London-listed Taylor Maritime Investments (TMI) has unveiled a whopping annual profit as bulker markets prospered. The handysize specialist said net earnings were $253m in the year to 31 March, without giving a comparison. The sum was made up of $79m in operating profit and $174m in fair value gain. Revenue was $133.49m and portfolio profit was $259m. The company carried out an initial public offering (IPO) in May last year.

Since then, its average time charter rate has risen 24% to $18,600 per day. The 31 ships are worth $546m and TMI’s net asset value is $575m, up 81.3% since the IPO. This increase has been driven by operating profit, increased vessel values and a gain on the 26.6% stake it owns in Nasdaq-listed bulker owner Grindrod Shipping. The company is expecting a continued strong market for 2022.

TMI cited Clarksons Research’s forecast of 2.1% tonne-mile growth for minor bulk this year and 2.7% for 2023. Fleet supply growth will be 1.9% in 2022 but will fall 2.2% next year. The short-term impact of the war in Ukraine has seen a shift in trading patterns for the shipping of necessity goods, both to source alternative suppliers and with Russian exports heading to different destinations, TMI said. “So far, the net change to demand seems to be negligible for our segment, once the decrease in volumes is offset by increased tonne-miles,” the company added.

TMI is optimistic about the handysize segment given tightening supply over the next two years, and possibly longer. Chairman Nicholas Lykiardopulo said: “We remain confident that market fundamentals will lead well into 2024 and we will continue to monitor the orderbook for indicators on market direction beyond that period.” Chief executive Edward Buttery added that his focus will remain on a “carefully balanced chartering strategy, strong liquidity and financial prudence to deliver consistent earnings and compelling dividends.”