Taylor Maritime Investments Limited (TMI/TMIP), the specialist dry bulk shipping company, announced in August that it has successfully contracted to acquire seven Japanese-built geared Handysize bulk vessels

The vessel range in size from 28, 0000 to 37,000dwt, 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$75 million 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 per cent 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 ten years.

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