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.
Chief Executive Officer Edward Buttery says: "Despite weaker-than-expected market conditions impacting asset values, we have had a successful year to date in terms of strengthening our balance sheet through debt reduction and implementing operational efficiencies...We are encouraged by the recent market strengthening and favourable outlook, and we continue to improve our position to deliver long term value to shareholders."
Current stock price: 72.84 pence
12-month change: down 27%
By Emma Curzon, Alliance News reporter
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Taylor Maritim (TMI)
Taylor Maritim (TMIP)