TMI Taylor Maritime Investments Limited

TIDMTMIP TIDMTMI

RNS Number : 2079B

Taylor Maritime Investments Limited

10 February 2022

10 February 2022

Taylor Maritime Investments Limited

Delivery of Final Seed Asset

Taylor Maritime Investments Limited (" TMI "), the listed specialist dry bulk shipping company, announces the delivery of its final Seed Asset committed for purchase at IPO, a Japanese built Handysize geared bulk vessel to its trading fleet. Consideration for the vessel was paid 100% in cash.

This delivery takes the TMI delivered fleet to 31 vessels (one of which is expected to leave the fleet and be delivered to a new owner within the current quarter, as announced on 13 December 2021).

The vessel has entered into a new short-term time charter for approximately 3 months at an annualized unlevered gross cash yield of over 25%. This is in the context of our expectation that rates will strengthen in the second part of this quarter and beyond.

The vessel is in the top quartile in terms of energy efficiency compared to peers and, in line with TMI's ESG policy, will undergo a programme to improve vessel energy efficiency including retrofits at its next scheduled maintenance event. The vessel is already fitted with a Ballast Water Treatment System.

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

"The delivery of this vessel, the final delivery of the vessels we committed to buy at IPO, further enhances our earnings power as we head into what we anticipate to be a good year for the Handysize dry bulk market, with firming charter rates now that Chinese New Year is behind us. Given limited supply growth, and resilient demand, we expect at least a further 2-3 years of continued market strength ahead of us."

ENDS

For further information, please contact:

 
Taylor Maritime Investments Limited 
 Edward Buttery 
 Alexander Slee                       +44 203 904 6655 
Jefferies International Limited       +44 20 7029 8000 
 Investment Banking 
 Stuart Klein 
 Gaudi Le Roux 
 
 Sector coverage 
 Doug Mavrinac 
 Hugh Eden 
 
 Montfort Communications 
 Nick Bastin                           TMI@montfort.london 
 Alison Allfrey 
 
 

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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END

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February 10, 2022 01:59 ET (06:59 GMT)

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