- The vessel will be sold to an independent leasing and financing platform.
- The Company intends to pay dividends on a quarterly basis with dividends declared in January, April, July and October.
- The Executive Team have to date worked closely together for the Commercial Manager, Taylor Maritime.
Taylor Maritime Investments Limited, a specialised dry bulk shipping firm, has agreed to sell a Handysize vessel built-in 2004 for $11.6 million as reported by Taylor Maritime.
Improving efficiency
The vessel was an IPO seed asset and the sale is expected to be complete in Q2 2022, generating an IRR in excess of 200% and MOIC of 1.6x.
The vessel, at 18 years old, is the oldest vessel in TMI’s fleet and the sale is part of the Company’s stated policy to improve the efficiency of the overall fleet.
The vessel will be sold to an independent leasing and financing platform.
Immediately following the sale, the leasing company will enter into a bareboat lease agreement with a consortium of investors, including minority interests held by Christopher Buttery (Non-Executive Director).
He and any of his associates are considered related parties of the Company for the purpose of the Listing Rules.
Average yields
Taylor Maritime Investments Limited is a recently established, internally managed investment company listed on the Premium Segment of the Official List and traded on the Main Market of the London Stock Exchange.
The Company invests in a diversified portfolio of vessels that are primarily second-hand and which, historically, have demonstrated average yields in excess of the Company’s target dividend yield of 7% p.a.
The Company intends to pay dividends on a quarterly basis with dividends declared in January, April, July and October.
The Company targets a Total NAV Return of 10 to 12% p.a. (net of expenses and fees but excluding any tax payable by Shareholders) over the medium to long-term.
Working together
Edward Buttery, the Company’s CEO, leads an experienced Executive Team. To date, the Executive Team has worked closely together for Taylor Maritime, the Commercial Manager. Taylor Maritime is a privately held ship-owning and management firm founded in 2014 by the founders of dry bulk shipping company Pacific Basin Shipping (listed in Hong Kong 2343.HK) and gas shipping company BW Epic Kosan (previously Epic Shipping) (listed in Oslo BWEK:NO). Taylor Maritime’s team of industry experts is based in both Hong Kong and London.
Taylor Maritime Investments is the source of this information.
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Source: Taylor Maritime
