Taylor Maritim Regulatory News (TMI)

12 December 2023

Taylor Maritime Investments Limited

Board Changes

The Board of Taylor Maritime Investments Limited ("TMI" or the "Company"), the listed specialist dry bulk shipping company, is pleased to announce that Mr. Charles Goodson Maltby will be appointed as a non-executive Director of the Company with effect from 1 January 2024. 

Mr. Maltby has served as a Director of Grindrod Shipping Holdings Limited ("Grindrod") since 6 December 2022, where he is due to retire from the Board and from Grindrod's Compensation and Nomination Committee on 31 December 2023. Mr. Maltby has over 20 years of experience in the shipping industry and is currently Chief Executive Officer of BW Epic Kosan, the world's leading owner and operator of modern high-quality fully pressurised, semi-refrigerated, and ethylene capable gas carriers. Prior to that, Mr. Maltby held leadership positions at Pacific Basin and the transportation divisions of BHP.

The Board also announces that Helen Tveitan will retire as a non-executive Director and Chair of the Company's ESG & Engagement Committee on 31 March 2024, in order to devote greater time to her other business and personal commitments. 

Henry Strutt, Chairman, commented:

"As one of our founding Directors, Helen has demonstrated outstanding commitment to the Company through a period of rapid growth and expansion. On behalf of the Board, I would like to thank Helen for her support, and for guiding the development of our ESG agenda.

We are delighted to welcome Charles to the TMI Board as we continue to align the strategic and governance activities across the combined Group, and expect to benefit from Charles' deep understanding of shipping markets, operations and knowledge and experience with Grindrod."

No further disclosures are required for Charles Maltby in respect of paragraphs 9.6.13 of the Financial Conduct Authority's Listing Rules.

ENDS

Notes to Editors

About the Company 

Taylor Maritime Investments Limited is an internally managed investment company listed on the Premium Segment of the Official List, its shares trading on the Main Market of the London Stock Exchange since May 2021. The Company specializes in the acquisition and chartering of vessels in the Handysize and Supra/Ultramax bulk carrier segments of the global shipping sector. The Company invests in a diversified portfolio of vessels which are primarily second-hand. TMI's fleet portfolio currently numbers 19 vessels in the geared dry bulk segment. The ships are employed utilising a variety of employment/charter strategies.

On 20 December 2022, the Company announced it acquired a controlling majority interest in Grindrod Shipping Holdings Ltd ("Grindrod") (NASDAQ:GRIN, JSE:GSH), a Singapore incorporated, dual listed company on NASDAQ and the Johannesburg Stock Exchange. Grindrod has an owned fleet of 18 dry bulk vessels complementary to the Company's fleet. They are Japanese built, including 11 Handysize vessels and 7 Supra/Ultramax vessels. Grindrod has seven vessels in its chartered in fleet with purchase options on three.

The combined TMI and Grindrod fleet numbers 40 vessels (including chartered in vessels with purchase options).

The Company's target dividend policy is 8 cents p.a. paid on a quarterly basis, with a targeted total NAV return of 10-12% per annum over the medium to long-term.

The Company has the benefit of an experienced Executive Team led by Edward Buttery and who previously worked closely together at Taylor Maritime. Taylor Maritime was established in 2014 as a privately owned ship-owning and management business with a seasoned team including the founders of dry bulk shipping company Pacific Basin Shipping (listed in Hong Kong 2343.HK) and gas shipping company BW Epic Kosan (formerly Epic Shipping) (listed in Oslo BWEK:NO). The commercial and technical management arms of Taylor Maritime were acquired by Grindrod in October 2023.

For more information, please visit www.taylormaritimeinvestments.com.

About Geared Vessels

Geared vessels are characterised by their own loading equipment. The Handysize and Supra/Ultramax market segments are particularly attractive, given the flexibility, versatility and port accessibility of these vessels which carry necessity goods - principally food and products related to infrastructure building - ensuring broad diversification of fleet activity and stability of earnings through the cycle.

IMPORTANT NOTICE

The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

References to target dividend yields and returns are targets only and not profit forecasts and there can be no assurance that these will be achieved.