14th Jul 2021 17:18
(Alliance News) - Taylor Maritime Investments Ltd on Wednesday announced the delivery of two geared bulk carriers to its trading fleet.
The company said one asset committed for purchase since its initial public offering in May and one seed asset committed for purchase at IPO.
These deliveries increase the total delivered fleet to 19 vessels. The current portfolio, including delivered and contracted vessels, totals 25 vessels.
London-based Taylor Maritime is a recently-listed specialist dry bulk shipping company.
The company explained that the first asset is a Handysize bulk carrier built in Japan. The vessel has 3 months remaining on its existing charter. Current 1 year time charter rates for this type of vessel are approximately USD18,500 per day, on which basis the vessel's blended average annualized unlevered gross cash yield would exceed 18% over the first 12 months of ownership.
The second asset is a Japanese built, Supramax bulk carrier. Consideration for the vessel was paid 50% in cash and 50% in shares, as agreed at the time of the company's IPO. The vessel is income generating from delivery with an average annualized unlevered gross cash yield of about 15% and a duration of about 10 months.
"These attractive acquisitions further increase the fleet's earning power, adding incremental dividend coverage and enhancing our position as a major owner in the Geared Bulk Carrier market. The flexibility, versatility and port accessibility of these vessels which carry necessity goods ensure a broad diversification of the fleet's activity and risk profile," commented Chief Executive Edward Buttery.
Shares in Taylor Maritime closed unchanged at 84.50 pence each in London on Wednesday.
By Amrit Sahota; [email protected]
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