Half Year Results for the Period Ended 30 Sep 2025
Summary by AI BETAClose X
12 December 2025
Taylor Maritime Limited (the "Company")
Unaudited Interim Results for the period 1 April 2025 to 30 September 2025
Taylor Maritime Limited, the specialist dry bulk shipping company, today announces its interim results for the six month period ended 30 September 2025.
The Interim Report of the current financial period is now available on the Company's website, www.taylormaritime.com, and on the National Storage Mechanism, https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Financial & Operational Highlights for the Interim Period
|
Total Shareholder Return |
8.1% |
|
Fleet Net Book Value (NBV) at 30 September 2025 |
$202.3 million |
|
Bank Debt[1] at 30 September 2025 |
$0.0 million |
|
Other Debt[2] at 30 September 2025 |
$41.5 million |
|
Cash & Cash Equivalents at 30 September 2025 |
$139.2 million[3] |
|
Other Net Assets[4] at 30 September 2025 |
$23.2 million |
|
Net Charter Revenue[5] |
$68.4 million |
|
Loss |
$(32.1) million [6] |
|
Loss per Ordinary Share |
$(0.10) |
|
Adjusted EBITDA[7] |
$18.2 million |
|
Adjusted EBITDA per share |
$0.06 |
|
Time Charter Equivalent ("TCE") Earnings |
$12,031 |
Commenting on the interim results Henry Strutt, Independent Chair, said:
"The period has been one of decisive execution and consolidation amid ongoing geopolitical uncertainty and considerable levels of market volatility. Having already secured the objective of eliminating bank debt, the management team prudently accelerated vessel sales in expectation of a potentially volatile 2025, in order to preserve value for shareholders. With resilience built into the balance sheet and exposure to ongoing market volatility greatly reduced, the Board has determined to make a substantial return of capital to shareholders, as the Company has announced separately today. The Company will retain sufficient cash to support the remaining fleet while it considers strategic options during the first half of calendar year 2026."
Edward Buttery, Chief Executive Officer, added:
"After an active 2024 of asset disposals, we accelerated our sales programme in 2025, adapting our strategy in anticipation of market turbulence and stronger global fleet growth to prioritise the preservation of shareholder value. At the same time, we continued to focus on streamlining operations and aligning costs to our reduced fleet size. With a lower and reducing cost base and a strengthened balance sheet, we are more nimble and better poised to withstand ongoing market volatility with our remaining core fleet of high-quality vessels. We will maintain an open line of communication with shareholders as we establish the future direction of the Company."
Operating results, fleet outperforms benchmark indices
· Adjusted EBITDA for the period was $18.2 million, demonstrating a robust operating performance despite a reduced fleet size. The Company and its subsidiaries (the "Group") reported a net loss of $32.1 million for the period, driven primarily by vessel impairment[8] of $18.8 million in respect of 13 vessels and depreciation of $22.6 million, recognised under the new reporting basis following the Company's transition from an investment fund to a commercial company
· The Group generated net charter revenue of $68.4 million, after voyage expenses of $22.3 million, equating to time charter equivalent ("TCE") earnings of $12,031 per day for the six month period ending 30 September 2025 (versus, on a look-through basis, $122.5 million net charter revenue, after voyage expenses of $36.1 million, equating to TCE of $13,885 per day for the equivalent period last year, given a smaller operating fleet)
· The Handysize fleet and the Supramax/Ultramax fleet outperformed their respective indices by c.$356 per day (3%) and c.$346 per day (3%), respectively
Preserving value through vessel sales
· The Group agreed or completed 21 vessel sales during the six month period ended 30 September 2025 for combined gross proceeds of $348.8 million, representing an average discount to Fair Market Value as at the previous quarter end of 2.6%
· Of these, 18 vessel sales were completed during the period for combined gross proceeds of $295.8 million, representing an average discount to Fair Market Value of 2.7%, while the three additional vessel sales completed post period for combined gross proceeds of $53.0 million, representing an average discount to Fair Market Value of 2.4%
Fleet development and market value
· At 30 September 2025, the fleet comprised 11 Japanese-built vessels at quarter end, including three vessels held for sale and one vessel agreed for sale post period, with a Net Book Value of $202.3 million
Zero bank debt achieved
· The Group's outstanding debt stood at $41.5 million as at 30 September 2025 (versus, on a look-through basis, $247.1 million as at 31 March 2025) representing a debt-to-gross assets ratio of 10.6% (versus 38.2% as at 31 March 2025). This comprised entirely of financial liabilities under sale-leaseback transactions with bank debt fully repaid during the period
Board Developments
· Ms. Sandra Platts retired from the Board at the 2025 Annual General Meeting which took place on 4 September 2025 and Ms. Rebecca Brosnan assumed the role of Remuneration Committee Chair
Other Highlights
· The Company continued to maintain its dividend policy and in aggregate distributed $13.2 million, declaring dividends of 4.00 US cents per Ordinary Share in the six month period ended 30 September 2025 (30 September 2024: 4.00 US cents)
Post Period Trading Update (Since 30 September 2025)
