Trading Update & Quarterly Results

Taylor Maritime Limited

24 July 2026

24 July 2026

Taylor Maritime Limited (the "Company")

Quarterly Results for the three-month period ended 30 June 2026 and Trading Update

Completion of $30m second compulsory redemption; announcement of $45m third compulsory redemption

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

Fleet Net Book Value (NBV)[1] at 30 June 2026	$83.7 million
Other Debt[2] at 30 June 2026	$21.5 million
Cash & Cash Equivalents at 30 June 2026	$44.7 million
Other Net Assets[3] at 30 June 2026	$15.2 million
Charter Revenue[4]	$9.0 million
Net Profit (Loss)	$1.5 million
Earnings per Share	$0.01
Adjusted EBITDA[5]	$2.9 million
Adjusted EBITDA per share	$0.02
Daily Time Charter Equivalent ("TCE") Earnings per Vessel	$13,433

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 Boardwith 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.

ENDS

For further information, please contact:  Taylor Maritime Limited  Edward Buttery   IR@taylormaritime.com Jefferies International Limited  Stuart Klein  Gaudi Le Roux +44 20 7029 8000  Panmure Liberum Limited Chris Clarke Nicholas How +44 20 3100 2190

The person responsible for arranging for the release of this announcement on behalf of the Company is Matt Falla, Company Secretary.

Notes to Editors

About the Company 

Taylor Maritime Limited is a shipping company listed under the equity shares (commercial companies) category of the Official List, with its shares trading on the Main Market of the London Stock Exchange since May 2021.  Between May 2021 and February 2025, the Company was listed under the closed-ended investment funds category of the Official List.  

The Company is pursuing a managed realisation of the Company's assets, prioritising the maximisation of proceeds from vessel sales and future returns of capital to shareholders, in tandem with an orderly winding down of the Company's operations.  The timing of disposals and subsequent returns of capital will be influenced by market conditions and commercial factors.

The Company, through its subsidiaries, currently has an owned fleet of 5 dry bulk vessels consisting of 4 Handysize vessels and 1 Ultramax vessel The ships are all employed on time charter.

For more information, please visit www.taylormaritime.com.

About Geared Vessels

Geared vessels are characterised by their own cargo loading equipment. The Handysize and Supra/Ultramax market segments are particularly attractive, given the flexibility, versatility and port accessibility of these vessels which carry necessity goods - principally food and products related to infrastructure building - ensuring broad diversification of fleet activity and stability of earnings through the cycle.

IMPORTANT NOTICE

The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

References to target dividend yields and returns are targets only and not profit forecasts and there can be no assurance that these will be achieved.

LEI: 213800FELXGYTYJBBG50

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