Delivery of Two Acquired Ships

RNS Number : 8286N

Taylor Maritime Investments Limited

04 October 2021

 

 4 October 2021

Taylor Maritime Investments Limited

Delivery of Two Acquired Ships

Taylor Maritime Investments Limited (" TMI "), the listed specialist dry bulk shipping company, announces the delivery of two geared bulk carriers that were committed for purchase following the July equity raise (and announced on 11 August 2021).  These two ships are of well-known designs from respected Japanese yards and rate above average for their peer group in terms of carbon intensity.  This increases TMI's total delivered fleet to 21 vessels:

	Asset Type	Consideration	Delivery date
1	Handysize bulk carrier	Cash	27 September 2021
2	Handysize bulk carrier	Cash	1 October 2021

As announced on 3 September, both vessels are fixed on two year charters to a leading global commodity group, at average annualized unlevered gross cash yields of over 20%.

Based on our pre-acquisition assessment of the ships, we have identified measures to enhance their energy efficiency, to be implemented in service and at the next scheduled drydockings.  Presently, these include efficiency monitoring systems, propeller boss cap fins, variable frequency drives, advanced hull coatings, and LED lighting; these will be expanded upon in line with TMI's ESG program as it develops.

Commenting on the announcement, Edward Buttery, Chief Executive Officer, said:

"These two vessels have delivered promptly into a strong market after being acquired in August.  They are fixed on longer term charters and we have been able to lock in attractive yields adding to earnings visibility.  We expect to take delivery of two more ships in October in what continues to be a firm market."

ENDS

For further information, please contact:

Taylor Maritime Investments Limited Edward Buttery Alexander Slee	[e-mail]
Jefferies International Limited Investment Banking Stuart Klein Gaudi Le Roux Sector coverage Doug Mavrinac Hugh Eden Montfort Communications Nick Bastin Alison Allfrey Miles McKechnie	[phone] [e-mail]

Notes to editors  

About the Company  

Taylor Maritime Investments Limited is a recently established, internally managed investment company listed on the Premium Segment of the Official List and traded on the Main Market of the London Stock Exchange.  The Company invests in a diversified portfolio of vessels which are primarily second-hand and which, historically, have demonstrated average yields in excess of the Company's target dividend yield of 7% p.a. and were acquired at valuations that are expected to be below long-term average prices.

The Company's initial investments comprise Geared Ships (Handysize and Supramax types) employed utilising a variety of employment/Charter strategies.

The Company intends to pay dividends on a quarterly basis with dividends declared in January, April, July and October.  The Company expects to declare its first dividend of 1.75 cents per Ordinary Share for the initial period ended 30 September 2021 in October 2021.  Once the Company is fully invested, the Company will target a Total NAV Return of 10 to 12% p.a. (net of expenses and fees but excluding any tax payable by Shareholders) over the medium to long term.

The Company has the benefit of an experienced Executive Team led by Edward Buttery.  The Executive Team have to date worked closely together for the Commercial Manager, Taylor Maritime.  Established in 2014, Taylor Maritime is a privately owned ship-owning and management business with a seasoned team that includes the founders of dry bulk shipping company Pacific Basin Shipping (listed in Hong Kong 2343.HK) and gas shipping company BW Epic Kosan (formerly Epic Shipping) (listed in Oslo BWEK:NO). Taylor Maritime's team of experienced industry professionals are based in Hong Kong and London.

For more information, please visit www.taylormaritimeinvestments.com .

About Geared vessels

The Company specializes in the acquisition and chartering of vessels in the Handysize and Supramax bulk carrier segments of the global shipping sector. Geared vessels, which have their own loading equipment, are mostly acquired second-hand leveraging valuations that are well below long-term average prices. The Handysize market segment is particularly attractive, given the flexibility, versatility and port accessibility of these vessels which carry necessity goods - principally food and products related to infrastructure building - ensuring broad diversification of fleet activity.

 

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