Taylor Maritime Limited · LSE:TMI
Taylor Maritime — Taylor Maritime Investments — Q1 FY23 Earnings Presentation
13 slides from Taylor Maritime's earnings presentation, Jul 28, 2023
Slide 1: Q1 FY23 Trading Update
Q1 FY23 Trading Update 28 July 2023 Strictly Private and Confidential
Slide 2: Disclaimer
Strictly Private & Confidential Disclaimer Important disclosures - NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES (SAVE AS PROVIDED HEREIN), AUSTRALIA, SOUTH AFRICA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLA
Slide 3: First Quarter Review – Highlights
Strictly Private & Confidential First Quarter Review – Highlights Continued outperformance of BHSI and incremental de-gearing through the quarter Operating Performance Financial Stability Scale and Growth • Audited NAV per share decreased from $1.71 to $1.56; • Interim dividend declared for period t
Slide 4: First Quarter Review – Charter Market
Strictly Private & Confidential First Quarter Review – Charter Market Rates declined with China exhibiting moderate economic growth; however, further stimulus, re-stocking and positive grain outlook should lead to improved rates in latter part of 2023 and into 2024 Handysize & Supra/Ultramax Spot Ra
Slide 5: First Quarter Review – Portfolio Deployment
Strictly Private & Confidential First Quarter Review – Portfolio Deployment Unlevered yield c.7.9% gross with a net TC rate of $10,600 per day Average annualized unlevered gross cash yield Average Charter Cover Avg yield: c.7.9% Avg duration: 3 months Average net TC rate: 4% $17,402 5% 23% 9% 9% 64%
Slide 6: TMI Debt Reduction Progress and Target
Strictly Private & Confidential TMI Debt Reduction Progress and Target De-gearing remains top priority targeting return to debt ratio to below 25%. Progress to achieve this by June was impacted by asset values softening in the quarter 26.9% debt to gross assets US$ million Q4 repayment Q1 repayment
Slide 7: Cashflow
Strictly Private & Confidential Cashflow Short term, S&P* will continue to support deleveraging while serving fleet development goals. Medium term, operating cashflow will benefit from a lower blended breakeven given the larger carrying capacity and younger profile contributed by Grindrod’s fleet ◼
Slide 8: Group Fleet Development
Strictly Private & Confidential Group Fleet Development Since acquisition of Grindrod, S&P strategy has balanced the selling of older, less efficient units to maintain a core, uniform fleet of modern Japanese built geared bulk carriers and meet de-gearing objective COMBINED FLEET PROFILE TMI FLEET G
Slide 9: Synergies & Integration – TMI & GRIN
Strictly Private & Confidential Synergies & Integration – TMI & GRIN Synergies from a combined larger fleet starting to deliver with more to come as concrete plans are finalised with aim to implement over next two quarters ▪ Enhanced scale confers strong position to capitalise upon market improvemen
Slide 10: Outlook – Demand Fundamentals
Strictly Private & Confidential Outlook – Demand Fundamentals Further stimulus and re-stocking in China as well as positive grain outlook should lead to improved rates in latter part of 2023 and into 2024 Commentary Grain and minor bulk trade development (billion tonne miles) ◼ Demand shaped by glob
Slide 11: Outlook – Supply Fundamentals
Strictly Private & Confidential Outlook – Supply Fundamentals Orderbook near historical lows with supply constrained through 2024 and into 2025 Geared dry bulk supply development (dwt m) Handysize 37k dwt 10-year-old Secondhand Prices & Orderbook by Segment Handysize 120 Delivery Schedule (% of flee
Slide 12: Strategic Priorities
Strictly Private & Confidential Strategic Priorities Grindrod, mix of short, medium, long-term charters, deleveraging ◼ Short-term: Achieving deleveraging target of below 25% debt to gross assets and Capitalizing on the Grindrod transaction to enhance operating leverage and capture synergies and oth
Slide 13: Questions
Strictly Private & Confidential Questions Strictly Private and Confidential
Taylor Maritime Investments — Q1 FY23 Earnings Presentation on 6ix