London-listed Taylor Maritime Investments (TMI) has capitalised on strong bulker markets to fix five vessels on charters with cash yields ranging from 20% to more than 50%.
The company said three of the quintet were among the seven handysizes acquired in August at a cost of $108m, using proceeds from July's $75m equity raise.
The other two comprise part of the seed fleet of 23 handysizes and supramaxes that the company listed with in May.
The three new bulkers, which TMI is taking over this month, have been fixed for between two and three years, delivering average unlevered cash yields of more than 20%.
The seed ships have been booked for seven months each by their current charterers, at yields topping 50%.
No details of the vessels or rates have been disclosed, but the company said the deals were the result of continued strong earnings in the geared dry bulk sector.
Earnings visibility boosted
"Consistent with its strategic plan, TMI has secured long-term charters for three ships at attractive yields, thereby enhancing earnings visibility," the shipowner added.
TMI has a commercial strategy of maintaining a balance of charter terms to optimise pricing and contract longevity.
A portion of the fleet is retained on shorter period charters, benefiting from the premium they command, TMI said.
Chief executive Edward Buttery said: "We have not only managed to secure attractive charter rates for our vessels but locked in significantly longer durations for three of them, reflecting the strength of the market."
He added: "This provides us with greater visibility and certainty of cashflows, while enabling us to deploy other vessels in the fleet on a more opportunistic basis, benefiting from ongoing strong market demand."
Six more bulkers are joining the fleet in November, and a further four by January, taking the total number of vessels owned to 32 vessels.
The seven bulkers bought in August are Japanese-built geared handysizes, ranging from 28,000 dwt to 37,000 dwt.
The target had originally been to acquire six units.
TMI raised $253.7m in its London initial public offering (IPO) in May.
