Dry bulk shipping company Taylor Maritime has announced its results for the quarter ended September 30, 2025, highlighting the completion of further vessel sales and a slight recovery in asset values and charter earnings compared to the previous quarter.
During the period, the company completed three previously announced vessel sales, with an additional sale finalised post-period, generating combined gross proceeds of approximately $87.6 million.
Two more previously announced sales are expected to close by the end of December for a further $41.1 million. Post-period, Taylor Maritime also agreed to an opportunistic sale of a handysize vessel for $15.3 million.
These sales are part of a wider programme that has seen 50 disposals since early 2023.
Financially, the company generated charter revenue of $31.1 million for the quarter, resulting in average time charter equivalent (TCE) earnings of $13,066 per vessel per day, down from $14,210 in the same period last year due to a smaller operating fleet.
Taylor Maritime recorded a net loss of $20.8 million for the quarter, which included an $18.3 million impairment and loss on disposal of vessels. Adjusted EBITDA was $10.7 million.
At the end of the quarter, the owned fleet comprised 11 Japanese-built vessels, which will reduce to seven once announced sales are complete. The fair market value of the fleet increased by approximately 3.6 per cent quarter-on-quarter on a like-for-like basis.
After prepaying all bank debt in July, the company's outstanding debt stood at $41.5 million, comprising solely of financial liabilities under sale-leaseback agreements. Cash and cash equivalents were $139.2 million.
Edward Buttery, Taylor Maritime's Chief Executive Officer, commented that after negative sentiment early in the summer, the end of the quarter was strong, seeing asset values return towards March levels.
He noted the company remains comfortable with its sale programme and strategic position, focusing on cost reduction for its smaller fleet. The Board declared an interim dividend of two cents per share and will evaluate further capital allocation options towards the year-end.
