LONDON: Taylor Maritime Investments Limited announced its intention to undertake an initial public offering (IPO) on the London Stock Exchange, by way of an initial institutional placing and offer for subscription for a target issue of 250 million new ordinary shares in aggregate at an initial issue price of US$1.00 per Ordinary Share.

The Company was incorporated in Guernsey on 31 March 2021 as an internally managed investment company and will invest in a diversified portfolio of vessels which will primarily be second-hand Geared Ships (Handysize and Supramax types).

These vessels have historically demonstrated average yields in excess of 7 per cent per annum and are capable of being acquired at valuations that are expected to be below long-term average prices.

The Company has the benefit of an experienced executive team led by Edward Buttery which has worked together at the Taylor Maritime group (Taylor Maritime) before transferring to the Company.

Established in 2014, Taylor Maritime is a privately owned ship-owning and management business with a seasoned team that includes the founders of dry bulk shipping company Pacific Basin Shipping (listed in Hong Kong 2343.HK) and gas shipping company BW Epic Kosan (formerly Epic Shipping) (listed in Oslo BWEK:NO).

Taylor Maritime’s team of experienced industry professionals are based in Hong Kong and London.

The Executive Team has a successful track record of raising and deploying capital on shipping assets, mainly into Handysize and Supramax dry bulk ships. Taylor Maritime’s principals have been some of the most active buyers of Handysize and Supramax dry bulk ships having made over US$1.3 billion of asset purchases and sales since 1987.

A significant seed portfolio for the Company has been assembled comprising 23 Handysize and Supramax dry bulk vessels which is expected to ensure that the net proceeds of the IPO will be fully committed shortly after Admission with all ships fully operational from their respective acquisition dates, generating income immediately.

The Company expects to enter into agreements shortly to conditionally agree to acquire the Seed Assets with the final valuation to be included in the Company’s prospectus which is intended to be published in early May 2021.

Jefferies International Limited is acting as Sole Sponsor, Global Coordinator and Bookrunner in relation to the IPO.

Nicholas Lykiardopulo, Chairman of Taylor Maritime Investments Limited said: “Taylor Maritime Investments Limited will offer investors an excellent opportunity to invest in a diverse portfolio of Handysize and Supramax dry bulk ships which will deliver attractive, immediate cash flows and the potential for capital growth at a time when the fundamentals for the asset class are compelling.

Robust demand for dry bulks, an all-time low supply of new build ships (as a percentage of the existing fleet) coinciding with low ship acquisition costs are presenting an outstanding entry point in the current cycle. The Taylor Maritime team has a strong track record over 40 years with the right relationships and reputation to be able to capitalise on this opportunity and drive long term returns for investors.”

Ed Buttery, CEO of Taylor Maritime Investments Limited said: “We are delighted to confirm our intention to list on the London Stock Exchange and pleased to have been able to assemble a high-quality seed portfolio that will ensure efficient deployment of IPO proceeds at attractive prices. Our internal management structure ensures we are fully aligned with investors with no external management, performance or acquisition fees, whilst our long-term ungeared capital structure will support sustainable returns for investors over the long term.”

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