Opportunistic Sale of a Bulker

20 October 2021

Tufton Oceanic Assets Limited (The "Company")

Opportunistic Sale of a Bulker

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has agreed to divest the Handysize Bulker Dragon for $16.2m. The vessel is, taking its charter into account, being sold for 119% of depreciated replacement cost ("DRC"). It was acquired for 74% of DRC in 2018.

This sale, together with the Handy Bulker investments announced last month, demonstrate the Company's commitment to ESG and capital re-allocation. The latter is increasingly relevant given absolute and relative movements across and within the main shipping markets since 3Q20.

The Company's remaining six Bulkers are all built in Japan with an average age of 9.5 years, are fuel efficient versus their peers and have all been acquired in the past 12 months below DRC. These vessels earn a net unlevered yield approximately 3 percentage points higher than Dragon.

The Investment Manager continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.

For further information, please contact:

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.