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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Tufton Assets
Tufton Assets (SHIP) investor relations material
Tufton Assets H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary24 Sep, 2026
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.
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Latest events from Tufton Assets
- NAV total return per share climbed to 9.5%, with profit at $33.0m and dividend cover at 1.6x.SHIP
H1 2026 - NAV declined, but strong capital returns and portfolio de-risking support a positive medium-term outlook.SHIPH2 2025
- NAV up 20.6% YoY, dividend raised, and $31.5m capital returned amid strong shipping markets.SHIPH2 2024
- NAV up 9.7% YoY, $47.3m returned to shareholders, and strong dividend growth achieved.SHIPH1 2025
Next Tufton Assets earnings date
H1 202717 Mar, 2027
Tufton Assets
Next Tufton Assets earnings date
H1 202717 Mar, 2027
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Frequently asked questions
Tufton Oceanic Assets Ltd is a Guernsey-based closed-ended investment company, focusing on generating income and capital returns for its investors through a diversified portfolio of second-hand commercial sea-going vessels. The company engages in investing in vessels via its subsidiary in Guernsey and special purpose vehicles (SPVs) based in the Isle of Man, with Tufton Investment Management Ltd serving as its investment manager. The company is headquartered in Saint Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.