TMI Taylor Maritime Investments Limited

TIDMTMIP TIDMTMI

RNS Number : 1916F

Taylor Maritime Investments Limited

14 July 2021

14 July 2021

Taylor Maritime Investments Limited

Delivery of Two Ships

Taylor Maritime Investments Limited (the " Company "), the recently listed specialist dry bulk shipping company, announces the delivery of two Geared Bulk Carriers to its trading fleet: one asset committed for purchase since IPO (announced 16(th) June) and one seed asset committed for purchase at IPO. These deliveries increase the total delivered fleet to 19 vessels. The current portfolio, including delivered and contracted vessels, totals 25 vessels.

 
       Asset Type      Consideration     Delivery date 
 1   Handysize bulk       All cash        13(th) July 
         carrier 
    ---------------  -----------------  -------------- 
 2   Supramax bulk    Part cash / part    14(th) July 
         carrier           shares 
    ---------------  -----------------  -------------- 
 

The first asset is a Handysize bulk carrier built in Japan. The vessel has 3 months remaining on its existing charter. Current 1 year time charter rates for this type of vessel are approximately $18,500 per day, on which basis the vessel's blended average annualized unlevered gross cash yield would exceed 18% over the first 12 months of ownership.

The second asset, part of the seed portfolio outlined in the IPO Prospectus, is a Japanese built, Supramax bulk carrier. Consideration for the vessel was paid 50% in cash and 50% in ordinary shares, as agreed at the time of the Company's IPO, with the allotment of consideration shares announced on 12(th) July. The vessel is income generating from delivery with an average annualized unlevered gross cash yield of about 15% and a duration of about 10 months.

Both vessels are fitted with ballast water management systems, and the Supramax vessel is fitted with an energy saving rudder device.

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

"These attractive acquisitions further increase the fleet's earning power, adding incremental dividend coverage and enhancing our position as a major owner in the Geared Bulk Carrier market. The flexibility, versatility and port accessibility of these vessels which carry necessity goods ensure a broad diversification of the fleet's activity and risk profile."

ENDS

For further information, please contact:

 
Taylor Maritime Investments Limited 
 Edward Buttery 
 Alexander Slee                       +852 2252 3882 
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 
 Miles McKechnie 
Praxis Fund Services Limited 
 Tom Daish 
 Matt Falla                           +44 1481 737600 
 

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. 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 .

LEI: 213800FELXGYTYJBBG50

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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