Taylor Maritime Investments Limited Trading Update (1537N)
30 Mayo 2022 - 01:00AM
UK Regulatory
TIDMTMIP TIDMTMI
RNS Number : 1537N
Taylor Maritime Investments Limited
30 May 2022
30 May 2022
Taylor Maritime Investments Limited (the "Company")
Trading Update
Successful fixing of longer-term charters enhancing earnings
visibility and cash yields
Five vessels fixed on approximately one-year time charters with
an average annualised gross unlevered cash yield in excess of
30%
Taylor Maritime Investments Limited (TMI / TMIP), the specialist
dry bulk shipping company, announces that five vessels in its fleet
have been fixed on time charters for an average of 11 - 13 months,
with an average annualized unlevered gross cash yield in excess of
30%. This is based on last announced fair market values and
compares with an average annualized unlevered gross cash yield in
excess of 24% across the fleet as at 31 March 2022.
Edward Buttery, Chief Executive Officer, commented:
"During the Chinese New Year period, a time of typical seasonal
weakness, we deliberately fixed a portion of the fleet on
short-term charters as we anticipated a strengthening market in the
lead up to the summer. This approach has now allowed us the
flexibility to capture longer-term charters for five vessels at
attractive yields for an average duration of approximately one year
each to high-quality charterers and is part of our strategy to
secure more cover on an increasing proportion of our fleet this
summer and beyond. This is consistent with our overall strategy of
having the most commercially advantageous mix of charter durations
to balance revenue optimisation and earnings visibility, and is key
to our delivering attractive yields, stable returns and NAV
appreciation to our shareholders."
ENDS
For further information, please contact:
Taylor Maritime Investments Limited IR@tminvestments.com
Edward Buttery
Alexander Slee
Jefferies International Limited
Investment Banking
Stuart Klein
Gaudi Le Roux +44 20 7029 8000
Montfort Communications TMI@montfort.london
Alison Allfrey
George Morris Seers
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, its shares trading on the Main Market of the London Stock
Exchange since May 2021. 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 stock offers a compelling and differentiated investment
opportunity combining growth and strong shareholder returns, its
investment objective being to deliver strong cashflow, stable
income and potential for capital growth.
The Company invests in high quality, Japanese built vessels
which are second-hand and acquired at valuations below long-term
average prices and depreciated replacement cost. The current
portfolio numbers 28 vessels. The Company has a leading position in
the Handysize shipping sector and, thanks to versatile geared
vessels delivering necessity goods, provides an attractive,
defensible yield underpinned by zero long-term structural gearing,
financial discipline and an optimal balance of charter rates and
durations. It has a selective growth strategy focusing on accretive
opportunities to increase shareholder returns and recycle capital
efficiently.
The Company intends to pay dividends of 1.75 cents per Ordinary
Share on a quarterly basis representing an annual yield of 7% on
the IPO price of $1.00, with a targeted total NAV return of 10-12%
per annum (net of expenses and fees but excluding any tax payable
by Shareholders) over the medium to long-term.
Sustainability is at the heart of the way in which the Company
is managed and it is committed to achieving a long-term target of
zero carbon emissions by 2050. Substantial technological advances
are a key element of this for the broader shipping industry, with
near term incremental progress effected by initiatives such as
retrofitting the fleet with energy saving devices, using low
sulphur fuels and trialling biofuels.
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.
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 and stability of
earnings.
For more information, please visit
www.taylormaritimeinvestments.com .
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END
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