Taylor Maritime Offloads Bulker Pair For $33m

137

London-listed Taylor Maritime Investments (TMI) continues to maximise its returns from improving markets, having landed $33.3m from the sale of two vessels, says a press release published in Polaris.

Supramax offloaded

The Ed Buttery-led bulker owner said a 2006-built handysize and a 2011-built supramax were offloaded at internal rates of return (IRR) above 100% for each ship and multiple of invested capital (MOIC) of 1.4x and 1.7x respectively.

The supramax Awesome Ashley was sold to Blue Fleet Group for $20.9m, according to brokers. Both vessels were IPO seed assets, and the sales should complete in the second quarter of this year.

“The market has continued to firm since Chinese New Year and we have been able to secure the sale of two assets at attractive levels, crystallising significant returns for shareholders,” said Buttery.

Grindrod shipping

TMI recently completed the sale of one ship agreed for sale in connection with the Grindrod Shippingtransaction and expects to deliver the second ship agreed for sale within this quarter.

The two Chinese-built vessels were sold for a combined price of $42.8m, also representing an IRR of around 100% on each vessel. Following these transactions, TMI’s fleet will stand at 28 ships.

Did you subscribe to our daily newsletter?

It’s Free! Click here to Subscribe!

Source: Polaris

LEAVE A REPLY

This site uses Akismet to reduce spam. Learn how your comment data is processed.