Taylor Martime wind down 'close to conclusion' as NAV falls

Taylor Maritime Ltd on Friday reported a decline in its net asset value during the September quarter, as it provided an update on its managed realisation strategy.

The Guernsey, England-registered dry bulk shipping investor said its net asset value fell to USD73.8 million at September 30 from USD122.2 million at June 30.

Cash and cash equivalents were USD28.2 million and other net liabilities stood at USD3.5 million at the end of the period, compared to USD44.7 million in cash and other net assets of USD15.2 million as at the end of June.

Chief Executive Officer Edward Buttery commented: "This quarter saw considerable progress with the company's managed realisation now close to conclusion. Having sold three further vessels and announced in early October a further USD45 million capital return to shareholders in November 2026, our focus over the coming months is to complete the final vessel disposal, manage costs, and return maximum value to shareholders."

The company said Friday that the redemption price for its USD45 million compulsory redemption is USD0.8119 per share. The transaction is its fourth capital distribution under the managed realisation strategy started in March.

The transaction will see 61% of Taylor's issued shares redeemed, equivalent to 55.4 million of its issued shares.

The company has completed seven vessel sales since March and announced capital returns of USD263.4 million.

Taylor Maritime shares closed down 1.9% at USD0.76 each in London on Friday. They are down 9.0% over the past 12-months.

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