Tufton Oceanic Assets Ltd. New commitments to decarbonise shipping (4934M)

TIDMSHIP

RNS Number : 4934M

Tufton Oceanic Assets Ltd.

22 September 2021

22 September 2021

Tufton Oceanic Assets Limited (The "Company")

New commitments to decarbonise shipping

The Company's Investment Manager, Tufton Investment Management Ltd, announced as part of the UN General Assembly and Climate Week NYC its commitments to align its funds to the Paris Agreement by fully transitioning them to zero carbon energy sources by 2050 and investing in zero carbon capable vessels before 2030. These new commitments are significantly ahead of current industry targets and aligned with those of other industry leaders who have also been members of the Getting to Zero Coalition alongside the Investment Manager since September 2019.

The Company announced in July that it plans to invest approximately $1m per vessel in Energy Saving Devices ("ESD") over the next few years. These ESD will increase efficiency and reduce emissions by approximately 10% and have expected returns above the Company's targets. The Investment Manager believes that further retrofits enabling secondhand vessels to become capable of consuming zero carbon fuels are technically feasible and will increasingly become economically attractive over the next few years. The Investment Manager will continue to assess the suitability of the Company's vessels for such further retrofits in collaboration with leading charterers with strong decarbonisation targets.

For further information, please contact:

 
 Tufton Investment Management Ltd (Investment 
  Manager) 
  Andrew Hampson 
  Paulo Almeida                                                   [phone] 
 
 Singer Capital Markets 
  James Maxwell, Alex Bond (Corporate Finance) 
  Alan Geeves, James Waterlow, Sam Greatrex 
  (Sales)                                                         [phone] 
 
 Hudnall Capital LLP 
  Andrew Cade                                                     [phone] 
 

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 $277.5m (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, a placing in September 2019 and tap issues in March and August 2021 .

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September 22, 2021 01:59 ET (05:59 GMT)