Two vessel sales completed

Taylor Maritime Investments Limited, the specialist dry bulk shipping company, today announces that it has completed the sale of one 2004 built 34k dwt Handysize vessel for gross proceeds of $7.8 million, generating an IRR of 44.2% and MOIC of c.1.8x.

The previously announced sale of a 2007 bult 33k dwt Handysize vessel completed earlier this month generating gross proceeds of $9.0 million, an IRR of c.19% and MOIC of c.1.4x.

In connection with the vessel sales, $11.4 million of debt will be repaid by the end of the quarter to 31 December 2023, resulting in a reduction to the Company's outstanding debt to $156.2 million (26.1% Debt to Gross Assets at TMI level based on 30 September 2023 Fair Market Values).

Overall, there have been fifteen asset disposals across the Company and Grindrod in 2023 which have been achieved at an average discount to carrying value of -4.0%.

Commenting on the trading update Edward Buttery, Chief Executive Officer, said:

"With these vessel sales, the two oldest in the TMI fleet, we continue to optimise our portfolio in the face of tightening environmental regulations while also deleveraging. Our focus on divesting older, less efficient tonnage while maintaining an attractive core of modern, Japanese-built geared dry bulk carriers means we are well positioned to deliver long term value to shareholders given favourable fundamentals for the geared dry bulk segment."

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