Taylor Maritime Investments Limited (TMI / TMIP), the specialist dry bulk shipping company, announces that it has successfully contracted to acquire seven Japanese-built geared Handysize bulk vessels, ranging in size from 28k – 37k DWT, for an aggregate consideration of US$107.8m in cash. These vessels will be paid for using a combination of the proceeds of the US$75m equity issue which TMI undertook in July, its revolving credit facility, existing cash balances and operating cash flows. Delivery of the vessels is expected between September 2021 and January 2022.

On average the seven vessels have been acquired at below 90% of depreciated replacement cost. All seven vessels will be charter-free on delivery and therefore available to take advantage of the current strong charter market.

These vessel acquisitions bring TMI’s total delivered and undelivered fleet to 32 vessels and also reduce the average age of the fleet to 10 years.

Edward Buttery, Chief Executive Officer, said:

“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.”