LONDON: Taylor Maritime Limited reported a full-year loss of $78.6 million for the financial year ended 31 March 2025, widening from $53.5 million a year earlier, as weaker market sentiment and falling vessel values weighed on performance.
The Hong Kong-headquartered dry bulk shipping firm said asset revaluations accounted for $113.0 million in losses, reflecting a sharp decline in second-hand vessel prices following a mid-2024 peak.
Despite the broader market downturn, Taylor Maritime completed 11 vessel sales and agreed to sell 7 more, generating $303.7 million in gross proceeds. As a result, outstanding debt fell by $80.9 million to $247.1 million, representing a debt-to-gross assets ratio of 38.2%.
Net Asset Value (NAV) per Ordinary Share stood at $1.1142, with total NAV at $366.8 million. The Fleet comprised 29 vessels—20 Handysize and 9 Supramax/Ultramax—with a combined market value of $518 million and an average age of 11.2 years.
Average time charter equivalent (TCE) earnings were $12,599 per day, with both fleets outperforming benchmark indices by 13% and 14%, respectively.
NAV return per share was -16.6%, compared to -9.0% in the prior year. The company maintained its dividend policy, distributing $39.5 million including a special interim dividend, and declared further interim payouts for Q1 and Q2 2025.
Chair Henry Strutt said Taylor Maritime had made “significant strategic progress” including 100% ownership of Grindrod, corporate restructuring, and positioning to repay all bank debt by July 2025.
CEO Edward Buttery added the Group delivered “solid operating performance” and “preserved value” by capitalizing on short-term asset recoveries and maintaining a core fleet of high-quality, cash-generating vessels.