The London-listed, Hong Kong-based bulk shipping company Taylor Maritime has sold 50 vessels from its fleet since the beginning of 2023 as part of an extensive divestment program, including 23 units in the current year.
According to the company, the sales generated gross proceeds of around $822.2 million. Three sales were completed in the third quarter of 2025, one more after the balance sheet date. Two additional transactions with a total volume of $41.1 million are expected to follow by the end of the year. After the end of the quarter, a Handysize bulker was also sold at a premium of 2.6% on the market value.
Trio of bulkers sold in the last quarter
“Since our last quarterly report, we have completed three more ship sales, with another one taking place after the end of the quarter. This has strengthened our liquidity position – we repaid all bank debt in July,” explained CEO Edward Buttery. Two further previously announced sales are expected to be completed by the end of December.
Eleven units remain in the fleet
At the end of the quarter, the fleet comprised eleven bulkers with an average of 44,000 dtw and an average age of 10.8 years. Following the completion of the announced sales, seven units are to remain in the fleet in the medium term. During the quarter, Taylor Maritime generated charter revenues of $31.1 million at a Time Charter Equivalent (TCE) of approximately $13,066 per day and reported a quarterly loss of $20.8 million.
Cash and cash equivalents amounted to $139.2 million and all bank liabilities were repaid in full in July. The gearing ratio was 10.6 %.
According to Buttery, the high cash balance provides strategic flexibility. In view of a firmer market with rising freight rates, the company is examining options for the use of capital while maintaining the regular dividend.
Acquisition of Grindrod completed
In addition, Taylor Maritime completed the full acquisition of Grindrod Shipping late this summer. The shipping company, which previously operated independently, will now trade as “Taylor Maritime (SG) Pte Ltd.” as part of a brand unification. The operating unit Island View Shipping will remain under the umbrella of Taylor Maritime and will continue as one of the business units. With the completion of the integration, the name Grindrod Shipping has finally disappeared from the market.
