Tufton Assets (SHIP) investor relations material

Executive summary

• NAV total return per share rose 28.3% year-over-year, reversing a prior year loss of 9.1%.

• Net profit reached $96.1m, compared to a $36.1m loss in 2025, driven by vessel value gains and strong operating performance.

• Portfolio expanded to 21 vessels, with two new Handysize bulkers acquired and one gas tanker divested at a premium.

• Target annual dividend increased by 10% to $0.11 per share, effective from November 2026.

• Share price rose from $1.16 to $1.29, with the average discount to NAV narrowing to 18%.

Financial highlights

• Revenue increased to $104.4m from $101.7m year-over-year, despite fewer ship-days.

• Portfolio operating profit was $41.8m, slightly up from $41.2m.

• Gain in vessel capital value totaled $54.2m, with unrealised charter-free value gains of $66.1m offset by a $11.9m charter value loss.

• Dividends paid amounted to $26.7m, slightly down due to fewer shares in issue.

• Net assets per share increased to $1.576 from $1.316.

Outlook and guidance

• Management expects strong yields and high asset values to persist, citing underinvestment in small/mid-size vessels and ongoing fleet renewal needs.

• Eleven ships are set for charter renewal in late 2026, with higher rates targeted.

• Dividend cover forecast at 1.9x over the next 18 months.