Taylor Maritime Investments sees 4.3% quarterly net asset value return

Fri, 26th Jul 2024 16:13

(Alliance News) - Taylor Maritime Investments Limited on Friday announced a 4.3% net asset value total return for the quarter that ended June 30.

TMI is a Guernsey, England-based investment company specialising in bulk carrier segments of the global shipping sector.

TMI reported its NAV per share on Jun 30 was USD1.52, a 2.7% increase from USD1.48 a month before.

Additionally, the firm announced an interim dividend of 2 US cents per share.

TMI noted that a Selective Capital Reduction was agreed by Durban, South Africa-based provider of cargo solutions, Grindrod Shipping Holdings, during the period. TMI said it expects the SCR to take effect in August, giving TMI full ownership of Grindrod.

Chief Executive Officer Edward Buttery commented: "We continue to take advantage of robust conditions in freight and asset markets. We fixed period charters at higher rates, including a one-year period charter, and increased our coverage for the remainder of the calendar year. We also agreed the sale of two more Handysize vessels, generating strong average returns. TMI is set to gain 100% ownership of Grindrod which will be a major milestone ".

TMI shares were up 2.2% to 82.80 pence per share in London on Friday afternoon.

By Lydia Doye, Alliance News reporter

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