Ed Buttery is not hanging around, determined to make the most of being shipping’s newest listed company to expand his handy fleet.

The CEO of Taylor Maritime Investments has unveiled plans today for a $75m cash raising exercise via a non pre-emptive placing of new ordinary shares, the proceeds of which will go on six more handysize bulk carriers.

Each of the six vessels are Japanese built, with an average expected acquisition price of around $15m, an average age in line with the company’s fleet average of 10.5 years and near term delivery dates.

Current handysize charter rates generate annualised unlevered gross cash yields of more than 20%, Taylor Maritime Investments suggested in a release today, suggesting that market rates are strengthening faster than ship prices giving rise to attractive investment opportunities.

The company listed in London this May, the first shipping IPO in the British capital for a number of years.

Buttery commented: “The handysize segment is currently attractive with a strong charter market and demand. Drawing on our in-depth knowledge of the sector, we have an excellent pipeline of vessel acquisition targets priced below depreciated replacement cost and are well positioned to take advantage of these market conditions to deliver additional value to our shareholders.”