REG - Taylor Maritime Ltd Taylor Maritime -TMI - Final Results

Taylor MaritimeAnnouncement

25/07/2025 07:00

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RNS Number : 5129S  Taylor Maritime Limited  25 July 2025

 

25 July 2025

 

Taylor Maritime Limited (the "Company" or the "Group")

 

Full Year Results for the Year Ended 31 March 2025

 

Taylor Maritime Limited, the specialist dry bulk shipping company, today
announces its full year results for the financial year ended 31 March 2025.

Key Financial Highlights

·     Audited Net Asset Value ("NAV") per Ordinary Share of $1.1142 and
Total NAV of $366.8 million

·     Dividends paid in respect of the year amounted to 12 cents per
Ordinary Share including a special interim dividend in respect of the period
to 31 December 2024 of 4 cents per Ordinary Share

·    The Company completed 11 vessel sales and agreed 7 more during the
year generating a total of $303.7 million in gross proceeds

·    Outstanding debt reduced by $80.9 million to $247.1 million 1 
(#_ftn1) , representing a debt-to-gross assets ratio of 38.2%

·    As at 31 March 2025, the Fleet consisted of 29 2  (#_ftn2) vessels
with a total market value of $518 million and an average age of 11.2 years

·     The Fleet generated average time charter equivalent ("TCE") earnings
of $12,599 per day for the year

·     Relative to benchmark indices 3  (#_ftn3) , the Handysize fleet
outperformed during the year by $1,315 per day (c.13%) and the Supra/Ultramax
fleet outperformed by $1,775 per day (c.14%)

·      The Company made a loss of $78.6 million, including losses from
revaluation of assets of $113.0 million

Commentary

·    The Company's NAV return per Ordinary Share was -16.6% for the year
ended 31 March 2025 (31 March 2024: -9.0%).  This reflects a softening market
environment particularly in the second half of the year when the historical
seasonal upswing did not materialise against a backdrop of expected incoming
change of US trade policy and wavering optimism around the trajectory of
inflation and interest rates

·    Despite market conditions, the Company continued to maintain its
dividend policy and in aggregate distributed $39.5 million, declaring
dividends of 12 cents per Ordinary Share in the financial year ended 31 March
2025 (31 March 2024: 8 cents).  In addition, the Company declared an interim
dividend on 25 April 2025 of 2 cents per Ordinary Share in respect of the
quarter ended 31 March 2025, which was paid on 30 May 2025, and today declared
an interim dividend of 2 cents per Ordinary Share in respect of the quarter
ended 30 June 2025, to be paid on 29 August 2025

·    The Group continued to make good progress on debt reduction on an
absolute basis, and at 31 March 2025, on a non-IFRS look-through basis 4 
(#_ftn4) , the Group's debt was $247.1 million (31 March 2024: $328.0
million), representing a debt-to-gross assets ratio of 38.2% (31 March 2024:
35.5%). With a strong balance sheet, the Group is positioned to be more
resilient against continued market uncertainty in 2025, which may also bring
with it opportunities

·    At 31 March 2025, the Fleet consisted of 29 vessels (31 March 2024: 39
vessels) with a total market value of $518 million (31 March 2024: $793
million). Of the 29 vessels, 20 are Handysize vessels and 9 are
Supramax/Ultramax vessels. The Company took advantage of a short-term recovery
in sentiment and asset values during the fourth quarter to proactively
accelerate vessel sales in order to crystallise profits and lock-in value
amidst anticipation of a more volatile 2025

·    For the year ended 31 March 2025, the Company made a loss of $78.6
million (31 March 2024: loss of $53.5 million), including losses from
revaluation of assets of $113.0 million (31 March 2024: losses of $73.6
million), reflecting a decline in vessel values from the historically high
levels observed in mid‑2024, as second-hand asset prices adjusted in
response to softening freight markets and weakening sentiment in the latter
part of the year

Commenting on the full year period, Henry Strutt, Independent Chair, said:

"The year has been marked by significant strategic progress whilst navigating
considerable geopolitical and trade uncertainty.  The Company simplified its
corporate structure after successfully gaining 100% ownership of Grindrod,
transitioned to commercial company status and, with an acceleration of
divestments toward the end of the period positioned itself to fully repay the
Group's bank debt in July 2025.  With a strengthened balance sheet, the Group
is on a firm footing to weather ongoing market volatility while maintaining
regular dividends to shareholders."

Edward Buttery, Chief Executive Officer, added:

"Despite a general softening of market conditions from mid-period onwards, we
delivered a solid operating performance and, once again, considerably
outperformed our benchmark indices.  Meanwhile, we continued to
opportunistically sell vessels through the year at times when values were firm
and liquidity was good, generating healthy profits and preserving value.
Proceeds from these sales along with an ongoing focus on realising
efficiencies, has enhanced our ability to navigate near-term market
uncertainty and capitalise on opportunities, should they arise, while
retaining a core fleet of high-quality, cash-generating assets."

Click or paste the following link into your web browser to view the annual
report: http://www.rns-pdf.londonstockexchange.com/rns/5129S_1-2025-7-24.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5129S_1-2025-7-24.pdf)

Copies of the Annual Report are also available on the Company's website
(https://www.taylormaritime.com/investor-centre/financial-esg-reports/
(https://www.taylormaritime.com/investor-centre/financial-esg-reports/) ) and
on the National Storage Mechanism.

ENDS

 

 For further information, please contact:

Taylor Maritime Limited              IR@taylormartitime.com

 Edward Buttery

 Kael O'Sullivan

 Jefferies International Limited      +44 20 7029 8000

 Stuart Klein

 Gaudi Le Roux

 

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 14 dry
bulk vessels (including 6 vessels held for sale) consisting of 8 Handysize
vessels and 6 Supra/Ultramax vessels.  The Company also has 1 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
(http://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  (#_ftnref1) Debt is net of debt financing fee

 2  (#_ftnref2) Including vessels held for sale but excluding one vessel under
JV arrangement

 3  (#_ftnref3) The Company uses adjusted Baltic Handysize Index 38k dwt and
Baltic Supramax Index 58k dwt Time Charter Average (TCA) figures net of
commissions and weighted according to average dwt of the Group's combined
Handysize and Supra/Ultramax fleets, respectively

 4  (#_ftnref4) Effective 1 April 2025, the Group's non-IFRS debt disclosed
here becomes the IFRS presentation and is consistent with this amount

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