Tufton Oceanic Assets Limited NPV (SHIP)

Sector:

Investment Firms

$ 1.08
   
  • Change Today:
    $0.01
  • 52 Week High: $1.1
  • 52 Week Low: $0.9
  • Currency: US Dollars
  • Shares Issued: 291.63m
  • Volume: 106,288
  • Market Cap: $313.99m

Tufton Oceanic Assets confident in strategy amid coronavirus slowdown

By Josh White

Date: Wednesday 04 Mar 2020

LONDON (ShareCast) - (Sharecast News) - Tufton Oceanic Assets announced on Wednesday that its investment manager, Tufton Oceanic, has noted the share price movements of publicly-traded shipping companies, and wanted to update investors as a result.

The London-listed specialist fund said the investment manager was "pleased" that its strategy of portfolio diversification and strong charter coverage had insulated the company from the recent market volatility, caused primarily by the Covid-19 coronavirus outbreak.

As of 29 February, the estimated unaudited net asset value of Tufton Oceanic Assets was $0.976 per share, compared to $0.992 per share as at 31 December.

Year-to-date, fair value losses in container ships and bulkers had been largely offset by fair value gains in tankers.

The fair value decrease in the portfolio of $0.020 per share was "more than offset" by operating profit of $0.021 per share over the period, the firm noted.

Tufton Oceanic Assets noted that its dividend for the fourth quarter of $0.0175 per share was paid out on 21 February, resulting in a small estimated decrease in net asset value.

"In line with our investment objectives, the average charter length of the portfolio is three years which minimises spot market exposure and portfolio volatility," the board said in its statement.

"Vessels which have charters expiring in the next six months represent only [around] 14% of net asset value."

Including the newly-acquired product tanker, the investment manager recently fixed two tankers in the portfolio on time charters for a minimum of three years to an unnamed major commodity trading company at mid-teen yields.

The manager also recently extended the employment of one containership - Kale - for seven to 12 months, although a lower yield than previously, without any void period between charters despite the vessel being positioned in Asia.

"The investment manager continues to monitor the evolving situation but is very confident that its strategy will continue to result in low volatility of cash flow and net asset value," the board added.

"With the transactions announced earlier this quarter, Tufton Oceanic Assets currently has approximately $20m of investible cash."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

SHIP Market Data

Currency US Dollars
Share Price $ 1.08
Change Today $ 0.01
% Change 0.62 %
52 Week High $1.1
52 Week Low $0.9
Volume 106,288
Shares Issued 291.63m
Market Cap $313.99m

SHIP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
Market averageMarket averageMarket averageMarket averageMarket average
21.48% above the sector average21.48% above the sector average21.48% above the sector average21.48% above the sector average21.48% above the sector average
Price Trend
Market averageMarket averageMarket averageMarket averageMarket average
3.57% above the sector average3.57% above the sector average3.57% above the sector average3.57% above the sector average3.57% above the sector average
Income
Market averageMarket averageMarket averageMarket averageMarket average
22.81% below the sector average22.81% below the sector average22.81% below the sector average22.81% below the sector average22.81% below the sector average
Growth
Market averageMarket averageMarket averageMarket averageMarket average
15.96% above the sector average15.96% above the sector average15.96% above the sector average15.96% above the sector average15.96% above the sector average

SHIP Dividends

  Latest Previous
  Q2 Q1
Ex-Div 25-Jan-24 26-Oct-23
Paid 09-Feb-24 10-Nov-23
Amount 2.12¢ 2.12¢

Trades for 29-Feb-2024

Time Volume / Share Price
11:29 30,000 @ $1.07
09:00 11,381 @ $1.08
09:00 3,381 @ $1.08
09:00 3,433 @ $1.08
09:00 4,567 @ $1.08

SHIP Key Personnel

Chair Robert P. King

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