14 November 2023

Tufton announces change in CIO

Paulo Almeida has informed the board that he will step down as CIO of Tufton with immediate effect and leave the Company in early 2024. After a very significant amount of investments, fundraisings, divestments, M&A activity and the IPOs of Hafnia, Tufton Oceanic Assets, Gram Car Carriers and Stainless Tankers over the past 10+ years, Paulo wishes to spend more time with his family, and on part-time interests of his including private investments and non-profit work.

Paulo said, “We have made some excellent exits; our current portfolios are strong and mature; and I want to be proactive in making space for the strong next generation of investment professionals. I look forward to taking a break to spend more time with family in Europe, USA and Australia, as well as continuing my work with Tommy’s and my alma mater Webb Institute. I also look forward to remaining a significant shareholder in Tufton Oceanic Assets (SHIP.LN) and Stainless Tankers ASA (STST.OL). I'm very happy to have been at Tufton for over 14 years of the firm's nearly 40 years."

Tufton said “Paulo has been a key contributor to Tufton's success over the past 14 years. We wish him the best personally and professionally, while also looking forward to Tufton's next phase."

Andrew Hampson said “It has been a great pleasure working with Paulo during the last 14 years and over which time he has played an integral role in transforming Tufton into the leading fund manager in the maritime industry that business is today. We have a very strong team at Tufton across all sectors of our activity in London, Cyprus, Isle of Man and the US and whilst I endorse Paulo’s message of making space for the next generation, we will also be strengthening the investment team further. I am sure that Paulo will continue to make meaningful contributions to his chosen charitable work, and we wish him all the best in these endeavours and any further challenges he decides to take up.

Tufton is pleased to announce that effective from 14th November, Nicolas Tirogalas has been appointed CIO of Tufton Investment Management Limited and will become a board member of Tufton’s holding company, Tufton Investment Management Holding Limited (Cyprus).

Nicolas has more than 25 years of public and private markets experience across a multitude of industries and sectors. During the last 15 years, he has focused on the shipping and offshore industries. Most recently he has worked for North American and European financial institutions and investment managers with their maritime investments in a consultancy capacity. Formerly, Nicolas served as the Managing Director of TMS Cardiff Gas where he had overall responsibility for the company’s activities and oversaw its growth since its founding until his departure in 2016. Before that, he was EVP Commercial and Finance at TMS Group where he evaluated and oversaw investments and executed multiple capital raises (debt and equity) in most traditional maritime segments, including drybulk, tankers, containers, LNG, LPG, and offshore. Prior to that, Nicolas worked at Glencore in Houston in the oil trading department, and at investment bank Lazard in New York and Montreal where he advised numerous transportation and industrial companies in M&A and restructuring assignments. Nicolas started his career at Canada’s National Bank Financial in the equity derivatives trading team, he holds a Bachelor of Commerce from McGill University and an MBA from Harvard Business School.

Andrew Hampson, CEO of Tufton, commented:

“I am delighted to welcome Nicolas to Tufton. Nicolas brings with him a wealth of hands on investment and management experience across a wide spectrum of maritime industry segments. I greatly look forward to working with him to continue the business expansion and development that Paulo and I have built together over the past decade and I am convinced he will be a great asset to the future success of the Company”.