· The Company today announced its intention to distribute to shareholders an aggregate amount of approximately $150.0 million, expected to be split between the quarterly dividend and return of capital proposed to be by way of a partial compulsory redemption of shares. Details will be shared in a shareholder circular planned to be published in January 2026 ahead of a General Meeting to approve necessary changes to the articles of incorporation of the Company. The Company's dividend target for the current financial year remains 8.00 US cents per Ordinary Share
· The Company declared an interim dividend on 24 October 2025 of 2.00 US cents per Ordinary Share in respect of the quarter ended 30 September 2025, which was paid on 28 November 2025
· Three vessel sales agreed during the period have since completed, generating combined gross proceeds of $53.0 million at an average discount to Fair Market Value of 2.4%
· Post period, the Group agreed the opportunistic sale of a Handysize vessel for gross proceeds of $15.3 million, representing a 2.6% premium to Fair Market Value
· The Company's owned fleet currently consists of eight vessels, reducing to seven vessels after the completion of the post period sale mentioned above. The Company also has one vessel under JV agreement and five vessels in its chartered in fleet
· At the time of writing, the fleet has coverage for 88% of the remaining days in the current financial year at a TCE of $13,816 per day
Dry bulk market review and outlook
Following a soft start to 2025 marked by geopolitical uncertainty and concerns for trade, sentiment gradually improved and charter rates stabilised with tariffs seemingly having a limited direct impact on dry bulk demand. Market conditions strengthened considerably from July onwards driven by a surge in US Gulf corn exports and robust grain volumes out of East Coast South America (ECSA) destined for China. As a result, the Baltic Supramax Index Time Charter Average ("BSI TCA") and the Baltic Handysize Index Time Charter Average ("BHSI TCA") ended the period c.65 % and c.42% higher. Charter rates remained firm post period with a prolonged ECSA grain season being supported by increased levels of Chinese forward purchasing activity as China sought alternative sources to US supply amid geopolitical tensions.
Values of benchmark second-hand Supra/Ultramax vessels[9] experienced a brief dip as forecasts of an acceleration in fleet growth in 2025 weighed upon sentiment. Values later recovered to be in line with March 2025 valuations by the end of the period, supported by improved freight rates, yet remaining well below their 2024 peak. The value of benchmark second-hand Handysize vessels[10], meanwhile, also responded to strengthening freight rates climbing c.10.8% over the period.
US-China trade talks in October temporarily relieved escalating tensions but unresolved issues remain in the absence of a lasting trade agreement and thus considerable geopolitical and macroeconomic uncertainty continues to cloud the market outlook. While Chinese promises to recommence purchases of US grains should be supportive for midsize bulkers in the coming months the lingering threat of trade protectionism continues to impact sentiment and structural challenges in the Chinese economy are providing raw material demand headwinds. As a result, minor bulk and grain volumes are expected to grow at a moderate 2.0% in 2026 vs 3.2% in 2025 where front-loading of imports ahead of tariff hikes along with Chinese forward purchasing of grains from Bazil and Argentina provided unseasonal demand drivers.
Meanwhile, an acceleration of geared dry bulk carrier deliveries, which have so far been absorbed by demand in 2025, is forecast to increase the size of the global fleet at a net rate of 4.0% in 2026 which outpaces forecast minor bulk and grain demand growth.
Further ahead, however, structural supply pressures continue to suggest an encouraging medium-term outlook for the geared dry bulk segment. A recent contraction in bulk carrier newbuild ordering amid trade and regulatory uncertainty could lead to a drop in deliveries from 2027 onwards while the general trend toward decarbonisation should incentivise further slower steaming and an incremental scrapping of older, less efficient tonnage. The impact should be more pronounced for the ageing Handysize fleet where 3.4% of the current fleet is 30 years or older.
ENDS
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For further information, please contact:
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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 (formerly Taylor Maritime Investments 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 8 dry bulk vessels (including 1 vessel held for sale) consisting of 6 Handysize vessels and 2 Supra/Ultramax vessels. The Company also has 1 vessel under JV agreement and 5 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 current 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 thereof) 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.
References to target dividend yields and returns are targets only and not profit forecasts and there can be no assurance that these will be achieved.
LEI: 213800FELXGYTYJBBG50
[1] Bank debt prepaid in full in July 2025
[2] Financial liabilities relating to sale-leaseback transactions
[3] Increasing to $186.9 million by 30 November 2025 following the completion of three vessel sales post period
[4] Includes Right-of-Use (ROU) assets, lease liabilities and other assets and liabilities
[5] Net of voyage expenses
[6] Includes depreciation of $22.6 million, loss on disposal of vessels of $1.8 million and impairment of vessels of $18.8 million
[7] Excluding loss on disposal from vessel sales and net changes in fair value of financial assets
[8] The impairment charge relates entirely to vessels designated for sale during the period, reflecting the required remeasurement to fair value less costs to sell under IFRS 5
[9] Clarksons benchmark 61k dwt 10 year old Supra/Ultramax vessel
[10] Clarksons benchmark 37k dwt 10 year old Handysize vessel
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