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Pin to quick picksTaylor Maritim Share News (TMI)

Share Price Information for Taylor Maritim (TMI)

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Taylor Maritime announces delivery of two ships to its trading fleet

Wed, 14th Jul 2021 17:18

(Alliance News) - Taylor Maritime Investments Ltd on Wednesday announced the delivery of two geared bulk carriers to its trading fleet.

The company said one asset committed for purchase since its initial public offering in May 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.

London-based Taylor Maritime is a recently-listed specialist dry bulk shipping company.

The company explained that 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 USD18,500 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 is a Japanese built, Supramax bulk carrier. Consideration for the vessel was paid 50% in cash and 50% in shares, as agreed at the time of the company's IPO. 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.

"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," commented Chief Executive Edward Buttery.

Shares in Taylor Maritime closed unchanged at 84.50 pence each in London on Wednesday.

By Amrit Sahota; newsroom@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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15 Mar 2024 20:36

IN BRIEF: Taylor Maritime CEO Edward Buttery buys 200,000 shares

Taylor Maritime Investments Ltd - specialist dry bulk shipping company - Chief Executive Edward Buttery buys 200,000 shares at USD0.98 each. Worth USD196,000. Buttery now holds 615,000 shares.

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8 Mar 2024 12:58

DIRECTOR DEALINGS: AO World non-exec director invests GBP600,000

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Thursday and Friday and not separately reported by Alliance News:

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6 Mar 2024 14:57

DIRECTOR DEALINGS: CRH non-exec director buys USD2.5 million in shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Tuesday and Wednesday and not separately reported by Alliance News:

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1 Mar 2024 09:27

SMALL-CAP WINNERS & LOSERS: Superdry falls on PUSU deadline extension

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.

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22 Feb 2024 14:23

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19 Jan 2024 15:35

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11 Dec 2023 12:56

IN BRIEF: Taylor Maritime Investments holds dividend amid asset fall

Taylor Maritime Investments Ltd - Guernsey-registered specialist dry bulk shipping investor - Net asset value per share is USD1.3117 on September 30, the end of the company's financial first half, down 34% from USD1.7144 on March 31. Total net assets are USD433.2 million, down from USD566.1 million in March. NAV total return for the recent six months is negative 21%. Half-year pretax loss is USD120.1 million, swung from a USD7.6 million profit a year before. Declares quarterly dividend of 2 US cents, unchanged on a year before, as it continues to target an 8p dividend for the full year, also unchanged. Looking ahead to 2024, Taylor Maritime says the expected restocking of historically low inventories of bulk commodities globally should partially offset the damping effect on shipping demand caused by higher interest rates. Taylor Maritime's fleet following its acquisition of Grindrod Shipping in South Africa earlier this year is 44 vessels.

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5 Dec 2023 14:28

IN BRIEF: Taylor Maritime Investments sells vessel for USD7.8 million

Taylor Maritime Investments Ltd - specialist dry bulk shipping company - Announces the sale of a 2004-built 34,000 deadweight tonne Handysize vessel for USD7.8 million, generating an internal rate of return of 44%. Further, adds that a previously announced sale of a 2007-built 33,000 deadweight tonne vessel completed earlier this month, generating gross proceeds of USD9.0 million. Taylor Maritime says that USD11.4 million of debt will be repaid by the end of the quarter to December 31 as a result of the sales. This will reduce the company's outstanding debt to USD156.2 million.

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17 Nov 2023 15:49

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25 Oct 2023 16:40

IN BRIEF: Taylor Maritime says asset value down in second quarter

Taylor Maritime Investments Ltd - Guernsey-based vessel investment company - Net asset value as at September 30 is USD1.31 per share, down from USD1.56 as at June 30. NAV total return for the quarter is negative 13.5%. Declares dividend of 2 US cents per share for the period, unchanged from the prior quarter. Taylor says main driver of NAV performance was a USD72.7 million decrease in fair value, due to softer asset values caused by a weaker charter market. Notes seven ship sales agreed or completed between Taylor and Grindrod Shipping Holdings Ltd, a Singapore-based shipping firm 83% owned by Taylor. Outstanding debt decreases to USD167.6 million as at September 30 from USD210.1 million as at June 30.

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2 Oct 2023 17:39

IN BRIEF: Taylor Maritime subsidiary confirms capital reduction timing

Taylor Maritime Investments Ltd - Guernsey-based vessel investment company - Subsidiary Grindrod Shipping Holdings Ltd confirms timings of its proposed capital reduction. Explains it will result in a cash distribution of USD32.44 million in two tranches; the first distribution of USS1.016 per share, payable on October 26, and the second distribution of USD0.63 per ordinary share, payable on December 11. Of the total cash distribution, USD26.68 million would be payable to TMI in line with its 83.23% ownership and is expected to be used to further reduce debt and for general corporate purposes.

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27 Sep 2023 11:48

Taylor Maritime updates existing credit and acquisition facilities

(Alliance News) - Taylor Maritime Investments Ltd on Wednesday said it agreed to replace its existing revolving credit facility and acquisition facility with a new RCF with Nordea Bank Abp, Filial i Norge and Skandinaviska Enskilda Banken AB.

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26 Sep 2023 08:46

IN BRIEF: Grindrod Shipping unit agrees to acquire two companies

Grindrod Shipping Holdings Ltd - Singapore-based shipping firm 83% owned by Taylor Maritime Investments Ltd - Subsidiary Grindrod Shipping Pte Ltd has entered into two agreements to acquire Taylor Maritime Management Ltd from Taylor Maritime Group Ltd and to buy Tamar Ship Management Ltd from Taylor Maritime Group and Temeraire Holding Ltd. Following the deal, the two companies will become wholly owned subsidiaries of Grindrod Shipping. Says the acquisition is subject to certain conditions and closing is expected to occur before mid-October.

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