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Taylor Maritime Investments Ltd on Thursday reported that its net asset value per share had fallen marginally as it continues its attempted acquisition of Grindrod Shipping Holdings Ltd.
The Guernsey-based vessel investment company said that its NAV per share at September 30 was $1.70, down around 5% from June 30 but up about 73% from its IPO price in May 2021.
The company said the fall in NAV was the result of dividend payments and a 39% increase in the share price of Grindrod Shipping.
During the quarter, Taylor Maritime announced its proposal to acquire all of Grindrod Shipping's share capital. Grindrod's shares were valued at $26.00, bringing the total company valuation to around $506 million. Taylor Maritime already owns a 27% stake in Grindrod Shipping.
Taylor Maritime declared a dividend of 2 cents per share for the July-September quarter.
At quarter end, the Taylor Maritime's fleet comprised of 27 vessels of which 26 were Handysize and one Supramax. The vessel portfolio was valued at $447 million at the quarter end, down around 15% on a like-for-like basis over the quarter.
The company also noted that the first biofuel trial onboard one of its vessels took place during the quarter, generating a CO2 saving of 26% on a well-to-wake basis.
Over the next two quarters, the company expects the market to remain steady. It said vessel earnings remain above historic averages despite zero Covid policies still being pursued in China.
Chief Executive Officer Edward Buttery said: "Our offer to acquire the remaining shares in Grindrod Shipping represents the logical next move to consolidate TMI‘