Unaudited 3Q20 NAV Estimate and Company Update

8 October 2020

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

Unaudited 30 September 2020 NAV Estimate and Company Update

As of 30 September 2020, the estimated unaudited NAV of SHIP was $0.952 per share compared to $0.931 per share as of 30 June 2020.

Operating profit was $0.023 per share for the quarter ended 30 September 2020. The fleet had a fair value gain of $0.015 per share, primarily driven by the strong improvement in the containership market. NAV total return per share for the quarter was +4.1%.

In line with SHIP's investment objectives, the Investment Manager employs vessels on charters that protect the portfolio in periods of market volatility. Of the four vessels acquired in 2020, three are product tankers chartered for at least three years and one is a bulker initially chartered for six to eight months. Since quarter end, one containership (Citra) had its charter extended for a year to the end of 2021. During the quarter, the Company had zero void time across the fleet.

SHIP's final unaudited NAV as of 30 September 2020, quarterly factsheet and dividend declaration will be released on 26 October 2020.

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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 $250m (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 and a placing in September 2019.