IN BRIEF: Taylor Maritime sells three vessels amid managed wind-down
Taylor Maritime Ltd - Guernsey, England-registered dry bulk shipping investor in managed wind-down - Sells three handysize vessels for USD48.6 million gross in cash, partly to a company controlled by Chief Executive Officer Edward Buttery. The sales are expected to be completed by the end of September, Taylor Maritime says, and the majority of the net proceeds will be returned to shareholders by means of a compulsory partial redemption of shares. Taylor Maritime has been conducting share redemptions since the start of the year as part of its managed wind-down. The sale of one of the three vessels, which are small-sized cargo ships, is to T3 Holding Ltd, a company controlled by CEO Buttery, while the sale of the other two vessels is to T3 and Hermes World Maritime SA, a third party unrelated to Taylor Maritime. Read More