London stock-listed Taylor Maritime Investments (TMI) said it has recorded its fifth consecutive quarter of appreciating net asset values and dividend payments.
On 30 June the handysize bulker specialist said its unaudited NAV had increased 3% since March this year, and 83% since its May 2021 IPO.
The market value of TMI's 28-ship fleet stands at $542m, up 10% this year.
The fleet’s NAV is $1.79 per ordinary share.
The company has also increased its interim dividend for the period to 30 June 2022 by 14% to 2 US cents per ordinary share.
The fleet’s average net time charter rate in the period was $20,650 per day. TMI generated an operating profit for the period of $30m.
The increasing values have positioned the company well for profitable asset play. Chief executive Ed Buttery said he is assessing the market for potential profitable sales and investment.
Recycling capital
“We have unusual clarity over the supply side market fundamentals, particularly for our segment, which we expect to support a favourable market well into 2024,” he said.
“We have been equally opportunistic about taking profit on vessels where we feel we are able to achieve higher than NAV prices with the chance of recycling the capital at more attractive levels.”
TMI earlier announced net earnings were $253m in the full year to 31 March, without giving a comparison.
The sum was made up of $79m in operating profit and $174m in fair value gain. Revenue was $133.49m and portfolio profit was $259m.
