Taylor Maritime has agreed to sell three Handysize vessels for an estimated gross cash consideration of $48.6 million as part of its ongoing asset realisation strategy.
The company disclosed that the disposals, which follow its managed wind-down plan outlined on March 20, are expected to be completed in the third quarter of this calendar year.
Under the first agreement, the company will dispose of a vessel for $15 million to a subsidiary of T3 Holding, an entity controlled by Taylor Maritime Chief Executive Officer Edward Buttery.
The transaction is valued at $13.7 million in the company's accounts as at March 31.
The second transaction involves the divestment of two bulk carriers for an estimated aggregate consideration of $33.6 million through the sale of equity in Lumina (MI).
Taylor Maritime will transfer a 49 per cent stake in the unit to Hermes World Maritime and the remaining 51 per cent interest to T3 Holding.
Following the completion of both transactions, the company will be left with a remaining fleet of two vessels, with income from the departing ships ceasing upon handover.
The company stated that the majority of net sale proceeds are expected to be returned to shareholders through a compulsory partial redemption of shares once working capital requirements are met.