Trading Update & Quarterly Results

Taylor Maritime Limited

23 October 2026

 

23 October 2026

Taylor Maritime Limited (the "Company")

Quarterly Results for the three-month period ended 30 September 2026 and Trading Update

Three vessels divested, two completing after the period end, generating gross proceeds of c.$48.6 million

$45 million fourth compulsory partial redemption confirmed for November 2026

Final vessel sale agreed for gross proceeds of c.$15.1 million

Taylor Maritime Limited, the specialist dry bulk shipping company, today announces its unaudited financial and operating results for the quarter ended 30 September 2026, its fourth compulsory partial redemption and an update on the managed realisation process.

Financial Highlights for the Quarter & Balance sheet

Fleet Net Book Value (NBV)[1] at 30 September 2026	$70.3 million
Other Debt[2] at 30 September 2026	$21.2 million
Cash & Cash Equivalents at 30 September 2026	$28.2 million
Other Net Liabilities at 30 September 2026	$3.5 million
Charter Revenue[3]	$6.0 million
Net Profit (Loss)	$(1.7) million
Earnings per Share	$(0.0)
Adjusted EBITDA[4]	$(1.8) million
Adjusted EBITDA per share	$(0.0)
Daily Time Charter Equivalent ("TCE") Earnings per Vessel	$13,450

·      The NAV as at 30 September was $73.8 million or 81.19 cents per share (versus $122.2 million or 85.20 cents per share as at 30 June 2026)

·      The Company's outstanding debt was $21.2 million as at 30 September 2026 (versus $21.5 million as at 30 June 2026) and relates to the financial liabilities under a sale-leaseback agreement with purchase option

·      Cash and cash equivalents were $28.2 million and other net liabilities stood at $3.5 million at the end of the period (versus $44.7 million and other net assets $15.2 million as at the end of June respectively)

Commenting on the trading update Edward Buttery, Chief Executive Officer, said:

"This quarter saw considerable progress with the Company's managed realisation now close to conclusion. Having sold three further vessels and announced in early October a further $45 million capital return to shareholders in November 2026, our focus over the coming months is to complete the final vessel disposal, manage costs, and return maximum value to shareholders."

Fourth Compulsory Redemption

·      On 6 October 2026 the Board confirmed its intention to undertake the Company's fourth capital distribution of $45.0 million by way of a compulsory partial redemption of shares. Further details of the fourth capital distribution are set out in the separate announcement released today by the Company

·      Following the change in dividend policy announced on 24 April 2026, no additional dividend is declared 

Managed Realisation Progress 

Since the Board announced its intention to return surplus capital to shareholders in January 2026 and the managed realisation strategy announced in March 2026, the Company has completed seven vessel sales, revised its dividend policy in-line with the realisation strategy, and announced capital returns of $263.4 million to shareholders.

Distribution	Effective date	Amount	Price per share	Shares redeemed
First compulsory redemption	30 January 2026	$143.4m	94.41 US cents	151,886,115
Second compulsory redemption	11 May 2026	$30.0m	85.83 US cents	34,952,813
Third compulsory redemption	10 July 2026	$45.0m	85.83 US cents	52,429,220
Fourth compulsory redemption[5]	26 October 2026	$45.0m	81.19 US cents	55,425,545
Total		$263.4m

·      Three previously announced sale transactions completed since 1 July; the Company sold one Handysize vessel and exited a 50% share in a joint venture owning another two Handysize vessels, generating combined gross proceeds of approximately $48.6 million[6]

·      Overall, the Company has executed 55 disposals since the beginning of 2023 at an average 3.5% discount to Fair Market Value.  These sales will have generated total gross proceeds of $917.7 million.

·      The November 2026 compulsory partial redemption will bring the total amount of capital returned to shareholders since January 2026 to $263.4 million

•      Following the fourth compulsory partial redemption, total distributions to shareholders since the Company's IPO in May 2021, accounting for dividends and capital returns, will amount to $1.23 per IPO share

Remaining fleet and pathway to delisting

·      The Company has agreed terms for the sale of the final owned vessel in the fleet due to complete in December 2026 for gross proceeds of $15.1 million

·      The sale-leaseback vessel with purchase option remains on charter and will fall away on expiry in April 2027. The Board is assessing the option value and the charter terms and will seek an efficient exit, balancing upside preservation against potential costs and the Company achieving its wind-down objectives

·      Having significantly rationalised the operating structure and cost base, the Company will have successfully exited all commercial shipping operations by the end of the calendar year

·      A further compulsory redemption is expected to be announced in December 2026, pending completion of the final vessel sale, following which substantially all capital will have been returned to shareholders, and the Board intends to present plans for a cancellation of the listing of the Company's ordinary shares

ENDS

For further information, please contact:  Taylor Maritime Limited   Edward Buttery   [e-mail] Jefferies International Limited   Stuart Klein  Gaudi Le Roux [phone]  Panmure Liberum Limited Chris Clarke Nicholas How [phone]

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 pursuing a managed realisation of the Company's assets, prioritising the maximisation of proceeds from vessel sales and future returns of capital to shareholders, in tandem with an orderly winding down of the Company's operations.  The timing of disposals and subsequent returns of capital will be influenced by market conditions and commercial factors.

The Company, through its subsidiaries, currently has a fleet of 2 dry bulk vessels[7] consisting of 1 Handysize vessels and 1 Supra/Ultramax vessel.  The ships are all employed on time charter.

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.

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

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[1] Classified as Assets held for sale in balance sheet; Fleet Fair Market Value at 30 September 2026 was $74.3 million

[2] Financial liabilities (excluding accrued interest) relating to a sale-leaseback transaction

[3] Net of voyage expenses

[4] Excluding gain on disposal from vessel sales

[5] Details announced separately on 23 October 2026. Shares to be redeemed on 26 October 2026.

[6] $15 million was received prior to 30 September and the balance received in October 2026.

[7] One vessel is held for sale and vessel one is subject to a purchase option by the Company.

 

END