London-listed bulker owner Taylor Maritime Investments (TMI) has handed out shares to reward two top bosses.
The company said chief executive Ed Buttery and chief financial officer Yam Lay Tan took receipt of vested stock transferred from the company’s employee benefit trust.
The CEO’s award amounted to 835,600 shares, which are worth around $844,000.
Buttery now has 1.45m shares in TMI, giving him a stake of 0.44%.
CFO Tan was also awarded 469,301 shares.
These were her first shares in the company, equal to a holding of 0.14%.
The shares were purchased at the end of September on the London Stock Exchange in off-market deals.
The purchase price was $1.06, against a trading price of $1.01 on Friday morning.
Buttery’s stock cost $885,736.
TMI has a market cap of $334m.
The owner is forecasting positive times for bulker markets for the rest of the year.
Traditionally, a stronger winter period
The handysize specialist believes ongoing Red Sea reroutings will feed into the traditionally stronger winter period as commodity demand rises.
The company said its average time-charter equivalent earnings were $14,211 per day in the three months to 30 September, up from $13,264 three months earlier.
“Charter market conditions were firm relative to the same time last year, resulting in strong chartering performance for the period, with earnings up circa 37% year on year,” TMI added.
Its handysize fleet outperformed benchmark indices by $1,303 per day, about 11%, and the supramax and ultramax fleet beat the market by 18%, or $2,630 per day, it said.
