Trading Update - Vessel Sales & Bank Debt

Bank debt now repaid in full

The Company today confirms ten new vessel sales for combined gross proceeds of $176.3 million, representing an average 1.1% discount to Fair Market Value[1]. Three vessel sales have completed with the remaining seven vessels expected to complete by December this year.

Nine previously announced vessel sales have now completed for total gross proceeds of $137.3 million. Net proceeds from these sales, plus a portion of existing cash on the balance sheet, have been applied to the prepayment of all outstanding bank debt in July 2025.

Since January 2023, there have been 49[2] vessel divestments, including 22 during the 2025 calendar year, averaging a 3.1% discount to Fair Market Value.

Following the completion of the announced sales, the owned fleet will comprise eight Japanese-built vessels. The Company also has one vessel under JV agreement and 6 vessels in its chartered in fleet.

The Company will release its next quarterly trading update on 25 July 2025.

Edward Buttery, Chief Executive Officer, said:

"We have demonstrated our ability to sell vessels profitably, at prices close to or at NAV, and have now paid off all our bank debt. Both steps were seen as key to defending shareholder value amidst market uncertainty. 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. We have therefore sold vessels to realise proceeds in excess of requirement to meet our debt-free target in order to protect against this potential downside. In all, our sales since January 2023 have preserved an estimated $82.0 million of value for our shareholders given a subsequent decline in asset values. We remain cautious but positive that there is upside in the medium term outlook for the dry bulk market overall and we now have ample liquidity at our disposal to act quickly on possible opportunities, should they arise, whilst in a position to maintain our dividend."

For further information, please contact: Taylor Maritime Limited Edward Buttery Kael O'Sullivan IR@taylormartitime.com Jefferies International Limited Stuart Klein Gaudi Le Roux +44 20 7029 8000

About Geared Vessels

[1] Discount calculated to 31 March 2025 Fair Market Values for sales agreed before 30 June 2025 and calculated to 30 June 2025 Fair Market Values for sales agreed after 30 June 2025

[2] Including completed and agree sales