Capital Return, Vessel Sale, Strategy Update
Taylor Maritime Limited announced its intention to conduct a second return of capital by way of a partial compulsory redemption of ordinary shares, aiming for a minimum of $30 million in Q2 2026, following a previous return of approximately $143.4 million in February 2026. This will be in addition to the planned quarterly dividend of 2.00 US cents per share, maintaining the full-year target of 8 cents per share. The company also completed the sale of a Handysize vessel for $17.0 million and will continue its strategy of managed asset realisations to maximise shareholder value, influenced by market conditions and commercial factors.
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Further to the return of approximately $143.4 million to shareholders in February 2026, the Board of Taylor Maritime Limited, the specialist dry bulk shipping company, is pleased to announce its intention to undertake a second return of capital of a minimum $30 million in Q2 2026 by way of a partial compulsory redemption of ordinary shares.
Details, including the total redemption amount, redemption price, timetable and other terms will be included in the Company's 31 March 2026 quarterly trading update, expected to be announced by the end of April 2026. The second return of capital will be made in addition to the planned regular quarterly dividend of 2.00 US cents per share for the period ending 31 March 2026, maintaining the dividend target for the financial year-ending 31 March 2026 of 8 cents per share. The Board is considering the Company's dividend policy for the next financial year and a further announcement will be made in due course.
Previously announced vessel sale completed
The previously agreed (and announced on 17 February 2026) sale of a Handysize vessel has now completed, generating gross proceeds of $17.0 million.
Future strategy and further returns of capital to shareholders
The Board has followed the strategy outlined in the interim report announced on 12 December 2025: to monitor the shipping market for risks as well as opportunities whilst maintaining flexibility as part of its considerations concerning the future strategic direction of the Company.
Having considered feedback from shareholders, ongoing macro-economic market volatility and the absence of suitable near-term investment opportunities, the Board believes that it is in shareholders' best interests to continue to pursue the managed realisation of the Company's assets. This will prioritise the maximisation of proceeds from vessel sales over time and present further opportunities for returns of capital to shareholders whilst maintaining sufficient working capital for the Company's operations.
A further update will be provided in due course.
Commenting on the realisation strategy, Henry Strutt, Chairman, said:
"After consideration, the Board has decided that the most appropriate way forward is to continue with asset realisations; pursuing a managed strategy to maximise value for shareholders. Whilst the Board and management team will seek to pursue this strategy in an efficient manner, the timing of disposals and subsequent returns of capital will be influenced by market conditions and commercial factors."
About Geared Vessels
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.