27 February 2023

Taylor Maritime Investments Limited (the "Company")

Update on TMI vessel in Ukraine

24 February 2023 marked the one year anniversary of a TMI vessel being unable to leave a Ukrainian port in the Black Sea due to Russia's invasion of Ukraine.  Consequently, in accordance with the terms and conditions of our marine insurance, a constructive total loss was agreed with the vessel's insurers.  The net proceeds have been received by TMI and cover the carrying value of the vessel.  The net proceeds will be applied to reduce leverage in line with our commitment to de-gear TMI's balance sheet.  The vessel is no longer under TMI's ownership.  As reported on 9 March 2022, all twenty-one crew members were safely repatriated to India. 

ENDS

Notes to Editors

About the Company 

Taylor Maritime Investments Limited is an internally managed investment company listed on the Premium Segment of the Official List, its shares trading on the Main Market of the London Stock Exchange since May 2021.  The Company specializes in the acquisition and chartering of vessels in the Handysize and Supra/Ultramax bulk carrier segments of the global shipping sector.  The Company invests in a diversified portfolio of vessels which are primarily second-hand.  TMI's fleet portfolio numbers 23 vessels in the geared dry bulk segment (after reducing to account for the vessel in Ukraine).  The ships are employed utilising a variety of employment/charter strategies.

On 20 December, the Company announced it acquired a controlling majority interest in Grindrod Shipping Holdings Ltd ("Grindrod") (NASDAQ:GRIN, JSE:GSH), a Singapore incorporated, dual listed company on NASDAQ and the Johannesburg Stock Exchange.  Grindrod owns 25 geared dry bulk vessels complementary to the Company's fleet (including one vessel contracted for sale).  They are mostly Japanese built, including 15 Handysize vessels and 10 Supra/Ultramax vessels.  Grindrod has seven vessels in its chartered in fleet with purchase options on four. 

The combined TMI and Grindrod fleet numbers 55 vessels (including one vessel contracted for sale and chartered in vessels).

The Company's target dividend policy is 8 cents p.a. paid on a quarterly basis, with a targeted total NAV return of 10-12% per annum over the medium to long-term.

The Company has the benefit of an experienced Executive Team led by Edward Buttery and who previously worked closely together at the Commercial Manager, Taylor Maritime.  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 industry professionals are based in Hong Kong, London and Singapore.

For more information, please visit www.taylormaritimeinvestments.com.

About Geared Vessels

Geared vessels are characterised by their own loading equipment. The Handysize and Supra/Ultramax market segments are particularly attractive, given the flexibility, versatility and port accessibility of these vessels which carry necessity goods - principally food and products related to infrastructure building - ensuring broad diversification of fleet activity and stability of earnings through the cycle.

IMPORTANT NOTICE

The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

References to target dividend yields and returns are targets only and not profit forecasts and there can be no assurance that these will be achieved.