Intention to raise further capital

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Tufton Oceanic Assets Limited

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

Intention to raise further capital

Tufton Oceanic Assets Limited (ticker: SHIP) announces its intention to raise further capital by way of an offering of C shares in the Company.

Tufton Oceanic Ltd, the Company's investment manager ("Investment Manager"), believes that capital availability for shipping continues to be constrained, and the supply side recovery is continuing and driven by an order book near a 20-year low while secondhand prices in many shipping segments continue to be significantly below depreciated replacement cost. As previously announced, approximately 85 per cent. of the IPO proceeds have been successfully invested in six vessels and the Investment Manager anticipates that the remaining funds will be fully committed before or shortly after the proposed fundraise is closed.

The Investment Manager has identified an attractive pipeline of secondhand vessels and in order to capitalise on these opportunities and grow the portfolio, the Company intends to raise further capital through an issue of C shares, by way of a placing and offer for subscription, to be accompanied by a 12 month placing programme.

A further update is expected towards the end of September.

For further information, please contact:

About the Company

Tufton Oceanic Assets Limited was established to invest in a diversified portfolio of secondhand commercial sea-going vessels 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's main market on 20 December 2017.