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LONDON - Taylor Maritime Limited announced on Wednesday the sale of ten vessels for total gross proceeds of $176.3 million, representing an average 1.1% discount to Fair Market Value. Three of these vessel sales have already completed, with the remaining seven expected to finalize by December.
The shipping company also confirmed that nine previously announced vessel sales have completed for total gross proceeds of $137.3 million. Net proceeds from these sales, combined with existing cash reserves, have enabled Taylor Maritime to repay all outstanding bank debt in July 2025.
Since January 2023, Taylor Maritime has divested 49 vessels, including 22 during the 2025 calendar year, at an average 3.1% discount to Fair Market Value.
Following completion of the announced sales, the company’s owned fleet will consist of eight Japanese-built vessels. Taylor Maritime also maintains one vessel under a joint venture agreement and six chartered vessels.
"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," said Edward Buttery, Chief Executive Officer, in the press release statement. "Both steps were seen as key to defending shareholder value amidst market uncertainty."
The company cited concerns about potential downside in asset values due to forecasted acceleration of fleet growth and a slowing global economy as factors in its decision to sell vessels beyond what was required to meet its debt-free target.
Taylor Maritime stated that its vessel sales since January 2023 have preserved an estimated $82.0 million in shareholder value given subsequent declines in asset values.
The company will release its next quarterly trading update on July 25, 2025.
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