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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tufton Assets Limited | SHIP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.005 | -0.41% | 1.205 | 14:00:18 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.21 | 1.205 | 1.22 | 1.205 | 1.21 |
| Top Posts |
|---|
Posted at 06/11/2024 14:13 by skinnypope I’ve been pondering the holding I have here for a while. Here are my conclusions.1. This fund is criminally underfollowed. NAV per share grown from $1.00 to $1.616 in 5 years, (including the terrible C-19 era) with a very progressive dividend and buyback policy. Cherry on top is the capital return policy. 2. Headline NAV discount at 21% improved from low of 27% at FY23 [but still well shy of the 1 – 2% until 2021]. However, I think it’s interesting to strip out the cash and “residual assets” balances in the SPVs to get the underlying vessel NAV discount, which is now at 26%, versus the low of 29%. In other words, the discount hasn’t yet narrowed as much as the headline suggests. 3. Within the NAV is $36m of negative charter value, $27m of which unwinds over 12 months. Ceteris paribus, the NAV will automatically be $0.06 higher next year. 4. The dividend is well covered at x1.6 for next 18 months, driven by the 11.5% yield. This Q3 average yield dropped, but this was due to the renewed charters on Golding and Orson at “only” 20% yield (versus ~24% previous), but which also lengthened the average charter to 1.6 years (from 1.3). In other words, SHIP have sacrificed some yield to lengthen the portfolio and secure the dividend. 5. A lot of bulker charters ended in Q3/Q4 this year, about which SHIP have been reasonably quiet. The ClarkSea index has been dropping (from spectacular highs though, it must be said), suggesting the highest charter rates might be behind us. This suggests the average yield could drop further if/when these are renewed at lower rates – however the average yield needs to drop below 8% for the dividend to be uncovered, which can’t happen given the existing book of charters until at least 2 years in the future. 6. The Clarkson NewBuild index remains incredibly high, almost at the highs of 2008. The charter-free element of the NAV therefore remains very well supported. So what does all this mean? I see two paths from here: 1) The near term maturing charters are rolled over at attractive rates, lengthening the book. This may sacrifice some yield, but the dividend is well covered for years in the futures. MY TAKE: A good outcome for income seekers, however market sentiment may turn as the Trump tariff fears take hold and future charter rates fall. NAV may be stable / decrease slightly, but sentiment could drive discounts wider. Overall, this makes the stock a HOLD if you have it and like income, but not a strong buy for a new investor. 2) If the new charter rates are not attractive enough, then use the strength of the vessel demand market to sell some more assets. Cash proceeds used for more capital returns at NAV. Possibly even put the fund into wind down, with the longest charters only 2-3years. MY TAKE: Not so good for income seekers as assets are sold and income drops, but a big tailwind for the share price as the discount disappears. I feel this may be the more likely outcome, so I am holding here and may buy more on weakness. |
Posted at 22/4/2021 06:11 by jonwig Tufton Oceanic Assets announces that as at 31 March 2021, the unaudited net asset value ("NAV") was $284.44 million and the unaudited NAV per ordinary share was $1.053. The NAV total return for the quarter was 9.1%.The Company is pleased to announce a dividend of $0.01875 per ordinary share for the quarter ending 31 March 2021. The dividend will be paid on 14 May 2021 to holders of ordinary shares recorded on the register as at close of business on 30 April 2021 with an ex-dividend date of 29 April 2021. The Company continues to target a total annual dividend of $0.075 per share and is forecast to have a dividend cover of c.1.7x over the next 18 months and an average expected charter length of c.2.5 years (EBITDA weighted). The Company's quarterly factsheet as at 31 March 2021 will shortly be available on the Company's website in the Investor Relations section under Company Documents at www.tuftonoceanicass |
Posted at 08/3/2019 13:56 by roman2325 So in the last announcement the company said:"The Company's capital resources are now fully committed. This investment will increase the Company's operating cash flow post fees and post capex to a level that will cover the Company's stated 7% target dividend* by over 1.7x. It will also increase the Company's average charter length." The company 2 seconds later said: *This is a target only and not a profit forecast. There can be no assurance that the target can or will be met and should not be taken as an indication of the Company's expected or actual future results. Accordingly, potential investors should not place any reliance on this target in deciding whether or not to invest in the Company or assume that the Company will make any distributions at all and should decide for themselves whether or not the target dividend yield is reasonable or achievable. The target dividend yield is based on the IPO issue price of US$1.00 per ordinary share. Pleasing to see they read this Bulletin Board ;) |
