Taylor Completes Acquisition of 2 Geared Handysize Bulk Vessels

Source: www.gulfoilandgas.com 6/16/2021, Location: Asia

Taylor Maritime Investments Limited, the recently launched specialist dry bulk shipping investment company, is pleased to announce that is has successfully completed the deployment of the proceeds raised at IPO following the purchase of two Japanese built geared Handysize bulk vessels for an aggregate consideration of US$26.45 million in cash. Both vessels are being acquired at below 80% of depreciated replacement cost.

These two vessels are in addition to the 23 Seed Assets comprising the Company's Seed Portfolio. The average age of the two vessels is in line with the current average fleet age of the Seed Portfolio of 10.6 years. Delivery of the two ships is expected in mid-July and early-November 2021.

Since the Company's Prospectus was published on 7 May 2021, five vessels of the Company's Seed Portfolio have, on renewal of their initial employment, been fixed on charters of approximately one year in duration at an average annualised unlevered gross cash yield of over 20%.

Following completion of the Remaining Seed Asset Acquisition Agreements, the Company's fleet will comprise 25 vessels. The Executive Team continues to make positive progress on its pipeline of primarily Handysize and Supramax vessels. The Company looks forward to providing more details on these opportunities in due course.

Edward Buttery, Chief Executive Officer, said: "We are pleased to have made these two attractively priced acquisitions which fully deploy our IPO proceeds. We have also successfully placed another five of the vessels in our existing fleet on new charters that are delivering a strong yield and have a good duration. We continue to see significant potential in the Handysize market with its ongoing robust fundamentals."


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