Taylor Maritime Limited, the specialist dry bulk shipping company, today announces its full year results for the financial year ended 31 March 2025.

Key Financial Highlights

·     Audited Net Asset Value (“NAV”) per Ordinary Share of $1.1142 and Total NAV of $366.8 million
·     Dividends paid in respect of the year amounted to 12 cents per Ordinary Share including a special interim dividend in respect of the period to 31 December 2024 of 4 cents per

Ordinary Share

·    The Company completed 11 vessel sales and agreed 7 more during the year generating a total of $303.7 million in gross proceeds
·    Outstanding debt reduced by $80.9 million to $247.1 million[1], representing a debt-to-gross assets ratio of 38.2%
·    As at 31 March 2025, the Fleet consisted of 29[2] vessels with a total market value of $518 million and an average age of 11.2 years
·     The Fleet generated average time charter equivalent (“TCE”) earnings of $12,599 per day for the year
·     Relative to benchmark indices[3], the Handysize fleet outperformed during the year by $1,315 per day (c.13%) and the Supra/Ultramax fleet outperformed by $1,775 per day (c.14%)
·      The Company made a loss of $78.6 million, including losses from revaluation of assets of $113.0 million

Commentary

·    The Company’s NAV return per Ordinary Share was -16.6% for the year ended 31 March 2025 (31 March 2024: -9.0%).  This reflects a softening market environment particularly in the second half of the year when the historical seasonal upswing did not materialise against a backdrop of expected incoming change of US trade policy and wavering optimism around the trajectory of inflation and interest rates
·    Despite market conditions, the Company continued to maintain its dividend policy and in aggregate distributed $39.5 million, declaring dividends of 12 cents per Ordinary Share in the financial year ended 31 March 2025 (31 March 2024: 8 cents).  In addition, the Company declared an interim dividend on 25 April 2025 of 2 cents per Ordinary Share in respect of the quarter ended 31 March 2025, which was paid on 30 May 2025, and today declared an interim dividend of 2 cents per Ordinary Share in respect of the quarter ended 30 June 2025, to be paid on 29 August 2025
·    The Group continued to make good progress on debt reduction on an absolute basis, and at 31 March 2025, on a non-IFRS look-through basis[4], the Group’s debt was $247.1 million (31 March 2024: $328.0 million), representing a debt-to-gross assets ratio of 38.2% (31 March 2024: 35.5%). With a strong balance sheet, the Group is positioned to be more resilient against continued market uncertainty in 2025, which may also bring with it opportunities
·    At 31 March 2025, the Fleet consisted of 29 vessels (31 March 2024: 39 vessels) with a total market value of $518 million (31 March 2024: $793 million). Of the 29 vessels, 20 are Handysize vessels and 9 are Supramax/Ultramax vessels. The Company took advantage of a short-term recovery in sentiment and asset values during the fourth quarter to proactively accelerate vessel sales in order to crystallise profits and lock-in value amidst anticipation of a more volatile 2025
·    For the year ended 31 March 2025, the Company made a loss of $78.6 million (31 March 2024: loss of $53.5 million), including losses from revaluation of assets of $113.0 million (31 March 2024: losses of $73.6 million), reflecting a decline in vessel values from the historically high levels observed in mid2024, as second-hand asset prices adjusted in response to softening freight markets and weakening sentiment in the latter part of the year

Commenting on the full year period, Henry Strutt, Independent Chair, said:

“The year has been marked by significant strategic progress whilst navigating considerable geopolitical and trade uncertainty.  The Company simplified its corporate structure after successfully gaining 100% ownership of Grindrod, transitioned to commercial company status and, with an acceleration of divestments toward the end of the period positioned itself to fully repay the Group’s bank debt in July 2025.  With a strengthened balance sheet, the Group is on a firm footing to weather ongoing market volatility while maintaining regular dividends to shareholders.”

Edward Buttery, Chief Executive Officer, added:

“Despite a general softening of market conditions from mid-period onwards, we delivered a solid operating performance and, once again, considerably outperformed our benchmark indices.  Meanwhile, we continued to opportunistically sell vessels through the year at times when values were firm and liquidity was good, generating healthy profits and preserving value.  Proceeds from these sales along with an ongoing focus on realising efficiencies, has enhanced our ability to navigate near-term market uncertainty and capitalise on opportunities, should they arise, while retaining a core fleet of high-quality, cash-generating assets.”
Source: Taylor Maritime Limited