Taylor Maritime buys seven Handies for $107.8M

UK-based dry bulk shipping company Taylor Maritime Investments (TMI) has decided to acquire seven Japanese-built geared Handysize bulkers worth $107.8 million.

The units are ranging in size from 28,000dwt to 37,000 dwt.

The company stated that they will be financed using a combination of the proceeds of the $75 million equity issue which TMI undertook in July 2021.

“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,” Edward Buttery, CEO of TMI, said.

The bulkers are slated for delivery between September 2021 and January 2022.

Furthermore, the firm noted it has acquired the vessels at below 90% of depreciated replacement cost and that all seven ships will be charter-free on delivery.

These vessel acquisitions will bring TMI’s total fleet to 32 vessels and also reduce the average age of the fleet to 10 years.