Taylor Maritime Investments Limited (TMI / TMIP), the specialist dry bulk shipping company, announced on 3 January 2022 that it completed the sale of one of the two vessels committed for sale as announced on 13 December 2021.

The vessel is a Chinese built Handysize vessel (38,000dwt) which comprised part of the IPO seed portfolio. The sale of the second vessel is expected to complete within the first quarter of 2022.

The Company also announces the recent delivery on 28 December and 30 December 2021 of two geared bulk carriers to its trading fleet.

One vessel is a Supramax seed asset and the second is a Handysize vessel committed for purchase in August 2021 (as announced on 11 August 2021).

These two vessels are fixed on short-term period charters of less than six months at average annualized unlevered gross cash yields of over 20 per cent based on September 2021 fair market values.

As a result of the sale and two deliveries, TMI’s total delivered fleet is now 30 vessels (including one further ship committed for sale).  The final seed asset is expected to deliver in early February 2022.

Edward Buttery, Chief Executive Officer, commented:

‘In the short-term, we are pleased to have locked in such attractive yields for these newly delivered vessels.  However, we expect the market to firm after Chinese New Year and will consider longer-term charters at that point as part of the strategic balancing between pricing and contract longevity.’

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