Taylor Maritime (LSE:TMIP) swung to a net loss of $1.7 million for the three months to 30 September, reversing the $1.5 million net profit recorded in the prior quarter, as the specialist dry bulk shipping company's managed wind-down nears completion.
Charter revenue fell to $6.0 million for the quarter, down from $9.0 million in the three months to 30 June, reflecting the shrinking fleet as vessels are progressively sold and proceeds returned to shareholders.
Net asset value dropped to $73.8 million, or 81.19 cents per share, at 30 September, down from $122.2 million, or 85.20 cents per share, at the end of June.
Cash and cash equivalents stood at $28.2 million at quarter-end, against outstanding debt of $21.2 million tied to a sale-leaseback agreement with a purchase option.
The company confirmed a fourth compulsory partial redemption of $45.0 million, to be paid on 26 October at 81.19 cents per share, taking total capital returned to shareholders since January to $263.4 million.
That follows a first redemption of $143.4 million in January, a second of $30.0 million in May and a third of $45.0 million in July, each at prices ranging from 94.41 cents to 85.83 cents per share as the wind-down has progressed.
Taylor Maritime said total distributions since its IPO in May 2021, including dividends and capital returns, will reach $1.23 per IPO share once the fourth redemption completes.
Since 1 July the company completed the sale of one Handysize vessel and exited a 50% stake in a joint venture owning two further Handysize vessels, generating combined gross proceeds of approximately $48.6 million.
Read more about Taylor Maritime Investments
- 06/10/26Taylor Maritime completes vessel sales, plans fourth capital return
- 01/09/26Taylor Maritime agrees $48.6m sale of three handysize vessels
- 24/07/26Taylor Maritime confirms $45m third redemption as wind-down advances
"This quarter saw considerable progress with the Company's managed realisation now close to conclusion," said chief executive Edward Buttery, adding that the focus "over the coming months is to complete the final vessel disposal, manage costs, and return maximum value to shareholders."
The company has agreed terms to sell the final vessel it owns outright for gross proceeds of $15.1 million, with completion expected in December.
A separate sale-leaseback vessel with a purchase option remains on charter until it expires in April 2027, with the board assessing the option value against potential exit costs.
Taylor Maritime said it expects to announce a further compulsory redemption in December, once the final vessel sale completes, after which it intends to present plans to cancel the listing of its shares.