• Full-year pre-tax loss of $36.1mn due to unrealised writedowns
• Net asset value per share down 14.8 per cent to 132¢
• 8.9 per cent dividend yield
• 15 per cent share price discount to NAV
Ship leasing fund Tufton Oceanic Assets (SHIP:112¢) has been navigating a market influenced by geopolitics, but has not been immune to softer shipping rates and lower asset valuations. In the 12 months to 30 June 2025, the company’s portfolio operating profit fell by 21 per cent to $41.2mn (£30.7mn) and Tufton booked a $63.8mn unrealised writedown on the carrying valuation of its fleet of 20 vessels.
Weakness in product and chemical tanker markets, accounting for 35.5 per cent and 10.5 per cent of Tufton’s net asset value (NAV) respectively, was driven by a combination of Opec production cuts and lower refinery utilisation rates. Lower crude tanker demand led to more swing tonnage switching from crude to products.
