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Highlights
- Taylor Maritime completed multiple vessel sales, generating combined gross proceeds of USD 87.6M.
- Net loss for Q3 FY26 was USD 20.8M, with adjusted EBITDA of USD 10.7M.
- Interim dividend of 2 US cents per ordinary share declared, payable 28 November 2025.
Taylor Maritime Limited (LSE:TMIP), the dry bulk shipping company, released its unaudited results for the quarter ended 30 September 2025. The company reported a Fleet Net Book Value (NBV) of USD 202.3M, zero bank debt, and other debt of USD 41.5M. Cash and cash equivalents stood at USD 139.2M, while other net assets amounted to USD 23.2M.
Charter revenue for the quarter was USD 31.1M, with net loss reported at USD 20.8M and earnings per share of USD 0.06. Adjusted EBITDA reached USD 10.7M, equivalent to USD 0.03 per share. Average Time Charter Equivalent (TCE) earnings per vessel were USD 13,066 per day.
Vessel Sales and Fleet Development
During the period, Taylor Maritime completed three previously announced vessel sales and one additional sale post-period, raising combined gross proceeds of c. USD 87.6M. Two further sales are expected to complete by December 2025 for combined gross proceeds of c. USD 41.1M. Additionally, the company agreed post-period on a Handysize vessel sale for USD 15.3M, a 2.6% premium to Fair Market Value.
Since the beginning of 2023, the company executed 50 vessel disposals, including 23 in 2025, at an average 3.0% discount to Fair Market Value, generating total expected proceeds of USD 822.2M.
At quarter-end, the owned fleet consisted of 11 Japanese-built vessels, with an average age of 10.8 years and 44.0k dwt capacity. Post announced sales, the fleet will reduce to seven vessels. The Fair Market Value of the fleet rose by 3.6% quarter-on-quarter to USD 207.6M.
Market Conditions and TCE Performance
Net charter revenue of USD 31.1M reflected fleet-wide TCE earnings of USD 13,066 per day, down from USD 14,210 per day in the prior year due to a smaller fleet. The Supra/Ultramax fleet underperformed its benchmark by USD 1,173 per day (-7.7%), while the Handysize fleet slightly outperformed by USD 35 per day (0.3%). The number of covered fleet ship days remaining for FY26 is 86%, with an average TCE of USD 14,026 per day.
Edward Buttery, CEO, commented:
"Further to our last quarterly trading update, we completed an additional three vessel sales during the period, and one post period, directly bolstering our cash position - as we prepaid all bank debt in July - and two more sales, already announced, will complete before the end of December. Post period, we agreed an opportunistic sale of a Handysize vessel at a healthy premium to its Fair Market Value. Our remaining fleet gives us a degree of optionality and exposure to the market and we remain focused on reducing costs in line with a smaller fleet. Given the large cash surplus, the Board will evaluate options for capital allocation towards the calendar year end, notwithstanding our commitment to maintaining the regular dividend."
Balance Sheet and Dividend
Cash and cash equivalents of USD 139.2M and other net assets of USD 23.2M supported the company’s strategic flexibility. Outstanding debt stood at USD 41.5M, entirely related to sale-leaseback agreements. Debt-to-gross-assets ratio was 10.6% (4.9% excluding a USD 22.4M purchase option).
An interim dividend of 2 US cents per ordinary share was declared, with payment scheduled for 28 November 2025. Shareholders may elect to receive dividends in GBP.
Dry Bulk Market Outlook
Following a soft H1 2025, freight rates strengthened with the Baltic Supramax Index (BSI) up 49% and Baltic Handysize Index (BHSI) up 23% quarter-on-quarter. Strong grain exports from South America and China-supported activity underpinned rates.
While second-hand vessel values improved, they remain below 2024 peaks. Despite geopolitical tensions and evolving US-China trade dynamics, supply constraints and fleet scrapping trends support a medium-term outlook for geared vessels. Newbuild ordering is down c. 71% year-to-date, indicating moderate fleet growth ahead.
Share performance
The company is currently trading at GBX 62.32, up by 0.3% from its previous close of GBX 62.40.