Posted at 07/2/2018 00:07 by masurenguy Focusing upon an interesting niche market with potentially an excellent yield !Earn a steady income from ships Just before Christmas a Guernsey-based fund called Tufton Oceanic Assets (LSE: SHIP) launched on the London Stock Exchange, marking a real first for London – a chance for investors to make an income by renting out ships. Investors have long been able to invest in shipping giants such as Maersk or Hapag-Lloyd. But these are cyclical trading businesses, rather than ones focused on producing a steady dividend stream. In the UK, it has been possible to invest in a few small ship-owning companies under the Enterprise Investment Scheme (EIS), but there were no shipping investment trusts. This is a pity, because there’s much to like about the market. Like aeroplanes, ships produce a steady stream of rental or lease payments, and the market in shipping rentals is huge and very liquid, with many reliable, creditworthy customers. On the downside, its cyclical nature means the market is prone to bouts of oversupply, with prices collapsing as a result – as they did for the Baltic Dry index (which charts the cost of transporting raw materials) after 2008. But unlike many other asset-backed markets, grabbing hold of delinquent assets in a slump isn’t hard – repossessions have been going on for hundreds of years, and there is a very liquid market in new rentals for the ship owner. And as with any cyclical market, there’s always the potential for an upturn – indeed, we may be seeing one right now. The Baltic Dry has risen by around 60% over the past five years. The global economy is humming, helped by a strong US and China. Cargo rates have stabilised, and shipyards are relatively less busy – the global order book for new ships is at a 20-year low, and shipyard capacity has shrunk by 16% since 2012. An established player Tufton is an established player in the second-hand ship market, managing around $1.5bn across a variety of funds. It tends to target product tankers, bulk-cargo ships and smaller container ships. The vessels themselves might be anything from five- to 20-years old, trading at between 30% and 70% of their new value, while customers charter them for between two and ten years. As with aeroplanes, sale-and-leaseback deals are common – a big operator sells their new ship to a funding vehicle such as Tufton, then leases it from them. This leaves the finance outfit to deal with the hassle of the final residual value, or resale value. This is where the real profits are made – by buying second-hand ships cheaply, and making sure the residual value is as high as possible. Tufton maintains that now is the right time to buy. Certain types of ship are still quite cheap to buy, but rental rates are rising alongside the economy. This upturn isn’t being swamped (yet) by a sudden spike in new ship construction. Tufton reckons it can pay out 7% per year (5% in the first year), with an overall internal rate of return (a measure of project profitability) – including capital gains – of 12%. Tufton’s existing institutional fund has made a total return of 12.5% since 2015. The risks are clear (which is why the fund is floated on the specialist market, aimed at institutions and sophisticated investors). Shipping is cyclical and, in a downturn, residual values could plunge, and rental yields dry up. The fund is also dollar-denominated, which introduces currency risk. Yet as part of a diversified portfolio, this is an excellent source of alternative income, with real asset backing and steady income streams. |
Posted at 31/12/2017 17:21 by lord gnome !FOLLOWFEEDQuote (Investors' Chronicle, 29 Dec 2017): Tufton Oceanic Assets (SHIP) has raised $91m, slightly lower than its $100m target, and began trading on the Specialist Fund Segment of the London Stock Exchange on 20 December. The trust is targeting a 12 per cent a year NAV return with a cash distribution of 5 per cent in its first year and 7 per cent thereafter. It will invest in second-hand commercial sea-going vessels spread across the core segments of shipping. "There is currently an attractive opportunity in shipping to buy assets at a significant discount to their depreciated replacement cost and lock in long-term employment producing mid-teen cash yields," says Andrew Hampson, head of asset-backed investments at the trust's manager, Tufton Oceanic. "This is a strategy we've been following with success for the past couple of years and see limited competition due to the lack of capital currently being invested in shipping." Tufton Oceanic has invested over $1bn in shipping assets over the past few years. Company web site: hxxp://www.tuftonoce |
