDRIXDBGIS

(END) Dow Jones Newswires

July 25, 2018 02:00 ET (06:00 GMT)