The company’s fleet stood at 34 Japanese-built
vessels at quarter-end. The sale of the modern bulker completed during the quarter, and after
the remaining agreed bulker exits are concluded, the fleet will comprise 31
ships with an average age of 10.6 years and an average carrying capacity of
around 42,800 dwt. In addition, TMI exercised a purchase option at $23.2m on a
2020-built 63,000 dwt ultramax that was subsequently sold for $31.4m and
delivered into a joint venture in which the company owns 50% and chartered back
into the fleet.
In August, TMI completed the acquisition of
Grindrod, generating an overall profit of $49m or a 15% return. Since the Grindrod acquisition in late 2022, there
have been 26 vessel divestments, including eight in the current financial year,
resulting in a total debt reduction of $198m in total. The company’s fleet on a
like-for-like basis is valued at about $646.5m.
Commenting on the trading update, TMI chief
executive Buttery said: “Now that Grindrod has been delisted,
we’re simplifying our structure and reducing costs at the corporate level.
We’ve continued to be highly active in the sale and purchase market,
completing four vessel sales this quarter and agreeing the sale of three more
at historically high values. As a result, we’ve reduced debt by
$55.6m, and we expect to make a further $20m in debt repayments when agreed
sales complete this quarter, taking total debt repayments to $198m since our
initial investment in Grindrod in December 2022.”