Posted at 18/10/2007 01:19 by energyi No surprise that the world is now awash with massive paper trading inflation.An example of this is the new trading in freight derivatives, described in this article (link below) John Banaszkiewicz, managing director of Freight Investor Services, the freight derivatives broker, said: "We have seen a whole new influx of players in the past year. The banks have been setting up proprietary desks and new funds have set up to speculate and make money in this market." Citigroup, Merrill Lynch and Macquarie Bank have set up proprietary trading desks in the past few months. Freight derivatives are forward contracts that were once used almost entirely by ship owners and manufacturing companies to lock in a fee for renting a ship, but now banks and hedge funds are making speculative bets on the market's direction. Indeed as I've been saying, the result of the credit swoon, has been to encourage the gearing up of even more crack up and commodity trading. / Freight Link: China factor helps drive freight derivatives By David Oakley in London Published: October 14 2007 22:03 | Last updated: October 14 2007 22:03 Bankers and hedge fund managers are increasingly turning to the nascent world of freight derivatives, as figures to be published today show the market is on course to hit a record $150bn (£74bn) in value a 200 per cent increase on last year. With volumes in many other derivatives markets, such as credit default swaps, hit by the liquidity crunch, freight derivatives have, by contrast, experienced a big surge in business as a result of the booming Chinese manufacturing sector, which requires raw materials. To continue reading this article, please register = = |
Posted at 12/7/2005 06:56 by waldron PARIS (AFX) - Share prices are expected to open flat to lower as a freshrise in oil prices prompt investors to take a breather after yesterday's gains, dealers said. The CAC-40 index yesterday closed up 21.25 4,321.56, it highest closing level since May 2002. On the Matif, July CAC-40 futures were trading down 3 points at 4,322 ahead of the official opening, while the euro was at 1.2151 against the dollar compared with 1.2068 late yesterday. FORTHCOMING EVENTS TODAY -French May trade balance (8.45 am) -BPLG-AFP June French small business confidence (9.00 am) -Carrefour Q2 sales (after close) -Air France-KLM AGM TOMORROW -SEB H1 sales TODAY'S PRESS Vincent Bollore to be named non-exec chairman of Havas today (Les Echos) COMPANY NEWS -Technip wins 800 mln usd contract from Chevron affiliate in Nigeria -Alstom Q1 orders 3.981 bln eur vs 3.935 bln -Alstom Q1 sales 3.561 bln eur vs 3.226 bln -L'Oreal H1 sales 7.163 bln eur, up 3.5 pct -L'Oreal sees 'significant improvement' in FY results -L'Oreal says Western Europe ops returned to sales growth in Q2 -L'Oreal says all ops saw 'significant' upturn in Q2; to persist until yr-end MACROECONOMIC NEWS/POLITICS/MISCEL -BoF's Noyer says market-flexible social model 'has lessons for France, Germany' -EU's Almunia says 'possible' for France to meet 2005 deficit target -Almunia says EU to take decisions on French, German deficits from end Sept -Euro Group's Juncker says France has to take further action to cut deficit MARKET NEWS/SENTIMENT -ARCELOR DOWNGRADED TO 'SELL' FROM 'ADD' BY ABN AMRO paris@afxnews.com mrg/ec |
Posted at 11/7/2005 16:45 by waldron Alstom "underweight"Monday, July 11, 2005 7:28:53 AM ET J.P. Morgan Securities LONDON, July 11 (newratings.com) - Analysts at JP Morgan maintain their "underweight" rating on Alstom (AOM.FSE). In a research note published this morning, the analysts mention that the company is scheduled to post its Q1 sales and order results on July 12. Alstom is likely to have witnessed Q1 sales and orders in-line with the quarterly trends for the previous quarters, the analysts say. The investors are expected to focus on the company's ability to secure orders for the GT24/26 gas turbines product, JP Morgan adds. |
Posted at 11/7/2005 08:08 by waldron Alstom May Say 1st-Quarter Sales Rose 4.8% as Clients Returned July 11 (Bloomberg) -- Alstom SA, the world's second-biggest maker of trains, may say fiscal first-quarter sales advanced 4.8 percent as orders picked up after the company's rescue from near bankruptcy two years ago. Sales probably rose to 3.47 billion euros ($4.14 billion) in the three months through June from 3.31 billion euros a year earlier, according to the median estimate of eight analysts surveyed by Bloomberg News. Paris-based Alstom reports orders and sales tomorrow before its annual shareholder meeting. A state-led bailout restored confidence in Alstom, the maker of TGV and Eurostar high-speed trains. Chief Executive Officer Patrick Kron, 51, approached the French government after costs from a faulty model of power turbine pushed the business toward default. He sold assets and cut 11,500 jobs to reduce costs. ``Kron did a good job piloting the recovery,'' said Yann Azuelos at Financiere Meeschaert in Paris, which oversees $3.5 billion and began selling its Alstom holding last week. Shares of Alstom, which has built power stations that supply a fifth of the world's electricity, have risen about 52 percent this year, valuing the company at 4.67 billion euros. At 84 cents, the stock's price is still more than 97 percent