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- Busy year for Taylor Maritime leaves it with young and efficient fleet
Taylor Maritime (TMI) results are out for the 12 months ended 31 March 2023. The company’s NAV return was 4.7%.
Some highlights:
The combined fleets of TMI and Grindrod amount to 51 vessels, comprising 38 Handysize vessels and 13 Supra/Ultramax vessels, with a total market value of $997m. As at 31 March 2023, the average age of the combined fleet was 10 years (31 March 2022: 11.4 years)
Frank Dunne, senior independent director and interim chair said “The priority post the Grindrod acquisition remains to reduce debt and to realise synergies available from this investment. Now under the stewardship of our recently-appointed chair, Henry Strutt, we, as a board, keep the use of free cash under constant review and will continue to do so, factoring in the company’s share buyback policy.“
Edward Buttery, CEO, added: “This was a period during which we were able to build on a particularly robust inaugural period post IPO. TMI’s fleet consistently achieved index beating rates. At the same time, there was significant investment activity, we divested eight ships at an average IRR of 83% and executed our plan to secure a controlling stake in Grindrod, in the process, creating a larger, younger and more efficient overall fleet. This remains a compelling acquisition harnessing what remains a favourable mid-term market backdrop and despite current macroeconomic headwinds. We are focused on deleveraging and strengthening our balance sheet which should position TMI to capitalise on the structural upside we anticipate going into 2024 and beyond to deliver attractive shareholder returns.”
TMI : Busy year for Taylor Maritime leaves it with young and efficient fleet
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