London-listed Taylor Maritime has confirmed the sale of ten more vessels, bringing in gross proceeds of $176.3m.
The Ed Buttery-led bulker owner said that three of the sales have closed, with the other seven expected to wrap up before year-end.
Taylor Maritime also completed nine previously disclosed vessel sales, which raised $137.3m in gross proceeds. The company has used this, alongside some cash on hand, to fully repay its outstanding bank debt as of July 2025.
Since the beginning of 2023, Taylor Maritime has offloaded 49 vessels, including 22 this year, at an average discount of 3.1% compared to fair market value.
Following the latest transactions, the company’s owned fleet will be trimmed down to eight Japanese-built dry bulkers. Taylor Maritime also maintains one vessel under a joint venture and charters in another six.
Buttery said the vessel sales and debt payoff were both aimed at shielding shareholder value during a softening market.
“We have demonstrated our ability to sell vessels profitably, at prices close to or at NAV,” Buttery said, adding: “We believe there is potential for further downside in asset values from current levels given forecasts of an acceleration of fleet growth in the near-term and the backdrop of a slowing global economy… In all, our sales since January 2023 have preserved an estimated $82m of value for our shareholders.”
Despite caution over the near-term market outlook, Buttery said the company is well-positioned to act on opportunities and maintain dividends, now that it has a stronger balance sheet and ample liquidity.