lower than when it was first sold to the public in June 1998. At the annual meeting, Alstom will ask shareholders for permission to combine 40 shares into one. Orders Stable First-quarter orders may be little changed from a year earlier at 4 billion euros, according to the analyst survey. Bookings included a 130 million-euro order from French rail operator SNCF, a 265 million-euro contract to supply hydroelectric equipment for a dam in India and 190 million euros for a nuclear- power plant in Sweden. ``Alstom has announced a number of orders during the quarter, but nothing out of the ordinary in terms of size,'' J.P. Morgan analyst Andreas Willi said in a note to investors. He rates the stock ``underweight.'' The April-June period was the fifth quarter out of six in which orders outstripped sales, according to the analyst estimates, meaning the value of new business coming is exceeding that of completed projects. Alstom was on the brink of collapse in mid-2003 after the turbine faults led to 4 billion euros of repairs and compensation, draining cash and hurting orders as potential clients feared the business might not deliver on contracts. Loss Narrows After an 8 billion-euro rescue, the government is now Alstom's biggest shareholder, with a 21 percent stake. The company had its smallest six-month loss in three years in the fiscal second half through March. Alstom plans to return to profit this year, with an operating earnings equivalent to 6 percent of sales, compared with 4 percent last year and 1.2 percent in 2003. Kron is planning further asset disposals to raise cash and meet conditions imposed by European Union competition regulators in exchange for their approval of the French government-led bailout in 2003 and 2004. |
Posted at 03/4/2005 10:06 by waldron Alstom NEELIE Kroes, the European Union's competition commissioner, may soon permit herself a small smile of satisfaction. The public reprimand she administered to the French government a couple of months ago over its failure to honour commitments made during the rescue of engineering leviathan Alstom seems poised to deliver its first results. While the Paris government has yet to deliver the opening of the French rail equipment market it promised, Alstom is in advanced talks to sell its generators and controls equipment maker, Alstom Power Conversion (APC). The sale of the business, valued by analysts at around 340m (£235m), will be the first significant disposal in a 1.5bn (£1.03bn) programme pledged by Alstom to win approval for its 3.5bn (£2.4bn) bail-out last July. According to trade unions Amicus in Britain and IG Metal in Germany, talks are under way with a consortium of private equity investors who look set to take over APC, with a target completion date in July. APC is no small morsel. With annual sales of 500m (£342m), it accounts for 3.5% of Alstom's annual sales and employs 3,500 people. The unions are worried. According to Amicus, APC has more than 1,000 British staff at sites in Rugby, Kidsgrove and Glasgow. The British union, like its counterpart in Germany, fears the sale will be followed by restructuring and job losses. Alstom shed 1,200 jobs at its train-building plant in Washwood Heath, Birmingham, last September, as chief executive Patrick Kron began tightening the bolts to squeeze more cash flow out of the business. But for investors and competitors alike, the long-awaited progress on sell-offs is an encouraging sign. The commission approved Alstom's rescue, which involved the French government acquiring a 21% chunk of the enlarged equity as part of the refinancing, only after long drawn-out and often bitter negotiations. To get the deal through, France had to agree to the disposal of businesses peripheral to Alstom's core activities of making and installing turnkey power stations, railways and ships. The company also pledged to form an industrial partnership with a competitor for one of these three core businesses, within four years, and that the state would sell up once that was done. Since then Kron has begun to achieve progress on the slow business of asset sales and cost reductions. Besides putting APC on the auction block, Kron has also launched a restructuring of his Utility Boilers business. The willingness to wield the biggest axe in France, despite complex job-protection law there, is particularly encouraging, although investors need to see many more such announcements to be convinced of Kron's determination to achieve a sustainable turnaround. A new voice on the board may keep Kron from backsliding. In place of the hapless Lord Simpson, who drove Alstom's one-time British partner Marconi into the ground, Kron has co-opted Francis Mer. In a past guise as industrial manager, the former French finance minister turned then French state steel group Usinor into a success and merged it with Spanish and Luxembourg rivals to create Arcelor, now the world's second-largest steel maker and a money-spinner. Investors will hope Mer's experience and good sense can help Kron achieve a comparable miracle at Alstom. |
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