Last checked at 22 Jul 2022 07:00
TAYLOR MARITIME INVESTMENTS LIMITED
SECOND QUARTER 2022 CONFERENCE CALL
22 July 2022 - Taylor Maritime Investments Limited (TMI / TMIP), the specialist dry bulk shipping company, announces that it will release its next quarterly Net Asset Value (NAV) and trading update for the period ended 30 June 2022 (Q1 of the 2022 financial year) on Thursday 28th July 2022.
Ed Buttery, CEO, will hold a conference call to discuss the Company's results on Thursday 28th July 2022 at 10:00 a.m. British Summer Time (BST).
The conference call is open to existing shareholders, institutional investors and analysts. To register your interest, please send an enquiry to IR@tminvestments.com.
Notes to editors
Enquiries:
Taylor Maritime Investments Limited Edward Buttery Camilla Pierrepont
| IR@tminvestments.com |
Jefferies International Limited Investment Banking Stuart Klein Gaudi Le Roux
| +44 20 7029 8000
|
Montfort Communications Alison Allfrey George Morris Seers | TMI@montfort.london
|
About the Company
Taylor Maritime Investments Limited is an internally managed shipping 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 Supramax bulk carrier segments of the global shipping sector. 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. (on the Initial Issue Price). The shares offer a compelling and differentiated investment opportunity with the aim of delivering strong cashflow, stable income and potential for capital growth.
The Company invests in high quality, Japanese built vessels which are primarily second-hand and acquired at valuations below long-term average prices and depreciated replacement cost. The current portfolio numbers 27 vessels. The Company has a leading position in the Handysize shipping sector and, thanks to versatile geared vessels delivering necessity goods, provides an attractive, defensible yield underpinned by zero long-term structural gearing, financial discipline and an optimal balance of charter rates and durations. It has a selective growth strategy focusing on accretive opportunities to increase shareholder returns and recycle capital efficiently.
The Company intends to pay dividends of 1.75 cents per Ordinary Share on a quarterly basis representing an annual yield of 7% on the IPO price of $1.00, with a targeted total NAV return of 10-12% per annum (net of expenses and fees but excluding any tax payable by Shareholders) over the medium to long-term. The Board approved a special dividend of 3.22 US cents per share in respect of the period to 31 March 2022 paid on 6 May 2022, which brought total dividends declared for the period from IPO to 31 March 2022 to 8.47 US cents per share, representing a dividend yield on the IPO price of approximately 10% on an annualised basis. This reflected excess cash generation in what continues to be a historically strong market and a desire to return capital to shareholders in a timely manner.
Sustainability is at the heart of the way in which the Company is managed and it is committed to achieving a long-term target of zero carbon emissions by 2050. Substantial technological advances are a key element of this for the broader shipping industry, with near term incremental progress effected by initiatives such as retrofitting the fleet with energy saving devices, using low sulphur fuels and trialling biofuels.
The Company has the benefit of an experienced Executive Team led by Edward Buttery. The Executive Team worked closely together at the Commercial Manager, Taylor Maritime. Established in 2014, Taylor Maritime is a privately owned ship-owning and 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, Singapore and London.
About Geared Vessels
Geared vessels are characterised by their own loading and unloading equipment. The Handysize market segment is particularly attractive, given the flexibility, versatility and port accessibility of these vessels which carry necessity goods - principally foodstuffs and products related to infrastructure building - ensuring broad diversification of fleet activity and stability of earnings.