23 April 2026

Succession initiates Tufton’s expansionist fifth decade

Andrew Hampson becomes Chairman
Nicolas Tirogalas to become Group Chief Executive Officer
Tufton’s investment management platform to expand into complementary business themes

Tufton, the institutional investment manager focused on maritime, world trade, raw materials and energy-related investments, has announced leadership changes that complete its long-term succession plan. The changes reflect the broadening scope of the Company’s alternative investment platform as it enters its fifth decade.

• Ted Kalborg, who founded Tufton in 1985, has retired as the Company’s Chairman.
• Andrew Hampson, has become the Company’s Chairman and will step down as Group Chief Executive Officer on 30 June 2026. He will remain a Portfolio Manager of Tufton Assets Limited (LSE:SHIP).
• Nicolas Tirogalas, Group President and Chief Investment Officer, will take over as Group Chief Executive Officer from 1 July 2026. He will continue as a Portfolio Manager of Tufton Assets Limited.

          All three remain significant shareholders and will continue as members of the Company’s Investment Committee and the Tufton Group board.

• Nikos Petrakakos, Managing Director of the Company in London, will take over responsibility for the maritime investment team. He joins Andrew and Nicolas as a Portfolio Manager of Tufton Assets Limited.

Ted Kalborg, Group Founder, said:

“Forty years after setting-up Tufton, I could not be more confident in the team taking the business forward. The changes announced today are the culmination of a succession plan that began when Nicolas joined us in 2023 with an explicit mandate to work alongside Andrew and me on the Company’s development. 

“Andrew, Nicolas and Nikos offer an exceptional combination of experience, expertise and fresh thinking and I look forward to continuing to support Tufton and watching its next chapter unfold from close by.”

Investment management platform expands into new themes

Having built a 40-year track record as a specialist real-asset investor in shipping and offshore, Tufton is developing its platform in adjacent areas, including complementary public market strategies and the growth of its UK-listed investment trust line-up alongside Tufton Assets Limited. The leadership changes announced today support that next phase of development while preserving the investment philosophy and team continuity that have underpinned the Company’s long-term investor relationships. There are no changes to the ownership of the Company, which continues to be in the hands of its senior management team.

Andrew Hampson, incoming Chairman, said:

“Having been with Tufton for more than 20 years and with Ted retiring, it is a natural progression for me to succeed him as Chairman. 

“I greatly enjoy working with Nicolas and believe that his investment judgement, operational leadership and commitment to our investor base have earned him the full confidence of our team and investors. Nikos brings two decades of maritime industry and investment experience and has been progressively taking on broader responsibility across our maritime investment activities.

“Whilst I intend to stay actively involved in the development of the business going forward, Nicolas is better placed than I to take over the day-to-day management role of Group CEO as Tufton develops these new platforms. I look forward to this next phase of my career and to guiding Nicolas, Nikos and the rest of the team in meeting some very bold objectives for Tufton’s future growth.”

Nicolas Tirogalas, incoming Group Chief Executive Officer, concluded:

“Tufton’s record has been built on discipline, alignment with investors and deep specialist expertise. That is exactly what we intend to continue and apply to new ventures. The platform we are building carries Tufton’s investment philosophy across new themes, asset classes and a growing UK-listed investment trust line-up, while the heritage of our maritime franchise remains central. 

“I am fortunate to step into this role alongside colleagues I have been working with closely for several years. I thank Ted for an extraordinary 40 years and Andrew for his trust, partnership and mentorship.”

– Ends –

This announcement does not constitute investment advice or an offer to buy or sell any security. Past performance is not a reliable indicator of future results.

Enquiries

About Tufton Investment Management

Tufton Investment Management Ltd is an FCA-authorised alternative investment fund manager based in London, established in 1985. Over the past two decades, Tufton has managed more than $1 billion in drawn capital for institutional investors including major UK pension funds and has launched publicly listed investment vehicles on the London Stock Exchange and Oslo Euronext Growth. The firm operates from offices in London, Geneva, Cyprus and the Isle of Man.

Nicolas Tirogalas

Currently Tufton Group President and Chief Investment Officer, Nicolas is an active member of the Investment Committee across all Tufton funds. He has 27 years’ experience across fund management, investment banking, commodities and the shipping industry. Prior to Tufton he was Managing Director of TMS Cardiff Gas and Executive Vice President of TMS Group; earlier in his career he was a trader at Glencore and an investment banker at Lazard, having started his career with National Bank of Canada in Montreal. He holds an MBA from Harvard Business School and a BCom from McGill University.

Nikos Petrakakos

Managing Director of Tufton Investment Management, Nikos heads the maritime investment team, and is a Portfolio Manager of Tufton Assets Limited. He has 21 years of experience in green shipping finance, investment banking and investments in maritime infrastructure and climate-tech, as well as operational experience in shipping. He was previously Managing Partner of Ursus Maritime Capital, Partner at Argo Capital, Director at Seabury Capital, Project Manager at Oldendorff Carriers and Director at HART Shipping. He holds an MSc from MIT and a BSc from Webb Institute.