London Stock Exchange-listed dry bulk shipowner Taylor Maritime Limited has executed overall 50 disposals since the beginning of 2023, including 23 in the 2025 calendar year, as part of a vessel sales programme at an average of /3.0% discount to fair market value. These sales will have generated total gross proceeds of $822.2m once agreed sales complete, the company said in its unaudited financial and operating quarterly results for the three-month period ended 30 September 2025.
The latest disposals include three completed vessel sales during the period, and one additional sale completed post period, generating combined gross proceeds of c.$87.6m, with two other vessel sales expected to complete between now and the end of December 2025 for combined gross proceeds of c.$41.1m.
The above sales are in addition to four vessel sales completed earlier in the period as announced by the company on July 25.
One of the recent deals involved the “opportunistic sale” of a handysize vessel for gross proceeds of $15.3m, representing a 2.6% premium to fair market value.
The owned fleet comprised eleven Japanese-built vessels at quarter end which will reduce to seven Japanese-built vessels after announced sales complete with a current average age of 10.8 years and average carrying capacity of c.44.0k dwt.
The company also has one owned vessel under a JV agreement and five vessels in its long-term chartered in fleet.
Edward Buttery, Taylor Maritime Limited chief executive officer, commented: “Further to our last quarterly trading update, we completed an additional three vessel sales during the period, and one post period, directly bolstering our cash position – as we prepaid all bank debt in July – and two more sales, already announced, will complete before the end of December. Post period, we agreed an opportunistic sale of a Handysize vessel at a healthy premium to its Fair Market Value.
“After a period of particularly negative sentiment early in the summer, the end of the quarter was strong, seeing values return to near March levels. Our medium to longer term view of the market is unchanged and we remain comfortable with our sale and purchase programme overall and the strategic position we are in.
“It has given us more certainty in an undoubtedly volatile world. Our remaining fleet gives us a degree of optionality and exposure to the market and we remain focused on reducing costs in line with a smaller fleet. Given the large cash surplus, the Board will evaluate options for capital allocation towards the calendar year end, notwithstanding our commitment to maintaining the regular dividend.”
