Trading Update - Vessel Sales & Bank Debt
16 July 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For immediate release.
Taylor Maritime Limited (the "Company" or the "Group")
Ten new vessel sales for total gross proceeds of $176.3 million
Nine previously announced vessel sales have now completed for total gross proceeds of $137.3 million
Bank debt now repaid in full
The Company today confirms ten new vessel sales for combined gross proceeds of $176.3 million, representing an average 1.1% discount to Fair Market Value[1]. Three vessel sales have completed with the remaining seven vessels expected to complete by December this year.
Nine previously announced vessel sales have now completed for total gross proceeds of $137.3 million. Net proceeds from these sales, plus a portion of existing cash on the balance sheet, have been applied to the prepayment of all outstanding bank debt in July 2025.
Since January 2023, there have been 49[2] vessel divestments, including 22 during the 2025 calendar year, averaging a 3.1% discount to Fair Market Value.
Following the completion of the announced sales, the owned fleet will comprise eight Japanese-built vessels. The Company also has one vessel under JV agreement and 6 vessels in its chartered in fleet.
The Company will release its next quarterly trading update on 25 July 2025.
Edward Buttery, Chief Executive Officer, said:
"We have demonstrated our ability to sell vessels profitably, at prices close to or at NAV, and have now paid off all our bank debt. Both steps were seen as key to defending shareholder value amidst market uncertainty. We believe there is potential for further downside in asset values from current levels given forecasts of an acceleration of fleet growth in the near-term and the backdrop of a slowing global economy. We have therefore sold vessels to realise proceeds in excess of requirement to meet our debt-free target in order to protect against this potential downside. In all, our sales since January 2023 have preserved an estimated $82.0 million of value for our shareholders given a subsequent decline in asset values. We remain cautious but positive that there is upside in the medium term outlook for the dry bulk market overall and we now have ample liquidity at our disposal to act quickly on possible opportunities, should they arise, whilst in a position to maintain our dividend."
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 16 dry bulk vessels (including eight vessels held for sale) consisting of 9 Handysize vessels and 7 Supra/Ultramax vessels. The Company also has one vessel under JV agreement and 6 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.
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] Discount calculated to 31 March 2025 Fair Market Values for sales agreed before 30 June 2025 and calculated to 30 June 2025 Fair Market Values for sales agreed after 30 June 2025
[2] Including completed and agree sales
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