Shipping Telegraph Taylor Maritime confirms 10 new ship sales for $176.3m

London Stock Exchange-listed dry bulk shipowner Taylor Maritime Limited has confirmed the sale of ten new vessels for total gross proceeds of $176.3m, at an average 1.1% discount to fair market value. 

The Guernsey, England-based shipping company 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 total gross proceeds of $137.3m. 

Net proceeds from these sales, combined with a portion of existing cash on the balance sheet, have been applied to the prepayment of all outstanding bank debt in July 2025, according to the company’s announcement.

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.

Following the latest transactions, the company’s owned fleet will comprise of eight Japanese-built vessels. 

The shipowner also has one vessel under joint venture agreement and 6 vessels in its chartered in fleet.

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.”