Last checked at 18 Feb 2022 07:00
18 February 2022
Taylor Maritime Investments Limited (the "Company")
Trading Update
Four ships fixed on new time charters, each at a yield in excess of 30%:
One vessel fixed on one year time charter
Three vessels on short-term charters
Taylor Maritime Investments Limited (TMI / TMIP), the specialist dry bulk shipping company, announces that one vessel in the fleet has been fixed on a one-year time charter and three vessels have been fixed on short-term time charters of less than 3 months. Each of the four time charters delivers an average annualized unlevered gross cash yield of over 30% based on December 2021 fair market values.
TMI's total delivered fleet is now 31 vessels (including one ship committed for sale).
Edward Buttery, Chief Executive Officer, commented:
"As anticipated, sentiment is improving with the market rebounding post Chinese New Year after a pick-up in dry bulk activity. As such, we're happy with this mix of a longer one-year time charter and three short-term charters, consistent with our strategy of increasing earnings visibility and extracting attractive yields from the market. We will continue to consider longer-term charters for charter renewals as the year progresses and the market strengthens further."
ENDS
For further information, please contact:
Taylor Maritime Investments Limited Edward Buttery Alexander Slee
| IR@tminvestments.com |
Jefferies International Limited Investment Banking Stuart Klein Gaudi Le Roux
Sector coverage Doug Mavrinac Hugh Eden
| +44 20 7029 8000 |
Montfort Communications Nick Bastin Alison Allfrey
| TMI@montfort.london |
Notes to editors
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. (on the Initial Issue Price).
The Company's initial investments comprise Geared Ships (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 declared its first dividend of 1.75 cents per Ordinary Share for the initial period ended 30 September 2021 in October 2021. The Company targets 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 have to date worked closely together for 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 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. Geared vessels are characterised by their own loading equipment. 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.