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TAYLOR MARITIME INVESTMENTS LIMITED

(TMI)
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Taylor Maritime Investments Limited Announces Successful Acquisition of Seven Geared Handysize Bulk Vessels

08/11/2021 | 02:00am EDT

Taylor Maritime Investments Limited announced that it has successfully contracted to acquire seven Japanese-built geared Handysize bulk vessels, ranging in size from 28,000 – 37,000 DWT, for an aggregate consideration of USD 107.8 million in cash. These vessels will be paid for using a combination of the proceeds of the USD 75 million equity issue which TMI undertook in July, its revolving credit facility, existing cash balances and operating cash flows. Delivery of the vessels is expected between September 2021 and January 2022. On average the seven vessels have been acquired at below 90% of depreciated replacement cost. All seven vessels will be charter-free on delivery and therefore available to take advantage of the current strong charter market. These vessel acquisitions bring TMI's total delivered and undelivered fleet to 32 vessels and also reduce the average age of the fleet to 10 years.


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Managers and Directors
Nicholas Lykiardopulo Independent Chairman
Helen Tveitan-de Jong Independent Non-Executive Director
Trudi Clark Independent Non-Executive Director
Sandra Platts Independent Non-Executive Director