REG - Taylor Maritime Taylor Maritime -TMI - Update on TMI vessel in Ukraine

Taylor MaritimeAnnouncement

27/02/2023 07:00

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RNS Number : 0618R  Taylor Maritime Investments Limited  27 February 2023

27 February 2023

 

Taylor Maritime Investments Limited (the "Company")

 

Update on TMI vessel in Ukraine

 

24 February 2023 marked the one year anniversary of a TMI vessel being unable
to leave a Ukrainian port in the Black Sea due to Russia's invasion of
Ukraine.  Consequently, in accordance with the terms and conditions of our
marine insurance, a constructive total loss was agreed with the vessel's
insurers.  The net proceeds have been received by TMI and cover the carrying
value of the vessel.  The net proceeds will be applied to reduce leverage in
line with our commitment to de-gear TMI's balance sheet.  The vessel is no
longer under TMI's ownership.  As reported on 9 March 2022, all twenty-one
crew members were safely repatriated to India.

 

ENDS

 

 For further information, please contact:

Taylor Maritime Investments Limited      IR@tminvestments.com (mailto:IR@tminvestments.com)

 Edward Buttery

 Camilla Pierrepont

 Jefferies International Limited          +44 (0) 207 029 8000

 Stuart Klein

 Gaudi Le Roux

 Montfort Communications                  TMI@montfort.london (mailto:TMI@montfort.london)

 Alison Allfrey

 George Morris Seers

 Sanne Fund Services (Guernsey) Limited   +44 (0) 203 530 3107

 Matt Falla

Notes to Editors

 

About the Company

Taylor Maritime Investments Limited is an internally managed investment
company listed on the Premium Segment of the Official List, its shares trading
on the Main Market of the London Stock Exchange since May 2021.  The
Company specializes in the acquisition and chartering of vessels in the
Handysize and Supra/Ultramax bulk carrier segments of the global shipping
sector.  The Company invests in a diversified portfolio of vessels which are
primarily second-hand.  TMI's fleet portfolio numbers 23 vessels in the
geared dry bulk segment (after reducing to account for the vessel in
Ukraine).  The ships are employed utilising a variety of employment/charter
strategies.

 

On 20 December, the Company announced it acquired a controlling majority
interest in Grindrod Shipping Holdings Ltd ("Grindrod") (NASDAQ:GRIN,
JSE:GSH), a Singapore incorporated, dual listed company on NASDAQ and
the Johannesburg Stock Exchange.  Grindrod owns 25 geared dry bulk vessels
complementary to the Company's fleet (including one vessel contracted for
sale).  They are mostly Japanese built, including 15 Handysize vessels and 10
Supra/Ultramax vessels.  Grindrod has seven vessels in its chartered in fleet
with purchase options on four.

 

The combined TMI and Grindrod fleet numbers 55 vessels (including one vessel
contracted for sale and chartered in vessels).

 

The Company's target dividend policy is 8 cents p.a. paid on a quarterly
basis, with a targeted total NAV return of 10-12% per annum over the medium to
long-term.

 

The Company has the benefit of an experienced Executive Team led by Edward
Buttery and who previously worked closely together at the Commercial Manager,
Taylor Maritime.  Established in 2014, Taylor Maritime is a privately owned
ship-owning and management business with a seasoned team that includes the
founders of dry bulk shipping company Pacific Basin Shipping (listed in Hong
Kong 2343.HK) and gas shipping company BW Epic Kosan (formerly Epic
Shipping) (listed in Oslo BWEK:NO).  Taylor Maritime's team of industry
professionals are based in Hong Kong, London and Singapore.

 

For more information, please visit www.taylormaritimeinvestments.com
(http://www.taylormaritimeinvestments.com/) .

 

About Geared Vessels

Geared vessels are characterised by their own loading equipment. The Handysize
and Supra/Ultramax market segments are particularly attractive, given the
flexibility, versatility and port accessibility of these vessels which carry
necessity goods - principally food and products related to infrastructure
building - ensuring broad diversification of fleet activity and stability of
earnings through the cycle.

 

IMPORTANT NOTICE

The information in this announcement may include forward-looking statements,
which are based on the current expectations and projections about future
events and in certain cases can be identified by the use of terms such as
"may", "will", "should", "expect", "anticipate", "project", "estimate",
"intend", "continue", "target", "believe" (or the negatives thereon) or other
variations thereon or comparable terminology. These forward-looking statements
are subject to risks, uncertainties and assumptions about the Company,
including, among other things, the development of its business, trends in its
operating industry, and future capital expenditures and acquisitions. In light
of these risks, uncertainties and assumptions, the events in the
forward-looking statements may not occur.

 

References to target dividend yields and returns are targets only and not
profit forecasts and there can be no assurance that these will be achieved.

 

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