Photo: Illustration; Taylor Maritime

Taylor Maritime raises $75 million to buy up to 6 Handies

UK-based dry bulk shipping company Taylor Maritime Investments has raised $75 million through the issue of new ordinary shares to acquire up to six Handysize dry bulk vessels.

According to the company, the placing was oversubscribed and a scaling back exercise has been undertaken. The issue price per new ordinary share was $1.15.

The placing is being conducted under the company’s existing Placing Programme in accordance with its prospectus.

The vessels are Japanese-built, with an average expected acquisition price of approximately $15 million, the average age in line with the company’s fleet average of 10.5 years and near-term delivery dates. 

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“We are grateful for the trust placed in us by our investors and look forward to putting this money to work rapidly to capitalise upon these … market conditions.​ The fundraising has continued to broaden our investor base and should enhance secondary market liquidity in the shares,” Edward Buttery, CEO of Taylor Maritime Investments Limited, said.

“The handysize segment is currently attractive with a strong charter market and demand. Drawing on our in-depth knowledge of the sector, we have an excellent pipeline of vessel acquisition targets priced below depreciated replacement cost and are well positioned to take advantage of these market conditions to deliver additional value to our shareholders,” Buttery added.

Taylor Maritime Investments currently expects delivery of the seven committed vessels between July 2021 and January 2022, which will take its fleet to 25 vessels.