Taylor Maritim Share Chat (TMIP)

Tradewind news reporting handysize disposal. Vessel golden eagle. Given current second hand rates at all time high like to think they got a superb price for such a modern ship. This is exactly what pacific basin did. Dispose at ships at top of market then buy them back at bottom. Time will tell.

Hi Mike, a very useful post , thank you . The next rns’s from the company should prove really interesting and hopefully very positive . As I think I mentioned , not getting grindrod first time around has led to a few difficulties but now synergies can really be achieved.

Sam, I agree on the vessels, assuming we are down to 36 vessels my calculation is that like for like vessel values are up $9.6m since the start of June. But we need an average TCE of around $14500/day to breakeven at current debt/dividend/operating expenses with no change in overall vessel values. At the end of June we were told the average TCE was $14707/day and I expect currently around that $14500/day level.

If we did not have any further changes to the TCE or vessel values this quarter then I believe the NAV at the end of September would be about $1.62/share ( compared to $1.52 at the end of June) which is a 36% discount to NAV at the current share price.

Hopefully vessel values will continue to strengthen, interest rates fall, TCE's continue to grow, synergies post SCR continue to reduce operating costs so that we see an even higher actual NAV at the end of September.

Hi Mike, yes all very strange and not an isolated day either . My grindrod holding was delisted yesterday so we await developments . I am continuing to add when I can as gap to nav is going to grow. Ship values are huge at moment . Almost tempting to sell some more ships and buy back when market falls.

As mentioned many times before , really strange trades today.

Considerably more sells than buys , a dozen sells between 9 to 10 am today totalling exactly 470k, yet the share price is up on the day!

Very pleasing !

A nice tick-up today, in USD terms we are now back up to $1.06/share which is the early May high reached after the Jan March NAV was published on 26th April.

Hi Mike , that makes good sense . I think that once Grindrod is fully absorbed so to speak we will start to see some real action . Failure to get the company outright first time has cost a year but the figures are definitely moving in the right direction and I think likely to accelerate .

Sam, thinking about it a bit more I think the main reason is that when the SCR completes on 16th August, TMI will have to pay out $49.6m cash (for the 3,479,225 Grindrod shares it does not already own at $14.25/share). The 2 vessel sales for gross proceeds of $48.35 m or net probably about $47.4 m will almost match this. Outstanding debt for TMI and Grindrod was $330.8 m at the end of March but increased to $338.3 m at the end of June.

As highlighted in the Q1 Factsheet, buying out these Grindrod shares at $14.25/each when their NAV is about $20.2/share will be immediately accretive, adding over $24m to the TMI total NAV or over 7c/share increasing the end of June NAV of $1.52 to nearly $1.60/share from 16th August (based on the end of June numbers).

When the July-September Factsheet is out it will include Grindrod as a wholly owned subsidiary.

Mike, I think you might have hit the nail on the head re the ship sale .Great input today from all shareholders

Good call Riverboy, little tick up finally. Be nice to see the 90's here again.

Again a solid set of numbers with the NAV up from $1.48 to 1.52. Ed says post SCR this will increase to $1.60 which I cannot yet understand so I will have to get my head round that.

I agree selling the 2024 Handysize looks strange but emphasises the concentration on getting the total debt down and possibly the view that vessel prices might be peaking and we did get a 0.3% premium to fair market value.

Yes all very encouraging, let's hope they can convert this positive start to the new F.Y. into an interim profit.

Agree that Grind sale of a brand new vessel seems a bit extreme, perhaps they'd ordered it at a time when they thought it would replace one of the older vessels that has subsequently been sold following the takeover? It'll certainly make the outstanding loans look better, c. 10.5% off the total debt. I'm not a fan of vessel sales (I may have mentioned this before??) but the long-term commitment to eradicate the debt has to be a positive aim, so I continue to support the management's decisions in that regard.

Thanks riverboy , I too one hundred percent back Ed and the team

Morning Sam, agreed a good set of trends here in this report. I personally think the sale of the 40DWT was a requirement for cash, either to support the dividend or to reduce the debt a tad as a percentage. Having been a shareholder for a while I have followed the boards previous comments re debt reduction and they have always met their aims so I am happy to continue believing in them. Hopefully we will see a tickle up in SP and remain up subject to the weird behaviour of the market makers.

