Taylor Maritime Investments Limited New Charters for Five Vessels (6007K)
03 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMTMIP TIDMTMI
RNS Number : 6007K
Taylor Maritime Investments Limited
03 September 2021
3 September 2021
Taylor Maritime Investments Limited
Charter Update
Five new charters announced, including three of longer duration
at attractive yields
Taylor Maritime Investments Limited, the specialist dry bulk
shipping company, announces that it has secured new charters for
five vessels, comprising three vessels acquired with proceeds from
the recent equity raise and two seed assets.
-- Two and three year charters secured on the three new vessels
delivering average annualized unlevered gross cash yields of more
than 20%
-- Seven month charters agreed on two seed vessels delivering
average annualized unlevered gross cash yields of over 50%
-- TMI's delivered fleet will increase to 22 vessels in
September on delivery of the three new vessels
-- Delivery of six further committed vessels expected in
November and a further four by January 2022 taking total fleet to
32 vessels
Longer duration charters secured in strong market
The strong earnings environment has continued in the geared dry
bulk sector. As a result, and consistent with its strategic plan,
TMI has secured long term charters for three ships at attractive
yields, thereby enhancing earnings visibility. These ships are
amongst the seven vessels acquired using proceeds from the recently
completed equity raise and are due to deliver in September. Two of
the three have been fixed for an average period of more than two
years and the third for a period of three years, securing average
annualized unlevered gross cash yields of more than 20%.
Consistent with TMI's commercial strategy of maintaining a
balance of charter terms to optimise pricing and contract
longevity, TMI retains a portion of the fleet on shorter period
charters, benefiting from the premium they command. In this regard,
two seed vessels have had their charter contracts renewed (a
reflection of customer loyalty) or been re-employed on new charters
with an average duration of seven months at average annualized
unlevered gross cash yields in excess of 50%.
TMI expects to take delivery of a further six committed vessels
before the end of November, and a further four by January 2022,
which will continue to expand the earning power of the fleet.
Commenting on the new charters, Edward Buttery, Chief Executive
Officer, said:
"We have not only managed to secure attractive charter rates for
our vessels but locked in significantly longer durations for three
of them, reflecting the strength of the market. This provides us
with greater visibility and certainty of cashflows, while enabling
us to deploy other vessels in the fleet on a more opportunistic
basis, benefiting from ongoing strong market demand."
ENDS
For further information, please contact:
Taylor Maritime Investments Limited IR@tminvestments.com
Jefferies International Limited +44 20 7029 8000
Investment Banking
Stuart Klein
Gaudi Le Roux
Sector coverage
Doug Mavrinac
Hugh Eden
Montfort Communications
Nick Bastin
Alison Allfrey TMI@montfort.london
Miles McKechnie
Notes to editors
About the Company
Taylor Maritime Investments Limited is an 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 Bulk Carriers
(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 specialises in the acquisition and chartering of
vessels in the Handysize and Supramax bulk carrier segments of the
global shipping sector. These "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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