Trading Update & Quarterly Results

One vessel and one JV vessel divested generating net proceeds of $28.0 million

Focused and responsible cost management for remaining vessels and platform

Managed realisation strategy and wind-down progressing - targeting NAV to be substantially returned by calendar year end

Taylor Maritime Limited, the specialist dry bulk shipping company, today announces its unaudited financial and operating results for the quarter ended 30 June 2026.

Financial & Operational Highlights for the Quarter

Commenting on the trading update Edward Buttery, Chief Executive Officer, said:

"The Company's return of a further $45m to shareholders in July, after $30m was paid out in May, reflects the Board's focus on delivering a profitable return for shareholders and returning capital to shareholders as efficiently as possible. Noting the broad support of investors to the Board's managed wind-down strategy, we are working on divesting the five remaining vessels in the fleet and will update shareholders in due course. An important part of the process is the management of costs to maximise shareholder value and significant headway has been made since the start of the calendar year."

Third Compulsory Redemption

• On 9 July 2026 the Board confirmed details of the Company's third capital distribution totalling $45.0 million by way of a compulsory partial redemption of shares at a price of 85.83 cents per share. The amount to be applied to the compulsory redemption and the redemption price per share have been determined by the Board with reference to the 31 March 2026 Net Asset Value published on 24 April 2026 and will be paid on or around 24 July 2026
• The July 2026 compulsory partial redemption brings the total amount of capital returned to shareholders to $218.4 million
• Following the third compulsory partial redemption, $1.10 per share will have been returned since IPO
• Following the change in dividend policy announced on 24 April 2026, no additional dividend is declared

Vessel sales, fleet development and market value

• Two previously announced sale transactions completed during the period; the Company sold one Ultramax vessel and exited a 50% share in a joint venture owning another Ultramax vessel, generating combined net proceeds of $28.0 million
• The owned fleet comprised 5 Japanese-built vessels at quarter end with a current average age of 12.4 years and average carrying capacity of c.42.0 dwt
• The Fair Market Value of the fleet decreased quarter-on-quarter by c.5.5% on a like-for-like basis to c.$88.9 million
• Overall, the Company has executed 52 disposals since the beginning of 2023 at an average 3.1% discount to Fair Market Value. These sales will have generated total gross proceeds of $869.1 million. In 2024, the Company also completed the profitable acquisition of the Grindrod Shipping business.[6]

Operating results

• The Company generated net charter revenue of $9.0 million, equating to fleet-wide time charter equivalent ("TCE") earnings of $13,433 per day for the period (versus $37.3 million charter revenue and $11,284 per day TCE earnings for the equivalent period last year). The reduction in charter revenue was due to a smaller operating fleet, with TCE performance holding steady as the remaining period charters run off
• The Company recorded a net profit for the quarter of c.$1.5 million, or $0.01 net profit per share
• The Handysize and the Supra/Ultramax fleets underperformed their respective benchmark indices[7] by $1,478 per day (10.8%) and $1,073 per day (6.3%) due to existing long duration charters
• The Company's remaining fleet are all employed on time charter at an average TCE rate of $13,238 per day

Balance sheet

• The NAV as at the 30 June was $122.2 million or 85.20 cents per share (versus $154.3 million or 86.54 cents per share as at 31 March 2026)
• The Company's outstanding debt was $21.5 million as at 30 June 2026 (versus $39.7 million as at 31 March 2026) and relates to the financial liabilities under a sale-leaseback agreement with purchase option which will fall away upon expiry in April 2027
• Cash and cash equivalents were $44.7 million and other net assets stood at $15.2 million at the end of the period (versus $72.0 million and $11.4 million as at the end of March respectively)

Managed Realisation Strategy

• Significant reductions in overheads have been effected across all business divisions, with focus on the orderly cessation of shipping operations whilst maintaining the safe operation of the remaining vessels in the fleet
• Plans for a delisting of the Company's shares are to be presented to shareholders following the return of capital from the realisation of the remaining vessels in the fleet

Dry bulk market review and outlook

Charter markets remained firm, supported by strong cargo volumes, including a robust South American grain market. The direct impact of the Middle East situation for dry bulk has been limited to date, but longer-term risks remain should energy costs remain elevated, generating headwinds for minor bulk demand.

About Geared Vessels

[1] Classified as Assets held for sale in balance sheet; Fleet Fair Market Value at 30 June 2026 was $88.9 million

[2] Financial liabilities (excluding accrued interest) relating to a sale-leaseback transaction

[3] Includes Right-of-Use (ROU) assets, lease liabilities and other assets and liabilities

[4] Net of voyage expenses

[5] Excluding gain on disposal from vessel sales

[6] As announced on 25 October 2024, the Company's investment in Grindrod generated an overall profit of $49 million.

[7] The Company uses Baltic Handysize Index (BHSI-38) and Baltic Supramax Index (BSI-58) Time Charter Average (TCA) figures net of commissions and weighted according to the average dwt of the Group's Handysize and Supra/Ultramax fleets, respectively