Taylor Maritime Investments Limited Acquisition of seven geared Handysize bulk vessels (2148I)
11 Agosto 2021 - 1:00AM
UK Regulatory
TIDMTMIP TIDMTMI
RNS Number : 2148I
Taylor Maritime Investments Limited
11 August 2021
Taylor Maritime Investments Limited ("TMI" or the "Company")
Acquisition of seven geared Handysize bulk vessels
Proceeds from July capital raise fully deployed
Taylor Maritime Investments Limited (TMI / TMIP), the specialist
dry bulk shipping company, announces that it has successfully
contracted to acquire seven Japanese-built geared Handysize bulk
vessels, ranging in size from 28k - 37k DWT, for an aggregate
consideration of US$107.8m in cash. These vessels will be paid for
using a combination of the proceeds of the US$75m equity issue
which TMI undertook in July, its revolving credit facility,
existing cash balances and operating cash flows. Delivery of the
vessels is expected between September 2021 and January 2022.
On average the seven vessels have been acquired at below 90% of
depreciated replacement cost. All seven vessels will be
charter-free on delivery and therefore available to take advantage
of the current strong charter market.
These vessel acquisitions bring TMI's total delivered and
undelivered fleet to 32 vessels and also reduce the average age of
the fleet to 10 years.
Edward Buttery, Chief Executive Officer, said:
"Since the equity issue in July, we have been working hard to
put shareholders' capital to work as rapidly as possible. The
market is currently very attractive for Handysize vessels, with
strong charter rates and a healthy outlook. These additional
vessels will reinforce our ability to deliver high quality returns
to our investors."
Taylor Maritime Investments Limited IR@tminvestments.com
Edward Buttery
Alexander Slee
Jefferies International Limited
Investment Banking
Stuart Klein
Gaudi Le Roux
Sector coverage
Doug Mavrinac
Hugh Eden +44 20 7029 8000
Montfort Communications TMI@montfort.london
Nick Bastin
Alison Allfrey
Miles McKechnie
Praxis Fund Services Limited
Tom Daish
Matt Falla +44 1481 737600
Notes to editors
About Taylor Maritime Investments
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 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 specializes 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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