London Stock-listed dry bulk shipowner Taylor Maritime Limited (TML) is offloading eleven new vessels for gross proceeds of $172.5m, representing an average 4.0% discount to fair market value, according to the company’s announcement on Friday.
The shipowner said in a filing that these sales are in addition to the previously announced vessel sale in January of $13.9m (0.5% discount to 30 September 2024 fair market value) which completed during the quarter.
One vessel sale completed post period with the remaining ten sales expected to complete between now and the end of August 2025.
“Total gross proceeds from the 12 sales agreed and completed in the 2025 calendar year to date stands at $186.4m,” Taylor Maritime Limited said in its statement, adding that the vessel sales put the company “on course to zero net bank debt” and an owned fleet of 19 Japanese built vessels.
Edward Buttery, CEO at Taylor Maritime Limited, said: “Given our cautious view for 2025 amidst geopolitical and trade uncertainty, we have accelerated divestments, capitalising on seasonal improvement in market conditions and positive sentiment relating to Japanese-built vessels to agree the sale of eleven vessels at an average 4.0% discount to Fair Market Value.
“Proceeds will be used to continue to deleverage toward zero net debt, at pace, while ensuring adequate cash on the balance sheet and maintenance of our regular dividend.”
“Enhanced flexibility facilitated by our transition to a commercial company along with continued focus on operational efficiency and cost reductions will provide further resilience through a potentially volatile 2025. In addition to general overhead savings achieved, the Board and I have agreed a 25% reduction in my salary,” he added.
The fleet comprised 30 Japanese-built vessels at quarter end and will reduce to 19 Japanese-built vessels after the announced sales complete with an average age of 9.9 years and average carrying capacity of c.44.5 dwt.
