Taylor Maritime Investments (TMI) has concluded its plans to acquire seven secondhand Japanese-built geared handysize bulk carriers. The London Stock Exchange quoted company said that the ships, which it did not name, range between 28,000 dwt and 37,000 dwt, and have been acquired for an aggregate consideration of $107.8m in cash.

TMI said it is paying for the bulkers through the proceeds of a $75m equity issue that the company undertook in July, along with its revolving credit facility, existing cash, and operating cash flows.

The ships will increase the TMI trading fleet to 32 vessels with an average age of 10 years. The ships will be delivered between September and January 2022. The company said the ships were acquired at an attractive price and will be charter free and ready to sail straight into the market.

“Since the equity issue in July, we have been working hard to put shareholders’ capital to work as rapidly as possible. The market is currently very attractive for handysize vessels, with strong charter rates and a healthy outlook. These additional vessels will reinforce our ability to deliver high quality returns to our investors,” said chief executive officer Edward Buttery.

The company appears to have acquired more ships than it originally planned when it undertook its equity issue in July. At the time, TMI said it had lined up the acquisition of six handysize vessels. It has been eyeing up 14 possible acquisition candidates.

The July share issue was oversubscribed. Company chairman Nicholas Lykiardopulo told TradeWinds: “The level of demand from new and existing investors during this fundraise reflects their confidence in our business model and approach, and we appreciate and value their continued support.”