Taylor Maritime eyes up to 6 Handies with $75M capital raise

The UK-based dry bulk shipping company Taylor Maritime Investments is looking to acquire up to six Handysize vessels as it plans to raise $75 million via a proposed non pre-emptive placing of new ordinary shares.

Each of the six vessels is Japanese built, with an average expected acquisition price of c.$15 million, an average age in line with the company’s fleet average of 10.5 years and near-term delivery dates. 

All bulkers in the immediate pipeline are expected to be fixed on new charters in the run-up to their delivery, or shortly thereafter, and should benefit from the strong rate environment, according to Taylor Maritime.

“The Handysize segment is currently attractive with a strong charter market and demand,” Edward Buttery, Chief Executive Officer, commented.

“Drawing on our … knowledge of the sector, we have an excellent pipeline of vessel acquisition targets priced below depreciated replacement cost and are well positioned to take advantage of these market conditions.”

The company has a fleet of 25 vessels including those delivered and committed.