olivLaw · European equity research
Taylor Maritime Limited TMIP.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Taylor Maritime Limited is a dry bulk shipping company that, in the year ended 31 March 2026, moved to an orderly wind-down strategy. The company sold 23 vessels during the year, returning capital to shareholders, while net charter revenue fell to US$113.9 million from the prior year because of the smaller fleet.
At the close of 06 Nov 2026, Taylor Maritime Limited (TMIP.L) stock was 0.51 GBP (−0.39% on the day), with beta 0.02, 52-week range 0.49–0.69 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.9
- weak (30–45)
- Bollinger (20, 2)
- 0.48 – 0.62
- in the lower half of the band · %B 0.18 · band width 24.7%
- SMA 50 / 200
- 0.56 / 0.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.2% | −0.2% | −14.1 pp | — |
| 3 months | −9.6% | −5.4% | −4.2 pp | — |
| 6 months | −14.2% | +4.4% | −18.6 pp | — |
| Year to date | unavailable | +6.5% | unavailable | — |
| 1 year | −22.0% | +10.0% | −32.0 pp | +3.7% |
| 3 years | −39.4% | +48.6% | −88.0 pp | +24.5% |
| 5 years | −61.4% | +41.4% | −102.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | 0 | 150.2 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -53.5 m | -78.6 m | -46.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.16 | -0.24 | -0.15 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -30.7% |
| Free cash flow | 21.6 m | 42.1 m | 43.7 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 72.0 m USD
- Financial debt
- 41.5 m USD
- Net debt
- -30.5 m USD
- Equity
- 154.3 m USD
- Total assets
- 214.1 m USD
- Debt / equity
- 0.27x
- Current ratio
- 4.64x
- ROE
- -17.7%
- ROA
- -15.8%
- FCF margin
- 29.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 0 | 150.2 m | esef· 02 Sept 2026verified |
| Cost of revenue | — | 0 | 129.1 m | esef· 02 Sept 2026verified |
| Gross profit | — | 0 | 21.1 m | esef· 02 Sept 2026verified |
| Operating income | — | -78.3 m | -37.7 m | esef· 02 Sept 2026verified |
| Depreciation & amortisation | — | 387.0 k | 2.6 m | esef· 02 Sept 2026verified |
| EBITDA | — | -77.9 m ≈ | -35.1 m ≈ | esef· 02 Sept 2026derived |
| Interest expense | — | 0 | 10.3 m | esef· 02 Sept 2026verified |
| Pre-tax income | -53.3 m | -78.3 m | -44.4 m | esef· 02 Sept 2026verified |
| Income tax | 206.0 k | 352.0 k | 1.6 m | esef· 02 Sept 2026verified |
| Net income | -53.5 m | -78.6 m | -46.1 m | esef· 02 Sept 2026verified |
| Diluted EPS | -0.16 | -0.24 | -0.15 | esef· 02 Sept 2026verified |
| Dividend per share | 0.08 | 0.12 | 0.08 | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.8 m | 5.7 m | 72.0 m | esef· 02 Sept 2026verified |
| Receivables | 725.0 k | 545.0 k | 7.7 m | esef· 02 Sept 2026verified |
| Inventories | — | 0 | 381.0 k | esef· 02 Sept 2026verified |
| Current assets | 4.6 m | 6.2 m | 169.4 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 395.0 k | 95.0 k | 23.3 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 2.8 m | esef· 02 Sept 2026verified |
| Total assets | 488.4 m | 370.8 m | 214.1 m | esef· 02 Sept 2026verified |
| Accounts payable | 3.4 m | 4.0 m | 11.8 m | esef· 02 Sept 2026verified |
| Short-term debt | — | 0 | 19.9 m | esef· 02 Sept 2026verified |
| Long-term debt | — | 0 | 21.6 m | esef· 02 Sept 2026verified |
| Current liabilities | 3.4 m | 4.0 m | 36.5 m | esef· 02 Sept 2026verified |
| Total liabilities | — | 4.0 m | 59.8 m | esef· 02 Sept 2026verified |
| Equity | 485.0 m | 366.8 m | 154.3 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 329.9 m | 328.2 m | 304.5 m | esef· 02 Sept 2026derived |
Cash flow · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 21.8 m | 42.4 m | 43.8 m | esef· 02 Sept 2026verified |
| Capex | 158.0 k | 315.0 k | 61.0 k | esef· 02 Sept 2026verified |
| Free cash flow | 21.6 m ≈ | 42.1 m ≈ | 43.7 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -158.0 k | -315.0 k | 434.6 m | esef· 02 Sept 2026verified |
| Financing cash flow | -28.8 m | -40.1 m | -411.7 m | esef· 02 Sept 2026verified |
| Dividends paid | 26.4 m | 39.5 m | 26.4 m | esef· 02 Sept 2026verified |
| Share repurchases | 2.4 m | 627.0 k | 376.0 k | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.05 – 1.41 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)1.05 – 1.41 (Mid 1.21)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -13.1% | 13 (vs peers) | 33% |
| Net margin · Quality | -30.7% | 17 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.7x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 4.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 60.3% | 85 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality14/100 · 2/3 factors with a value
- Returns· partial85/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TAYLOR MARITIME LIMITED (TMIP.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 150.2 m USD in 2026; net margin -30.7%; ROE -17.7%.
