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(Alliance News) - Taylor Maritime Investments Ltd on Thursday reported that its net asset value per share had fallen marginally as it continues its attempted acquisition of Grindrod Shipping Holdings Ltd.
The Guernsey-based vessel investment company said that its NAV per share at September 30 was USD1.70, down around 5% from June 30 but up about 73% from its IPO price in May 2021.
The company said the fall in NAV was the result of dividend payments and a 39% increase in the share price of Grindrod Shipping.
During the quarter, Taylor Maritime announced its proposal to acquire all of Grindrod Shipping's share capital. Grindrod's shares were valued at USD26.00, bringing the total company valuation to around USD506 million. Taylor Maritime already owns a 27% stake in Grindrod Shipping.
Taylor Maritime declared a dividend of 2 cents per share for the July-September quarter.
At quarter end, the Taylor Maritime's fleet comprised of 27 vessels of which 26 were Handysize and one Supramax. The vessel portfolio was valued at USD447 million at the quarter end, down around 15% on a like-for-like basis over the quarter.
The company also noted that the first biofuel trial onboard one of its vessels took place during the quarter, generating a CO2 saving of 26% on a well-to-wake basis.
Over the next two quarters, the company expects the market to remain steady. It said vessel earnings remain above historic averages despite zero Covid policies still being pursued in China.
Chief Executive Officer Edward Buttery said: "Our offer to acquire the remaining shares in Grindrod Shipping represents the logical next move to consolidate TMI’s existing 26% minority stake and take control of an enlarged, high-quality fleet to realise significant efficiency gains and generate enhanced returns for our shareholders. With the improved age profile, greater carrying capacity and reduced carbon intensity of the combined fleet, TMI will be even better positioned to take advantage of the favourable market conditions expected to continue to the end of 2024 and possibly beyond."
Shares in Taylor Maritime were trading 0.9% lower at USD1.15 pence each in London on Friday afternoon.
By Chris Dorrell; chrisdorrell@alliancenews.com
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