Taylor Maritime Investments (TMI) Trading Update summary

Vessel sales and financial position

• Ten new vessel sales announced for gross proceeds of $176.3 million, averaging a 1.1% discount to fair market value.

• Nine previously announced vessel sales completed, generating $137.3 million in gross proceeds.

• All outstanding bank debt has been fully repaid using sale proceeds and existing cash.

• Since January 2023, 40+ vessel divestments have averaged a 3.1% discount to fair market value.

• Estimated $82 million in shareholder value preserved due to timely asset sales amid declining values.

Fleet composition and operational outlook

• Post-sale, the owned fleet will consist of eight Japanese-built vessels, plus one JV vessel and six chartered-in vessels.

• Fleet is diversified across Handysize and Supra/Ultramax segments, focusing on necessity goods and infrastructure products.

• Ships are employed via a mix of time charter, voyage charter, and contracts of affreightment to optimize earnings.

• Management remains cautious due to potential downside in asset values from fleet growth and a slowing global economy.

• Ample liquidity is available to pursue opportunities and maintain the dividend policy.

Strategic direction and shareholder value

• Vessel sales executed at or near NAV, supporting shareholder value during market uncertainty.

• Debt-free status achieved ahead of schedule to protect against further asset value declines.

• Management expresses medium-term optimism for the dry bulk market despite near-term caution.

• Target dividend policy remains at 8 cents per annum, paid quarterly.

• Next quarterly trading update scheduled for 25 July 2025.