Last checked at 30 Mar 2022 07:23
30 March 2022
Taylor Maritime Investments Limited (the "Company")
Vessel sale at IRR >200%
Taylor Maritime Investments Limited, the specialist dry bulk shipping company, announces that it has agreed to sell a 2004 built Handysize vessel for $11.6 million. The vessel was an IPO seed asset and the sale is expected to complete in Q2 2022, generating an IRR in excess of 200% and MOIC of 1.6x. The vessel, at 18 years old, is the oldest vessel in TMI's fleet and the sale is part of the Company's stated policy to improve the efficiency of the overall fleet.
The vessel will be sold to an independent leasing and financing platform. Immediately following the sale, the leasing company will enter into a bareboat lease agreement with a consortium of investors, including minority interests held by Christopher Buttery (Non-Executive Director). He and any of his associates are considered related parties of the Company for the purpose of the Listing Rules. Based on the consideration of the sale, the arrangements constitute a smaller related party transaction as set out in Listing Rule 11.1.10R. Accordingly, the Company has received written confirmation that the terms of the transaction with the related party are fair and reasonable as far as shareholders of the Company are concerned.
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
| +44 20 7029 8000 |
Montfort Communications Alison Allfrey Isabel Garnon | 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.