Taylor Maritime Limited (LON: TMIP) has confirmed a fourth compulsory share redemption of $45.0m, at 81.19 US cents a share, effective on Monday. The dry bulk shipping company, listed in London since May 2021, is selling its ships and winding down.
A compulsory partial redemption means the company buys back some shares at a set price. This one covers 55,425,545 shares, priced at the net asset value (assets minus liabilities) per share at the 30th of September.
It lifts capital returned since January to $263.4m, and total distributions since the IPO to $1.23 per IPO share. No dividend is declared, following the change in dividend policy on the 24th of April.
The quarterly results to the 30th of September show why the redemptions matter. Net asset value fell to $73.8m from $122.2m at the 30th of June, mostly because capital was handed back, while the company made a small loss.
| Metric | 30 Sep 2026 | 30 Jun 2026 |
|---|---|---|
| Net asset value | $73.8m | $122.2m |
| NAV per share | 81.19 cents | 85.20 cents |
| Cash | $28.2m | $44.7m |
| Debt | $21.2m | $21.5m |
| Charter revenue, net of voyage costs | $6.0m | Not given |
| Net loss | $(1.7)m | Not given |
The debt relates to a sale-leaseback agreement, where a ship is sold and leased back with a right to buy it back.
Since the 1st of July the company completed three sale transactions: one Handysize vessel and its 50% stake in a joint venture owning two more. Gross proceeds were about $48.6m, of which $15m arrived before the quarter ended and the rest in October.
Terms are also agreed to sell the final owned vessel for $15.1m, completing in December. The sale-leaseback ship stays on charter until April 2027, and the board is assessing the option value and charter terms to find an efficient exit.
Chief Executive Officer Edward Buttery said the process is nearly done.
This quarter saw considerable progress with the Company’s managed realisation now close to conclusion.
Edward Buttery, Chief Executive Officer, Taylor Maritime
The company has made 55 disposals since the start of 2023, at an average 3.5% discount to estimated market value, for gross proceeds of $917.7m. It expects to have exited commercial shipping by the end of the year.
A further redemption is expected to be announced in December, pending completion of the final vessel sale. The board then intends to present plans to cancel the listing of the shares.