Conversion of C Shares

Tufton Oceanic Assets Limited

("Tufton Oceanic Assets" or the "Company")

Conversion of C Shares

Tufton Oceanic Assets announces that it has invested or committed to invest $68.5 million of the proceeds of its C Share fundraising from October 2018. This represents approximately 90% of the net proceeds of the C share issue.

Accordingly, the Board is pleased to announce that the Company intends to convert the C Shares (Ticker: SHPC) into Ordinary Shares (Ticker: SHIP) (the "Conversion") in accordance with the provisions of its articles of incorporation and as summarised in the Prospectus. In the absence of unforeseen circumstances, the Company expects the Calculation Date, being the close of business on the date on which the Conversion Ratio will be calculated, to be 31 December 2018. The calculation of the Conversion Ratio will be based on the net assets attributable to the Ordinary Shares and C Shares as at close of business on 31 December 2018. The Conversion Ratio is expected to be announced on or around 31 January 2019, together with the expected date when such Conversion will occur and the number of new Ordinary Shares to be issued.

At the same time and date, the 31 December 2018 NAVs and Q4 2018 dividend declarations (in each case in respect of both Ordinary Shares and C Shares), and the Q4 2018 update will also be announced.

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Prospectus published by the Company on 25 September 2018.

For further information, please contact:

Tufton Oceanic Limited Tel: +44 (0) 20 7518 6700

Andrew Hampson

Paulo Almeida

N+1 Singer Tel: +44 (0) 207 496 3030

James Maxwell, Alex Bond (Corporate Finance)

Alan Geeves, James Waterlow, Sam Greatrex (Sales)

Hudnall Capital LLP Tel: +44 (0) 20 7520 9085

Andrew Cade

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 Oceanic Limited. The Company was admitted to the Specialist Fund Segment of the London Stock Exchange on 20 December 2017.