By Kyle Morris
Taylor Maritime Investments Ltd. said Thursday that its quarterly net asset value was up around 22% on quarter at the end of its fiscal fourth quarter, it has declared an interim dividend for the period and is considering an extraordinary dividend.
The dry bulk shipping company said that as of March 31, its unaudited NAV was $1.74 a share. Overall, NAV increased to $576 million, with an operating profit of $33 million and a gain on Grindrod Shipping investment contributing.
The value of the vessel portfolio was $546 million, an increase of 8% since the Dec. 31 valuation.
The company declared an interim dividend for the quarter of 1.75 cents a share, in line with its dividend target. It added that following strong trading conditions, the board will consider an extraordinary dividend in early May.
Chief Executive Edward Buttery said the company anticipates two to three years of further market strength.
Shares in Taylor Maritime at 0907 GMT were up 1.74 pence, or 1.6%, at 111.80 pence.
Write to Kyle Morris at [email protected]