Taylor Maritime, the London-listed shipowner led by Ed Buttery, has confirmed the sale of 10 vessels, which will generate gross proceeds of $176.3 million, with three vessels already sold and the remaining seven expected to be sold by the end of the year.
Prior to this, Taylor Maritime had completed the sale of nine vessels, generating total proceeds of US$137.3 million, and had combined these proceeds with part of its cash reserves to repay all bank debt in full by July 2025.
Taylor Maritime has sold 49 vessels since the beginning of 2023, including 23 in 2025, at an average discount to fair market value of 3.1%.
Following the latest transaction, Taylor Maritime’s owned fleet will be reduced to eight dry bulk carriers, all built at Japanese shipyards, with one vessel operated through a joint venture and six leased vessels.
Ed Buttery said: “Our company has demonstrated its ability to profitably sell vessels at or near net asset value. Given forecasts for accelerated fleet growth in the near term and the backdrop of a slowing global economy, the company believes there is further downside to current asset values… Since January 2023, sales have retained approximately $82 million of value for shareholders.”
Despite his cautious outlook on the short-term market, Ed Buttery said that Taylor Maritime is well-positioned to seize opportunities and maintain its dividend with a stronger balance sheet and ample liquidity.