03 October 2024
Tufton Oceanic Assets Limited ("SHIP" or the "Company")
Attractive fixed-rate charters with strong yields on two Chemical Tankers
The Company announces that it has agreed for its two Chemical Tankers, Orson and Golding, to commence up to three-year time charters to a leading operator of Chemical Tankers securing a minimum of c.$25m of EBITDA for SHIP. The time charters will have a fixed rate for two years yielding c.20% return and a floor/ceiling rate structure for the third year.
These charters provide strong visibility on operating cashflows and increase the portfolio charter length.
For further information, please contact:
| Tufton Investment Management Limited ("Investment Manager" or "Tufton") Andrew Hampson Nicolas Tirogalas | +44 (0) 20 7518 6700 |
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| Singer Capital Markets James Maxwell, Alex Bond, Jalini Kalaravy (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales) | +44 (0) 20 7496 3000 |
| Hudnall Capital LLP Andrew Cade | +44 (0) 20 7520 9085 |
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.
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