With handy bulk carriers going through an exceptional earnings streak, one rising name in the trade is gearing up for a stock market listing.
Taylor Maritime is closing in on an IPO on the London Stock Exchange, Splash can exclusively reveal, set to be the first shipping listing in the UK capital for a number of years.
Taylor Maritime was founded in 2014. Led by Edward Buttery, the son of Chris Buttery, the famous co-founder of Hong Kong’s Pacific Basin, Taylor Maritime has built up a sizeable fleet of Japanese-built handies and supramaxes.
The company’s fleet today stands at two supramaxes and 22 handies according to VesselsValue. The shipping line is headquartered in Hong Kong with an office in London.
Buttery is set to start a virtual roadshow to investors next month, drumming up support, with Jefferies the appointed bank. The pitch is understood to position Taylor Maritime as a shipping trust type play.
Buttery’s timing looks good with smaller bulk carriers going though an amazing start of the year with handies and supramaxes experiencing rates not seen for more than a decade.
A very limited orderbook for the handy and supramax sectors also augurs well for prospects. Clarksons state 2021 net fleet growth for handies is 0.9% and 0.5% next year, the smallest orderbook seen in 30 years.