Dry CargoEuropeFinance and InsuranceGreater China

Taylor Maritime Investments targets six handies with $75m cash-raiser

Ed Buttery is not hanging around, determined to make the most of being shipping’s newest listed company to expand his handy fleet.

The CEO of Taylor Maritime Investments has unveiled plans today for a $75m cash raising exercise via a non pre-emptive placing of new ordinary shares, the proceeds of which will go on six more handysize bulk carriers.

Each of the six vessels are Japanese built, with an average expected acquisition price of around $15m, an average age in line with the company’s fleet average of 10.5 years and near term delivery dates.

Current handysize charter rates generate annualised unlevered gross cash yields of more than 20%, Taylor Maritime Investments suggested in a release today, claiming that market rates are strengthening faster than ship prices giving rise to attractive investment opportunities.

The company listed in London this May, the first shipping IPO in the British capital for a number of years.

Buttery commented: “The handysize segment is currently attractive with a strong charter market and demand. Drawing on our in-depth knowledge of the sector, we have an excellent pipeline of vessel acquisition targets priced below depreciated replacement cost and are well positioned to take advantage of these market conditions to deliver additional value to our shareholders.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button