Divestment of Last Containership

3 January 2023

Tufton Oceanic Assets Limited (The "Company")

Divestment of Last Containership

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce the Company has agreed to sell its last Containership, the Riposte, for $13.0m. It is being sold at approximately depreciated replacement cost. The divestment will take the Company's fleet to twenty-two vessels.

The realised net IRR on the Riposte exceeds 12%. The aggregate realised net IRR on the Company's Containerships over the past five years is c.27%.

This divestment together with the other divestments and investments over the previous two years demonstrate our commitments to capital re-allocation and ESG.

The Investment Manager continues to identify an attractive pipeline of opportunities, as the recent macroeconomic and geopolitical environment creates dislocations and reduces some industry participants' access to capital.

Further to earlier market updates, the product tanker market remains strong, driven by a continued lack of new supply combined with the demand impact of low inventories and energy market dislocations. In recent months, the chemical tanker market has further improved materially, converging towards the product tanker market as it tends to do. This is expected to further increase the yields from our two chemical tankers with partial market exposure as well as, in the medium term, their asset values.

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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 $316.5m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange on 20 December 2017 and subsequent capital raises.