Last checked at 19 Jul 2021 07:00
Taylor Maritime Investments Limited (the "Company")
Quarterly NAV announcement and Publication of Factsheet
Taylor Maritime Investments Limited, the specialist dry bulk shipping company, announces its unaudited NAV as at 30 June 2021 was US$1.1263 per share, an increase of c.15% since Initial Admission on 27 May 2021.
The first quarterly factsheet for the Company is now available on the Company's website, www.taylormaritimeinvestments.com.
Extracted text of the commentary from the factsheet is set out below:
About The Portfolio
· At 30 June 2021, the delivered (17 vessels) and undelivered fleet (8 vessels) consisted of 25 vessels - 23 handysize and 2 supramax
· In July 2021, two vessels delivered post IPO taking the delivered fleet to 19 vessels - 18 handysize and 1 supramax
· A further 6 vessels are due for delivery between October 2021 and January 2022, 5 handysize and 1 supramax, taking the total fleet to 25 ships
· The average net time charter rate for the delivered fleet at 30 June 2021 was approximately $15,600 per day with an average duration of 10 months generating average annualized gross cash yields in excess of 20%
· At 30 June 2021, the portfolio valuation (of 25 vessels) had increased by US$33.3 million (10.5%) over the aggregated purchase price
Committed Fleet - Delivered & Undelivered Vessels
Ship Type | # of Vessels | Average Age | Deadweight Tonnage (DWT) | Portfolio Weighting (DWT) | Portfolio Weighting (FMV $) |
Handysize | 23 | 10.8 yrs | 771,694 | 87% | 89% |
Supramax | 2 | 9.6 yrs | 114,273 | 13% | 11% |
Total | 25 | 10.7 yrs | 885,967 | 100% | 100% |
Investment Outlook
· Strong investment rationale remains for acquiring high quality second-hand vessels at this point in the valuation cycle
· Sustained improvement in charter rates and upward movement in vessel valuations
· Market driven by constrained world fleet growth and strong demand for shipping capacity due to improving global economic conditions
· Charterers seeking longer term employment contracts in anticipation of sustained upward trend in time charter rates
· Low numbers of Handysize and Supramax newbuild orders, limited space in shipyards, notional newbuild price quotes rising
· Company continues to assess a pipeline of compelling Handysize and Supramax opportunities at attractive prices
Environmental, Social & Governance
· 100% compliance with IMO 2020 global sulphur cap regulation
· Ballast Water Management Systems installed on 74% of the fleet with 100% to be installed by Q2 2022
· Fleet average Rightship Safety Score of 4/5
· Opportunistic COVID vaccine rollout on ships: crew of two vessels received single dose vaccines in June
· Engaged with industry initiatives to decarbonize shipping - member of the Getting to Zero Coalition
· Active members of the Maritime Anti-Corruption Network - zero tolerance approach to bribery and corruption
· 100% compliance with applicable EU and IMO safe ship recycling legislation
· Aligning ESG initiatives with UN Sustainable Development Goals
· TMI's intention is to report GHG emissions on an annual basis
· ESG strategy overseen by Board ESG Committee
LEI: 213800FELXGYTYJBBG50
ENDS
For further information, please contact:
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About the Company
Taylor Maritime Investments Limited is a recently established, internally managed investment company listed on the Premium Segment of the Official List and traded on the Main Market of the London Stock Exchange. The Company invests in a diversified portfolio of vessels which are primarily second-hand and which, historically, have demonstrated average yields in excess of the Company's target dividend yield of 7% p.a. and were acquired at valuations that are expected to be below long-term average prices.
The Company's initial investments comprise Geared Bulk Carriers (Handysize and Supramax types) employed utilising a variety of employment/Charter strategies.
The Company intends to pay dividends on a quarterly basis with dividends declared in January, April, July and October. The Company expects to declare its first dividend of 1.75 cents per Ordinary Share for the initial period ended 30 September 2021 in October 2021. Once the Company is fully invested, the Company will target a Total NAV Return of 10 to 12% p.a. (net of expenses and fees but excluding any tax payable by Shareholders) over the medium to long term.
The Company has the benefit of an experienced Executive Team led by Edward Buttery. The Executive Team previously worked closely together for the Commercial Manager, Taylor Maritime. Established in 2014, Taylor Maritime is a privately owned management business with a seasoned team that includes 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). Taylor Maritime's team of experienced industry professionals are based in Hong Kong and London.
For more information, please visit www.taylormaritimeinvestments.com.
About Geared vessels
The Company specializes in the acquisition and chartering of vessels in the Handysize and Supramax bulk carrier segments of the global shipping sector. These "Geared" vessels, which have their own loading equipment, are mostly acquired second-hand, leveraging valuations that are below long-term average prices. The Handysize market segment is 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.