Taylor Maritime Investments has concluded its plans to acquire seven secondhand Japanese-built geared handysize bulkers.
The London Stock Exchange quoted company said that the ships, which it did not name, range from 28,000 dwt to 37,000 dwt, and have been acquired for an aggregate consideration of $107.8m in cash.
Taylor Maritime said it is paying for the bulkers through the proceeds of a $75m equity issue the company undertook in July, along with its revolving credit facility, existing cash and operating cash flows.
The ships will increase Taylor Maritime's trading fleet to 32 vessels with an average age of 10 years.
The ships will be delivered between September and January. The company said the vessels were acquired at an attractive price, and will be charter free and ready to sail straight into the market.
Working hard
Chief executive Edward Buttery said: “Since the equity issue in July, we have been working hard to put shareholders’ capital to work as rapidly as possible. The market is currently very attractive for handysize vessels, with strong charter rates and a healthy outlook. These additional vessels will reinforce our ability to deliver high-quality returns to our investors.”
The company appears to have bought more ships than it originally planned when it undertook its equity issue. At the time, Taylor Maritime said it had lined up the acquisition of six handysize vessels. It has been eyeing up 14 possible candidates.
The July share issue was oversubscribed. Company chairman Nicholas Lykiardopulo told TradeWinds: "The level of demand from new and existing investors during this fundraise reflects their confidence in our business model and approach, and we appreciate and value their continued support."
