Tufton Oceanic Assets Share Discussion Threads

[rimau1] 21/3/2024 17:15

Results yesterday made good reading and covered today by ST in the IC so we could get a decent move up tomorrow

[lord gnome] 08/2/2024 15:48

Thanks for the link.

[zho] 08/2/2024 15:16

>>although i don’t have access>>

You should be able to access

[rimau1] 08/2/2024 14:14

Tipped in the IC Alpha today although i don't have access, this was off my radar so i have bought some, the economics for shareholder returns seem compelling! 9% dividend, a possible capital return (based on the recently announced ship disposals i guess) and a 25% discount to BV in a structural growth market.

[valhamos] 17/1/2024 11:20

Yes - an excellent update, the company has performed and managed risks well over the years. Very pleased with the increase in dividend and the strong investment outlook with realisation then starting in 2028.

[lord gnome] 17/1/2024 08:55

Humdinger of an update this morning. Dividends increased to 10cents per share, nav up to $1.45 and a very possible substantial special dividend to return some capital. Just had to buy some more. RNS reads as though they are already planning to wind up the trust in 2027, in which case we could see substantial capital returns in due course. Lovely.

[valhamos] 08/1/2024 07:55

Hindsight - the fair values of the Company's investments in the SPVs will be net of any debt. So how useful would information on a consolidated debt position - gearing, fixed/floating proportion etc - be when the Company is not liable for the debt in the SPV?

[hindsight] 07/1/2024 18:44

Thank you for the replies Valhamos
The debt situation being so opaque is not useful and contributes to the discount level as no one knows the terms, ie size, floating, fixed, covenant levels, etc

[valhamos] 05/1/2024 21:29

Hindsight - The Company fair values its investments in the SPVs and is classed as an investment entity so does not produce consolidated accounts. There is information in the IPO Prospectus (page 5) on borrowing and gearing policy. Any borrowing at SPV level is without recourse to the Company or other SPVs.

[valhamos] 05/1/2024 19:02

The company is registered in Guernsey so no US withholding tax, dividends are paid gross.

[hindsight] 05/1/2024 18:41

I presume $ dividends are paid gross, no US withholding tax ?

[valhamos] 05/7/2023 11:22

We haven't quite dropped to the levels of 2020 when I last bought some of these but have decided it's time to add more, especially as the investment managers and various staff and directors bought more recently along with the sizeable 4.1m share buyback announced today. 8.5% yield looks attractive if you expect inflation to fall back later this year.

[lord gnome] 22/6/2023 20:11

Looks like a forced seller being cleared today at any price the market will bid. 95 cents? WTF!

[lord gnome] 12/5/2023 12:31

The GBP is strong and the share price is weak - so I've added a few more. Paid slightly less than 1.11 at USD1.23 to the GBP. That's a touch under 90p in real money.

[2wild] 13/4/2023 08:06

I brought some Friday at 1.145 USD a good place to park some cash if you want to get exposure to US dollar with a high quarterly safe yield

[lord gnome] 13/4/2023 07:24

Share buyback programme continuing at a steady pace - too steady, perhaps. They are buying back at an even rate of 100,000 shares per day. My best guess is that they are helping out a shareholder who needs to sell a large quantity but without dumping them on the market in one go and trashing the share price. The shares will not make any progress whatsoever until the seller is cleared. What we are seeing is the agreed price. Could be a good time to add / buy.

[lord gnome] 20/1/2023 11:00

Back in with a few today. Looking to diversify sources of income in an uncertain market and this looks as good as any. Appears to have good asset cover and a slowly increasing dividend. Will look to add but don't want to go in too deep.

[loss-leader] 22/2/2022 08:43

Might be time to buy a LNG tanker? LL

[valhamos] 28/7/2021 14:03

The improved NAV predicted a year ago in my post 19 above has certainly come to pass. Good to see Tufton capitalising on strong container ship values with a couple of disposals this month with realised IRR of 31% and 47% with proceeds being recycled into vessels with excellent yields. With the planned dividend increase in Q3 yield will be a still very attractive 6.6%

[jonwig] 22/4/2021 07:11

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.tuftonoceanicassets.com/quarterly-reports .

[apollocreed1] 13/4/2021 14:50

@marktime1231-Bear in mind that AJB will take 1.5% off of your dividends as a currency conversion fee as they don't let you hold the dividends in USD.

[marktime1231] 12/4/2021 21:35

Thank you very helpful. I would hope that a sheltered stake in a SIPP would be registered by AJB as tax exempt to receive dividends gross. Tempted to dip in with a small stake and see how it goes, the yield is about twice as much as I am getting from my commodity income trust.

[jonwig] 12/4/2021 20:31

marktime -

If there's a "commodity supercycle" starting, demand will stay strong for some years; otherwise it's going to be pretty cyclical.

Tax - "The Company has been granted exemption from liability to income tax in Guernsey under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 amended by the Director of Income Tax in Guernsey for the current period. Exemption is applied and granted annually and subject to the payment of a fee, currently £1,200."

Divis and earnings are presented in USD because their income is received in USD. Your divis are taxed as overseas income if you're UK-based. My broker (II) pays divis in USD and I keep a USD account with them.