Tufton Assets (SHIP) H1 2025 earnings summary

Executive summary

• NAV increased 9.7% year-over-year to $428.9m ($1.593/share); profit for the period was $25.2m, with a NAV total return per share of 6% (2H23: 9.6%).

• $31.5m returned to shareholders via compulsory capital redemption; $1.8m spent on buybacks (1.5m shares at $1.20/share).

• Dividends paid totaled $14.0m; annual dividend raised to $0.10/share, with forecast dividend cover of 1.4x through 2Q26.

• Portfolio comprised 20 vessels at period end, diversified across product tankers, bulkers, chemical and gas tankers.

• Shareholders approved continuation of the company at the October 2024 AGM (96.5% in favor).

Financial highlights

• Net profit for the period: $25.2m (6 months to Dec 2024), EPS 9.16 cents (2H23: $35.2m, 11.9 cents).

• NAV per share: $1.593 (Dec 2024) vs $1.452 (Dec 2023).

• Gross operating profit: $28.4m (2H24) vs $33.4m (2H23); portfolio operating profit: $23.6m (2H24) vs $27.7m (2H23).

• Revenue: $54.5m (2H24) vs $60.8m (2H23); operating expenses: $26.1m (2H24) vs $27.4m (2H23).

• Dividends paid: $14.0m (2H24) vs $12.6m (2H23); additional $6.7m dividend declared for Q4 2024.

Outlook and guidance

• Forecast dividend cover of 1.4x over next 18 months; annual dividend increased to $0.10/share.

• Geopolitical risks (sanctions, tariffs, Suez/Red Sea disruptions) expected to drive market volatility and shipping demand.

• Bulker market expected to improve from 2Q25 after seasonal slowdown; product and chemical tankers supported by long-term charters.

• Global seaborne trade growth forecast at 2% for 2025, down from ~6% in 2024.