Taylor Maritime sells final bulker for $15.1m as London exit looms
The $15.1m deal completes a three-year disposal programme that has raised nearly $933m for shareholders.
Taylor Maritime, the London-listed dry bulk shipping company, has reached an agreement to sell its last owned bulk carrier for $15.1 million, marking the 56th vessel disposal in its ongoing fleet wind-down. The sale is expected to finalise in December, bringing the company’s three-year divestment programme to a close.
Since the start of 2023, Taylor Maritime has sold 55 vessels, generating $917.7 million in gross proceeds. The latest transaction will push total proceeds to approximately $932.8 million, with the company achieving an average discount of 3.5% below fair market value across its sales.
Fleet reduction nears final stages: Taylor Maritime
Earlier this month, the company completed three handysize vessel disposals, raising $48.6 million. These deals included transactions with T3 Holding, a private entity controlled by CEO Ed Buttery, which acquired one vessel outright and secured a majority stake in a company holding two additional handysize ships alongside Hermes World Maritime.
While the latest sale removes Taylor Maritime’s last owned vessel from its books, one ship remains under a sale-and-leaseback arrangement with a purchase option, set to expire in April 2027. The company is evaluating the most efficient exit strategy for this remaining contract as it prepares to end all commercial shipping operations by the close of 2026.
Shareholder returns and delisting plans
Taylor Maritime has confirmed a fourth capital return of $45 million to shareholders, effective from October 26, with payments expected around November 9. The redemption covers roughly 61% of issued shares at $0.8119 per share, totalling approximately 55.43 million shares. Shares will be cancelled upon redemption, and remaining shares will trade under a new international securities identification number from October 27, though the company’s trading symbols (TMI and TMIP) will remain unchanged.
The $45 million distribution brings total capital returns to shareholders since January to $263.4 million. A further redemption is expected in December, contingent on the completion of the final vessel sale.
Taylor Maritime, which listed on the London Stock Exchange in May 2021, expanded its fleet to over 50 vessels following the acquisition of Grindrod Shipping. However, in March this year, the company adopted a managed realisation strategy, prioritising asset sales and shareholder returns over continued fleet operations. The board now intends to propose the cancellation of its London listing once the wind-down is complete.
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