Taylor Maritime Investments Limited Delivery of Two Acquired Ships (8286N)
04 Octubre 2021 - 1:00AM
UK Regulatory
TIDMTMIP TIDMTMI
RNS Number : 8286N
Taylor Maritime Investments Limited
04 October 2021
4 October 2021
Taylor Maritime Investments Limited
Delivery of Two Acquired Ships
Taylor Maritime Investments Limited (" TMI "), the listed
specialist dry bulk shipping company, announces the delivery of two
geared bulk carriers that were committed for purchase following the
July equity raise (and announced on 11 August 2021). These two
ships are of well-known designs from respected Japanese yards and
rate above average for their peer group in terms of carbon
intensity. This increases TMI's total delivered fleet to 21
vessels:
Asset Type Consideration Delivery date
1 Handysize bulk Cash 27 September
carrier 2021
--------------- -------------- ---------------
2 Handysize bulk Cash 1 October 2021
carrier
--------------- -------------- ---------------
As announced on 3 September, both vessels are fixed on two year
charters to a leading global commodity group, at average annualized
unlevered gross cash yields of over 20%.
Based on our pre-acquisition assessment of the ships, we have
identified measures to enhance their energy efficiency, to be
implemented in service and at the next scheduled drydockings.
Presently, these include efficiency monitoring systems, propeller
boss cap fins, variable frequency drives, advanced hull coatings,
and LED lighting; these will be expanded upon in line with TMI's
ESG program as it develops.
Commenting on the announcement, Edward Buttery, Chief Executive
Officer, said:
"These two vessels have delivered promptly into a strong market
after being acquired in August. They are fixed on longer term
charters and we have been able to lock in attractive yields adding
to earnings visibility. We expect to take delivery of two more
ships in October in what continues to be a firm market."
ENDS
For further information, please contact:
Taylor Maritime Investments Limited IR@tminvestments.com
Edward Buttery
Alexander Slee
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
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 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
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. 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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