Taylor Maritime Investments is scouring for suitable tonnage with new fleet additions expected to be announced soon as it expects a sustained improvement in charter rates to back its portfolio over the next two to three years.
In a trading update, the recently listed bulker owner said its executive team continues to conduct due diligence on a pipeline of handysize and supramax vessel acquisition opportunities at attractive prices.
“We continue to be able to buy at our target prices and will seek further compelling opportunities to both purchase vessels and lock in future fleet earnings at attractive levels,” said Edward Buttery, CEO of the Guernsey-incorporated firm.
The company has seen its fleet value go up $33.3m (10.5%) and charter rates by over 30% since the IPO in London. The company’s stock price jumped around 7% today, trading between $1.11-$1.17. According to its independent valuation, the value of the delivered fleet of 17 vessels has increased from $208.7m to $230.6m since May 7, while the undelivered six ships have increased in value from $81.3m to $90.8m.
The two additional vessels acquired following the IPO have also increased in value from $26.5m to $28.3m.
Taylor Maritime Investments currently expects delivery of the eight committed vessels between July 2021 and January 2022, which will take its fleet to 25 vessels.
“As envisaged at the time of our IPO, we have been able to take full advantage of the improving market conditions in the handysize and supramax bulk carrier segment. The material upward movement in our valuation reflects the sustained improvement in charter rates and is proof of the strong investment rationale for acquiring high quality second-hand vessels at this point in the valuation cycle,” Buttery said.