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Shipping firm TMI announces $250m London float

A shipping firm planning to specialise in smaller cargo vessels has this morning announced plans for a $250m (£180m) London listing.

Taylor Maritime Investment (TMI) said it would use the proceeds from the float to buy a fleet of two dozen ships in the “handysize” and “supramax” classes.

These types of vessel, which can carry about 40,000 tonnes, are far smaller than the colossuses that currently dominate cargo trade, but can access more ports.

By contrast, the Ever Given, the cargo ship that got stuck in the Suez Canal last month, can bear four times as much tonnage.

Chairman Nicholas Lykiardopulo said: “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.”

Jefferies is acting as the bookrunner for the IPO, which was first reported by the Telegraph.

TMI boss Ed Buttery, who comes from one of the world’s great shipping dynasties, 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.”
Source: City AM

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