Taylor Maritime (LSE:TMIP), the specialist dry bulk shipping company, said it has completed the sale of three handysize vessels, generating gross proceeds of approximately $48.6 million.
The sale, first flagged on 1 September, is part of the company's managed realisation strategy, under which it is winding down its fleet and returning capital to shareholders.
Taylor Maritime said it is now in the process of disposing of the last vessel in its fleet, with a further update to follow.
Separately, the board said it intends to return a further $45 million to shareholders in November through a fourth partial compulsory redemption, following the $45 million returned in July.
That July redemption, paid at 85.83 cents per share, took total capital returned since the company's IPO to $218.4 million, equivalent to $1.10 per share.
The redemption price, timetable and other terms for the fourth return are expected to be announced alongside the company's quarterly trading update later this month.
