Trading Update

Refinancing to simplify debt across the business

Taylor Maritime Investments Limited (the "Company" or "TMI" and together with its subsidiary undertakings, the "Group" or "TMI Group"), the specialist dry bulk investment company, today announces its intention to declare a special dividend of 4 cents per ordinary share in respect of the period to 31 December 2024, to be paid in the first quarter of calendar year 2025, in addition to the regular quarterly dividend of 2 cents per ordinary share.

Following the payment of the special dividend and the regular quarterly dividend in the first quarter of calendar year 2025, the Company will have paid 14 consecutive quarterly dividends including two special dividends since IPO amounting to $113.8 million returned to shareholders.

Further details of the special dividend and the related timetable will be announced in due course.

Commenting on the special dividend, Edward Buttery, Chief Executive Officer, said:

"The Board's intention to pay a special dividend is the result of cash generated from recent disposals completed at, or close to, NAV. Given we've been able to realise NAV through vessel sales, it makes sense to return some of the surplus cash to our shareholders who have continued to support TMI since IPO. We're also pleased to have refinanced the Group's debt under more favourable terms, enabled by our simplified corporate structure post the Grindrod acquisition. As we enter a new phase of the Company's evolution, our philosophy and core strategy remain the same. I believe the Company is well-positioned to benefit from the positive medium-term outlook for our segment of shipping and is more resilient in the face of short-term macro uncertainty."

Vessel Sales

Three previously announced Handysize vessel sales have now completed at an average 3.3% discount to fair market value; a 2009 built 32k dwt vessel, a 2012 built 28k dwt vessel, and a 2008 built 33k dwt vessel, generating gross proceeds of $37.0 million. The Company has further agreed the sale of a 2011 built 33k dwt Handysize vessel for gross proceeds of $13.9 million, representing a 0.5% discount to fair market value, which is expected to complete in the first quarter of calendar year 2025.

Overall, there have now been 27 vessel divestments since the Grindrod acquisition in late 2022, averaging a 3.0% discount to fair market value[1] and resulting in a $198 million reduction in debt.

Refinancing

The Company has entered into a single senior secured 4 year revolving credit facility (the "RCF") maturing in December 2028 to replace TMI Group's two main debt facilities. The new RCF bears a lower margin compared with both existing debt facilities that it replaces. The refinancing lowers TMI Group's cash breakeven by c.$1,700 per ship per day due to there being no scheduled loan repayments for two years. The Company plans initially to draw down c.$167.5m of the RCF commitment and there is further liquidity available under the RCF if required, providing future financial flexibility.

Progress with debt reduction

Taking the above into account, total outstanding debt on a look-through basis is expected to be $252.3 million at the end of December (versus $282.7 million at 30 September 2024) representing a debt-to-gross assets ratio of 32.5%[2] based on fair market values as at the end of September. The Company remains focused on strengthening its balance sheet, and intends to repay debt from agreed and future vessel sales and operating earnings, targeting medium-term look-through leverage of 25-30% of gross assets.

About Geared Vessels

[1] Includes completed and agreed sales but excludes the two vessel sales within the Group

[2] Excludes lease liabilities