Taylor Maritime Investments (TMI) Trading Update summary

Dividend and shareholder returns

• Intends to declare a special dividend of 4 cents per share for the period to 31 December 2024, payable in Q1 2025, in addition to the regular quarterly dividend of 2 cents per share.

• After these payments, 14 consecutive quarterly dividends, including two specials, will total $113.8 million returned to shareholders since IPO.

Vessel sales and portfolio management

• Completed three Handysize vessel sales at an average 3.3% discount to fair market value, generating $37.0 million in gross proceeds.

• Agreed to sell an additional Handysize vessel for $13.9 million, expected to close in Q1 2025 at a 0.5% discount to fair market value.

• Since the Grindrod acquisition in late 2022, 27 vessel divestments have averaged a 3.0% discount to fair market value, reducing debt by $198 million.

Debt refinancing and financial position

• Entered a new 4-year senior secured revolving credit facility (RCF) maturing in December 2028, replacing two main debt facilities at a lower margin.

• Refinancing lowers cash breakeven by about $1,700 per ship per day, with no scheduled loan repayments for two years.

• Outstanding debt expected to be $252.3 million at December-end, down from $282.7 million at 30 September 2024, with a debt-to-gross assets ratio of 32.5%.

• Targeting medium-term leverage of 25-30% of gross assets, with further debt reduction planned from vessel sales and earnings.