16th Jul 2025 13:20
(Alliance News) - Taylor Maritime Ltd on Wednesday said it has sold ten new vessels for a combined total of USD176.3 million, at an average 1.1% discount to fair market value.
The Guernsey, England-based shipping investor said three vessel sales have completed to date, with the remaining seven expected to complete by December.
Taylor Maritime added that nine previously-announced vessel sales have also now completed for a total of USD137.3 million. Proceeds, alongside some existing cash, have been allocated to the prepayment of all outstanding bank debt.
The company's fleet now consists of eight Japanese-built vessels, with one under a joint venture agreement and six vessels in its chartered-in fleet. Since January 2023, it has disposed of 49 vessels, 22 of which have been during 2025, averaging a 3.1% discount to fair market value.
"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," said Chief Executive Officer Edward Buttery.
"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 USD82.0 million of value for our shareholders given a subsequent decline in asset values."
Shares in Taylor Maritime were flat at USD0.87 in London on Wednesday afternoon. The stock is down 16% over the past year.
CEO Buttery continued: "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."
Taylor Maritime will release its next quarterly trading update on July 25.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Taylor MaritimTaylor Maritim