Taylor Maritime Investments Says 3Q Earnings Healthy Despite Softer Environment

By Anthony O. Goriainoff

Taylor Maritime Investments Ltd. said Thursday that its earnings in the third quarter have remained healthy despite a softer market environment, and that there has been a firming of charter rates since September, which this gives it a positive outlook.

The London-listed dry bulk-shipping investment company said that as of Sept. 30, its unaudited net asset value per share was $1.70 and that although this was 5% lower since June 30, it represented a 73% rise since its initial public offering in May 2021.

The board declared an interim dividend of 2 cents a share.

Taylor Maritime said it had entered into a transaction implementation agreement with Singapore-based drybulk vessels company Grindrod Shipping.

On Oct. 12, the company offered to acquire the remaining Grindrod shares via a voluntary conditional cash offer of $26 a share, including a $5 a share special dividend paid by Grindrod Shipping that values the company at around $506 million.

The company said it has arranged for an acquisition facility to partly fund this.

“Our offer to acquire the remaining shares in Grindrod Shipping represents the logical next move to consolidate TMI’s existing 26% minority stake and take control of an enlarged, high-quality fleet to realize significant efficiency gains and generate enhanced returns for our shareholders,” Chief Executive Edward Buttery said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

Leave a Reply

Your email address will not be published.