Sale of one vessel, delivery of two vessels

RNS Number : 8342X

Taylor Maritime Investments Limited

10 January 2022

 

10 January 2022

Taylor Maritime Investments Limited (the "Company")

Sale of one Handysize vessel completed

Delivery of two acquired vessels, chartered out at yields in excess of 20%

Taylor Maritime Investments Limited (TMI / TMIP), the specialist dry bulk shipping company, announces that on 3 January 2022 it completed the sale of one of the two vessels committed for sale as announced on 13 December 2021.  The vessel is a Chinese built, Handysize vessel (38k dwt) which comprised part of the IPO seed portfolio.  The sale of the second vessel is expected to complete within the first quarter of 2022.

The Company also announces the recent delivery on 28 December and 30 December 2021 of two geared bulk carriers to its trading fleet.  One vessel is a Supramax seed asset and the second is a Handysize vessel committed for purchase in August 2021 (as announced on 11 August 2021). These two vessels are fixed on short-term period charters of less than 6 months at average annualized unlevered gross cash yields of over 20% based on September 2021 fair market values.

As a result of the sale and two deliveries, TMI's total delivered fleet is now 30 vessels (including one further ship committed for sale).  The final seed asset is expected to deliver in early February 2022.

Edward Buttery, Chief Executive Officer, commented:

"In the short-term, w e are pleased to have locked in such attractive yields for these newly delivered vessels.  However, we expect the market to firm after Chinese New Year and will consider longer-term charters at that point as part of the strategic balancing between pricing and contract longevity."

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	[phone]
Montfort Communications Nick Bastin Alison Allfrey	[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. (on the Initial Issue Price).

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 declared its first dividend of 1.75 cents per Ordinary Share for the initial period ended 30 September 2021 in October 2021.  The Company targets 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 are characterised by their own loading equipment. 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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