Taylor Maritime, a London-listed bulker owner, has announced that it will cease trading once it completes the sale of its remaining assets and returns the proceeds to shareholders.
Background
The company, led by Ed Buttery, has been preparing its accounts on a non-going concern basis following the decision to pursue an orderly wind-down. Taylor Maritime listed in London in May 2021 and has been one of the most active sellers in the geared bulk segment, steadily reducing its exposure in a firm secondhand market.
Vessel Sales
The company’s owned fleet has been cut from over 50 vessels to five Japanese-built bulkers, comprising four handysizes and one ultramax. All five ships are employed on time charter. During the financial year, Taylor Maritime sold 23 vessels for $381.1m, at an average discount of 2.8% to fair market value.
- Disposal of 51 ships since the start of 2023, generating $839.2m
- A further vessel sale and the disposal of a 50% stake in a shipowning joint venture have taken the tally to 53 deals and proceeds close to $900m
Financial Implications
Taylor Maritime has repaid all bank debt, leaving $41.5m of liabilities linked to sale-and-leaseback arrangements at the end of March. A third capital return of $45m is due this month, taking the amount handed back to shareholders since the managed realisation process began to $218.4m.