You beat me to it rylidan ! Good morning all . Yes , I think a number of very positive trends . Charter rates healthy , debt down , nav up , fleet age down , carrying capacity up , excellent locked in rate for 42 percent of remaining days for 2024 . Three things I am uncertain about . 1. Why sell a 2024 handysize 40 Dwt handysize . 2. Debt to asset group combined is down as a percentage to 35.4 but the actual amount is slightly up. 3. I hope the fleet doesn’t reduce too much further but I take the point we carrying weight up

Nice bump in NAV from $1.48 to $1.60. All looks encouraging to me.

Hi Mike , yes agree with all you say and pleased you also see nothing unduly concerning , in fact quite the opposite . Out for dinner tonight with friends and then the new dawn with hopefully encouraging news . Must admit I added a little a couple of days ago as although my portfolio is massively geared to Taylor’s I don’t see the same value or potential elsewhere . Or indeed understand their strategy as well as I do here . So called safe shares have in places been anything but . So tomorrow is another day ! Let’s see what it brings

Sam, thanks for the nod.

as at March 2024 the top 8 shareholders owned 48.35% and the directors/executives 0.72% (compared to 47.9% and 0.45% the year before).In 2023 Fidelity owned 9.80%, the second biggest shareholder and CG Asset Management 6.45% the 6th biggest shareholder, both have totally sols out.

Most of the others seem to be stable, the biggest shareholder, Christian Oldendorff has actually increased from 10.31% in 2023 to 15.03% in 2024. Oldendorff Carriers are the biggest dry bulk shipping company in Germany and seem to be in for the long-term.

Good to see West Yorkshire Pension Fund in there with 4.23%, I am sure the high dividend is the main reason.

Most of the others look like the usual asset management companies which will continue to run a good holding but might want to exit what they perceive as a loss making industry or business. Barbarossa appears in 2024 with 3.15% and I remember we discussed them last year.

Otherwise for me, we just see the usual comings and goings but 5 of the big shareholders in 2023 are still there in 2024 so pretty steady overall. This year the business has steadily improved and hopefully will continue to do so in the rest of the year.

Mike, its under the section marked director highlights in the annual report. All three reports are there for 2024. 2023, and 2022. Most grateful as its intriguing. Company have done a great job in replacing large shareholders but as I mentioned still a large selling shareholder about even with new buys/adding outnumbered sells. Great to see the shares in demand though by some big players.

All, good to see everyone chipping in!

Sam, thanks for your angle on the major shareholders , I will take look but out of interest can you please advise where do you get your shareholder information from?

Thanks Mike and Sam for your insight here, much appreciated

Thanks Mike for some fascinating interpretation of the figures, hopefully onwards and upwards.

Good morning Mike , Krusty and others. Mike , a great note . Lovely to wake up to and read . Will def look at the ship locations. Will indeed be great fun. I too spotted the possible collapse comment . I hope they do . Chris Buttery is I think now mid 70s so may have something to do with the decision. The important thing is he still holds a huge stake in the business so I am sure will be keeping in touch with the son ! I have to admit I have resisted reading most of the annual report as I am waiting for a hard copy . One thing I have done though is look at major shareholder changes over the last three years . There have been some substantial changes both in reductions, increases , and new entities. What I am confused by is the increases and new entities look as though they should successfully have taken up the slack from those reducing or leaving . However , there is still a major seller who knocks the share price every time. a rally starts . If you are able to have a look and see what you think I would appreciate it . A really great post Mike . Thank you ! Off to see where our ships are !

Sam/Krusty, I have had a look through the annual accounts and they look like solid numbers and match the unaudited quarterly NAV numbers showing that the TM I bean counters know what they are doing.

With the buy-out of the remaining shares TMI say they are considering all investment options including to "collapse and reorganise the existing Grindrod corporate structure". The directors of TMI and Grindrod will be merged and surprisingly Chris Buttery will not stand for re-election at the next AGM.

TMI has assessed the current fair value of Grindrod at NAV which is higher than I expected at $20.04/share so the remaining 16.78% of Grindrod shares have been bought at $14.25 or a 29% discount to NAV.

Based on these solid numbers I expect the numbers on Friday to be at the higher end of my previous expectation say NAV increasing by 4 to 4.5 cents to $152 to $152.5c/share, the highest level since July 2023 and I hope that would add 2 to 3p to he share price (the share price was 78p on 26th April when the Q4 NAV came out).

if you want a bit of fun and check out where some of the Group vessels are then have a look at www.vesselfinder.com and click on vessels and add a name . For example the HB IMABARI, which is the new new 2024 build recently added to the Grindrod fleet has just arrived at Tauranga, New Zealand while the IVS PHOENIX has just arrived at Richards Bay, South Africa. On Friday I expect the fleet to have dropped from 39 to 38 vessels.