Shipping company Taylor Maritime Investments has agreed to acquire seven Japanese-built handysize bulk vessels for a combined $107.8 million, reports Stock Market Wire.
Finance from equity proceeds
The bulker units are ranging in size from 28,000dwt to 37,000 dwt. The company stated that they will be financed using a combination of the proceeds of the $75 million equity issue which TMI undertook in July 2021.
“Since the equity issue in July, we have been working hard to put shareholders’ capital to work as rapidly as possible. The market is currently very attractive for Handysize vessels, with strong charter rates and a healthy outlook,” Edward Buttery, CEO of TMI, said.
Delivery of the vessels was expected between September and January 2022.
These vessel acquisitions will bring TMI’s total fleet to 32 vessels and also reduce the average age of the fleet to 10 years.
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Source: Stock Market Wire
