Taylor Maritime announced on July 17 that it has confirmed ten new vessel sales for combined gross proceeds of $176.3 million. The company also stated that it has now repaid all of its outstanding bank debt.
Three of the ten newly announced sales have been completed, with the remaining seven expected to complete by December this year. This follows the completion of nine previously announced vessel sales for total gross proceeds of $137.3 million. Net proceeds from those sales were used to prepay all outstanding bank debt in July 2025.
Since January 2023, the company has divested a total of 49 vessels. Following the completion of the latest sales, the owned fleet will comprise eight Japanese-built vessels, with one vessel in a joint venture and six chartered-in.
Edward Buttery, the company's Chief Executive Officer, stated that the vessel sales were made to protect against a potential further downside in asset values given forecasts of near-term fleet growth. He added that the company now has ample liquidity to act on possible opportunities while maintaining its dividend.