London-listed Taylor Maritime Investments has struck new deals to buy seven Japanese-built geared handysize bulkers for $107.8m in cash, adding to its previously acquired 25 vessels.
These vessels, ranging in size from 28,000 to 37,000 dwt, will be paid for using a combination of the proceeds of the $75m equity issue from July, a revolving credit facility, existing cash balances and operating cash flows. Delivery is expected between September 2021 and January 2022.
The Guernsey-incorporated firm said it acquired the vessels at below 90% of depreciated replacement cost and that all seven ships will be charter-free on delivery. The latest acquisitions bring the Edward Buttery-led company to a total fleet of 32 vessels on a fully delivered basis and also reduce the average age of the fleet to 10 years.
“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. These additional vessels will reinforce our ability to deliver high quality returns to our investors,” said Buttery.