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Taylor Maritime offloads four bulkers
London-listed Taylor Maritime Investments (TMI) has revealed sales of four of its vessels for a total of $65.5m. The Ed Buttery-led bulker outfit said in a trading update it had agreed to offload four unnamed 28,000 dwt to 38,000 dwt handysize vessels built between 2008 and 2020 during the third quarter.
Dr.G.R.Balakrishnan Oct 29 2024 Shipping News

Taylor Maritime offloads four bulkers

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.”