TIDMTMIP TIDMTMI
RNS Number : 6492V
Taylor Maritime Investments Limited
15 December 2021
TAYLOR MARITIME INVESTMENTS LIMITED
INTERIM RESULTS STATEMENT FOR THE PERIOD 31 MARCH 2021 TO 30
SEPTEMBER 2021
SUCCESSFUL VESSEL ACQUISITIONS AND CHARTERING COMBINED WITH
POSITIVE OUTLOOK
15 December 2021 - Taylor Maritime Investments Limited (TMI /
TMIP), the specialist dry bulk shipping company, announces its
interim results for the initial period ended 30 September 2021.
Key highlights:
-- Taylor Maritime Investments Limited is a compelling
investment opportunity in the shipping sector with an ambition to
deliver strong income and capital returns
-- Successful IPO on 27 May on the London Stock Exchange raising
$254m ($160m in cash and $94m in consideration shares), followed by
a subsequent capital raise of $75m on 28 July
-- Selective strategy to acquire second hand, highest quality
Japanese built Handysize vessels at attractive prices with nine
vessels acquired since IPO taking fleet to 32 vessels (20
delivered, 12 undelivered at 30 September). 29 vessels delivered
post period with 3 vessels remaining to be delivered by end of
January 2022
-- Substantial NAV appreciation with unaudited NAV up from $249m
at IPO to $458m at 30 September. Total NAV Return per Ordinary
Share of 43% for the period from IPO to 30 September. NAV per share
up from $0.9800 to $1.3982 per share. This was driven by attractive
vessel acquisitions that have strongly appreciated in value during
the period
-- At 30 September, TMI's fleet consisted of 32 vessels with a
total market value of US$535 million, of which 20 vessels were
delivered as at 30 September (with a market value of US$325
million) and 12 vessels were yet to deliver (with a market value of
US$210 million). Of the 32 vessels, 30 are Handysize and 2 are
Supramax
-- Successful chartering out of vessels with strategic balance
between pricing and contract longevity, including achieving two 3-5
month charters with cash yields >50% and three 2-3 year charters
with cash yields between 15-25% after period end
-- Fleet average net time charter rate at 30 September
approximately $17,000 per day, with average duration of eight
months and average annualized gross unlevered yield in excess of
20% ($20,000 per day, average duration of nine months and average
annualised gross unlevered yield of 29% as at 25 November investor
update presentation)
-- Committed to integrating environmental, social and governance
factors into the Company's investment process including fleet GHG
gas emission reductions through energy efficiency standards and
approved modifications for vessels owned and acquired
-- Total Group Operating Profit on a look-through basis for the
period of $22m and Fair Value gain of $108m and a Profit for the
period before tax of $127m
-- Delivery on target dividend policy with first quarterly
dividend for end September of 1.75 cents per share and forecast
dividend cover for the full financial period ending 31 March 2022
of 3.9x. Scope to pay an extraordinary dividend if the strong
market persists
-- Buoyant market, leading position in Handysize niche and
continued market strength expected for the next 2 to 3 years
-- Subsequent to the period, TMI agreed to acquire a 22.6% stake
in Grindrod Shipping for $77.9m. The transaction is expected to
close in early 2022 and no later than 28 February 2022 and will
bring the Group's total holding in the Grindrod Shipping to 25.7%
including the 3.1% position acquired by TMI in the open market (of
which 2.2% announced on 13 December 2021 RNS).
Commenting on performance in this first interim period, Nicholas
Lykiardopulo, Independent Chair, said:
"As a specialist owner of Handysize vessels, the workhorses of
the dry bulk shipping trade transporting necessity goods around the
world, TMI has made a strong start as a listed company, delivering
on its investment thesis by growing the fleet at attractive prices.
We are focused on high-quality, fuel-efficient vessels which we can
operate in an increasingly sustainable way as we transition towards
alternate fuels. TMI has built a strong foundation since IPO, with
an excellent fleet and highly cash generative charters which will
allow us to deliver predictable long-term income to
shareholders".
Edward Buttery, CEO , added:
"This has been a formative, dynamic period following our
well-received IPO, a period of milestones and momentum - efficient
deployment of IPO proceeds through new vessel acquisitions,
successful chartering balancing attractive rates and visibility,
and a strong investment position marrying agility with financial
discipline. TMI is on a firm footing, operating in a clearly
defined niche of a market with systemic demand".
Outlook
Given buoyant markets, the highest demand and charter rates seen
in a decade and attractive opportunities for the specialist vessel
buyer, we anticipate continued market strength for the coming two
to three years. The favourable combination of slowing fleet growth,
healthy demand for commodities, likely slower operating speeds for
the global fleet and muted ship ordering arising from evolving
emissions regulations will benefit our earnings, secondhand asset
values and shareholder returns. The Board remains committed to
meeting its stated target dividend commitments, but will consider
the company's financial position at the year end and the potential
for an additional extraordinary dividend.
Click on, or paste the following link into your web browser to
view the Interim Report.
http://www.rns-pdf.londonstockexchange.com/rns/6492V_1-2021-12-14.pdf
The full results are available on the Company's website at
www.taylormaritimeinvestments.com .
Notes to editors
Enquiries:
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
Isabel Garnon
Sanne Fund Services (Guernsey) Limited
(formerly Praxis Fund Services Limited)
Tom Daish
Matt Falla +44 1481 737600
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
Geared vessels which are primarily second-hand.
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) over the medium to long term.
The Company has the benefit of an experienced Executive Team led
by Edward Buttery. The Executive Team previously 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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