REG - Taylor Maritime Ltd Taylor Maritime -TMI - Trading Update - Vessel Sales & Bank Debt

Taylor MaritimeAnnouncement

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RNS Number : 3314R  Taylor Maritime Limited  16 July 2025

 

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

 

 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 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
(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  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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