Taylor Maritime buys final seed asset – Taylor Maritime Investments says that it has received delivery of the final seed asset that it committed to buy when it IPO’d. The new Japanese-built Handysize geared bulk vessel is now part of its trading fleet. Payment for the vessel was made 100% in cash.
This delivery takes the TMI delivered fleet to 31 vessels (one of which is expected to leave the fleet and be delivered to a new owner within the current quarter, as announced on 13 December 2021).
The new vessel has entered into a new short-term time charter for approximately 3 months at an annualised unlevered gross cash yield of over 25%. This is in the context of the company’s expectation that rates will strengthen in the second part of this quarter and beyond.
The vessel is in the top quartile in terms of energy efficiency compared to peers and, in line with TMI’s ESG policy, will undergo a programme to improve vessel energy efficiency including retrofits at its next scheduled maintenance event. The vessel is already fitted with a Ballast Water Treatment System.
An almost 9% stake in Taylor Maritime was placed with new investors yesterday.
Edward Buttery, chief executive officer, said: “The delivery of this vessel, the final delivery of the vessels we committed to buy at IPO, further enhances our earnings power as we head into what we anticipate to be a good year for the Handysize dry bulk market, with firming charter rates now that Chinese New Year is behind us. Given limited supply growth, and resilient demand, we expect at least a further 2-3 years of continued market strength ahead of us.”
TMI : Taylor Maritime buys final seed asset