Capital Return, Vessel Sale, Strategy Update
Summary by AI BETAClose X
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018). On the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.
20 March 2026
Taylor Maritime Limited (the "Company" or "TML")
Proposed Second Return of Capital by way of Partial Compulsory Redemption of Ordinary Shares
Further to the return of approximately $143.4 million to shareholders in February 2026, the Board of Taylor Maritime Limited, the specialist dry bulk shipping company, is pleased to announce its intention to undertake a second return of capital of a minimum $30 million in Q2 2026 by way of a partial compulsory redemption of ordinary shares.
Details, including the total redemption amount, redemption price, timetable and other terms will be included in the Company's 31 March 2026 quarterly trading update, expected to be announced by the end of April 2026. The second return of capital will be made in addition to the planned regular quarterly dividend of 2.00 US cents per share for the period ending 31 March 2026, maintaining the dividend target for the financial year-ending 31 March 2026 of 8 cents per share. The Board is considering the Company's dividend policy for the next financial year and a further announcement will be made in due course.
Previously announced vessel sale completed
The previously agreed (and announced on 17 February 2026) sale of a Handysize vessel has now completed, generating gross proceeds of $17.0 million.
Future strategy and further returns of capital to shareholders
The Board has followed the strategy outlined in the interim report announced on 12 December 2025: to monitor the shipping market for risks as well as opportunities whilst maintaining flexibility as part of its considerations concerning the future strategic direction of the Company.
Having considered feedback from shareholders, ongoing macro-economic market volatility and the absence of suitable near-term investment opportunities, the Board believes that it is in shareholders' best interests to continue to pursue the managed realisation of the Company's assets. This will prioritise the maximisation of proceeds from vessel sales over time and present further opportunities for returns of capital to shareholders whilst maintaining sufficient working capital for the Company's operations.
A further update will be provided in due course.
Commenting on the realisation strategy, Henry Strutt, Chairman, said:
"After consideration, the Board has decided that the most appropriate way forward is to continue with asset realisations; pursuing a managed strategy to maximise value for shareholders. Whilst the Board and management team will seek to pursue this strategy in an efficient manner, the timing of disposals and subsequent returns of capital will be influenced by market conditions and commercial factors."
ENDS
|
For further information, please contact:
|
The person responsible for arranging for the release of this announcement on behalf of the Company is Matt Falla, Company Secretary.
Notes to Editors
About the Company
Taylor Maritime Limited is a shipping company listed under the equity shares (commercial companies) category of the Official List, with its shares trading on the Main Market of the London Stock Exchange since May 2021. Between May 2021 and February 2025, the Company was listed under the closed-ended investment funds category of the Official List.
The Company is focused on navigating shipping market cycles on behalf of its shareholders, leveraging a dynamic and experienced management team with deep relationships in the industry and an agile business model underpinned by low leverage and financial flexibility, to deliver long-term attractive returns through both income and capital appreciation.
The Company, through its subsidiaries, currently has an owned fleet of 6 dry bulk vessels consisting of 4 Handysize vessels and 2 Supra/Ultramax vessels. The Company also has 1 vessel under JV agreement and 3 vessels in its chartered in fleet. The ships are employed utilising a mix of time charter, voyage charter, and Contracts of Affreightment ("CoAs") to optimise fleet earnings and cargo coverage.
The Company's target dividend policy is 8 cents p.a. paid on a quarterly basis.
For more information, please visit www.taylormaritime.com.
About Geared Vessels
Geared vessels are characterised by their own cargo loading equipment. The Handysize and Supra/Ultramax market segments are particularly attractive, given the flexibility, versatility and port accessibility of these vessels which carry necessity goods - principally food and products related to infrastructure building - ensuring broad diversification of fleet activity and stability of earnings through the cycle.
IMPORTANT NOTICE
The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.
LEI: 213800FELXGYTYJBBG50
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 5 minutes ago 3i Infrastructure
- 11 minutes ago QinetiQ Group
- 32 minutes ago JPMorgan Emerging Markets Growth & Income plc
- 34 minutes ago National Grid
- 1 hour ago City of London Investment Group