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Taylor Maritime Investments Ltd - London based investor in dry bulk shipping - Announces in a trading update on Monday that charter rates are up 30% since the company's IPO in May, its portfolio valuation is up 10% since IPO at USD33.30 million, its delivered fleet yielding annualized an unlevered return of more than 20%, and market rates are strengthening faster than ship prices - opening up investment opportunities.
Edward Buttery, Chief Executive Officer of Taylor Maritime says: "The material upward movement in our valuation reflects the sustained improvement in charter rates and is proof of the strong investment rationale for acquiring high quality second-hand vessels at this point in the valuation cycle.
"We continue to be able to buy at our target prices and will seek further compelling opportunities to both purchase vessels and lock in future fleet earnings at attractive levels."
Current stock price: 84.91 pence
Year-to-date change: up 14%
By Aidan Lane; newsroom@alliancenews.com
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