The estimated value range is 1.05–1.41 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.6x
- Payout ratio (FCF): 60.3%
What contradicts it
- ROIC: -13.1%
- Net margin: -30.7%
- Interest coverage: -3.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +4% / +111% |
1- and 3-year price returns: for TMIP.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Taylor Maritime Limited is a dry bulk shipping company that, in the year ended 31 March 2026, moved to an orderly wind-down strategy. The company sold 23 vessels during the year, returning capital to shareholders, while net charter revenue fell to US$113.9 million from the prior year because of the smaller fleet.
SWOT
Strengths
- The balance sheet is strong, with no bank debt, substantial cash and a low debt-to-gross-assets ratio.
- Vessel sales were achieved close to fair market value, indicating disciplined execution.
- The fleet beat its index benchmarks, showing good operational execution even as scale was reduced.
Weaknesses
- The reduced fleet size sharply lowered total charter revenue.
- The year produced a significant net loss, influenced by one-off vessel impairments.
- The company no longer pursues growth or reinvestment, which limits its long-term prospects as an operator.
Opportunities
- Successive vessel sales could release additional capital for shareholders if prices stay near fair market value.
- Releasing capital could reduce structural costs as the group closes its operations.
- The purchase option on one vessel could yield a gain if it is exercised.
Threats
- A deterioration in the charter market could reduce rates and revenue from the remaining vessels.
- Emissions regulation and compliance costs could add pressure on older vessels.
- If sales are delayed or achieved at lower prices, distributions to shareholders could be affected.
Risks
- Realisation and pricing riskhigh
Vessel sales may be achieved below book value, as seen in the impairments recorded, which could reduce final realisation outcomes 1.
- Charter market riskmedium
Revenue from the remaining vessels depends on time charter rates, and a decline could affect cash flows until the realisation is complete 1.
- Sale and leaseback obligationsmedium
Liabilities under sale and leaseback arrangements, including the one tied to the purchase option expiring in April 2027, could become a burden if the option is not exercised 1.
- Restructuring provisionslow
Restructuring and onerous contract provisions could affect results and cash as the company winds down 1.
- Decarbonisation regulationlow
IMO negotiations on a net-zero framework remain unresolved, so future compliance costs for existing vessels are still uncertain 1.
Investment thesis
What would need to be true (bull case)
- If vessel sales continue close to fair market value and capital returns follow the timetable, shareholders could receive substantial distributions from the group's assets 1.
- A balance sheet with no bank debt and high cash gives solid liquidity support through the realisation period 1.
- The remaining fleet's operational performance, ahead of index benchmarks, shows commercial execution has held up despite the smaller scale 1.
What would break the thesis
- The net loss for the year and one-off impairments suggest vessel values may be lower than their book values 1.
- The reduced fleet and the decision not to pursue growth limit long-term revenue potential 1.
- If the charter market weakens or sales are delayed, planned distributions could turn out smaller than currently expected 1.
What to watch
- Completion of remaining vessel sales and the prices achieved relative to fair market value2026-2027
- Payment of the third partial compulsory redemption of US$45 million and any subsequent distributionsJuly 2026
- Decision on exercising the purchase option linked to the sale and leaseback arrangementApril 2027
- Progress of IMO net-zero framework negotiations ahead of MEPC 85December 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Taylor Maritime Limited operates in dry bulk shipping with Handysize and Supra/Ultramax vessels, mainly Japanese-built. In fiscal 2026 the group changed its model from an investment entity to a commercial shipping company with full IFRS consolidation 1. At 31 March 2026 the fleet comprised six vessels, and the group decided to realise its assets and return surplus capital to shareholders 1.
Revenue depends on time charter rates, expressed as TCE per day. In fiscal 2026 TCE was US$12,760 per day per vessel, slightly above the prior year, although total revenue fell with the smaller fleet 1. The company no longer pursues fleet growth or long-term reinvestment and is focused on disciplined execution of the realisation plan 1.
The balance sheet has strengthened substantially: all bank debt was repaid in July 2025, and at year end the group held sale and leaseback liabilities and a cash position supporting the realisation and capital returns 1. Operating cash flows stayed positive despite the net loss for the year, which included one-off vessel impairments 1.
Segments
Supra/Ultramax vessels
The Supra/Ultramax segment comprised two vessels with an average age of 9.1 years, which outperformed the Baltic Supramax benchmark 1. Their share of the fleet's fair value at year end was about 43% 1.
Charter operations and realisation
The remaining vessels are employed on time charters and are expected to be sold with their charters attached, and one vessel under sale and leaseback is subject to a purchase option extended to April 2027 1. The sales timetable depends on the secondhand vessel market and contractual terms 1.
Market context
The company operates in the dry bulk market, where charter rates and vessel values move cyclically, and it described a mixed freight market during fiscal 2026 1. Vessel disposals were achieved on average at a 2.8% discount to fair market value, indicating a relatively liquid sale market under the conditions faced 1.
Decarbonisation rules such as the IMO CII regime and inclusion in the EU ETS affect operating costs for shipowners. IMO negotiations on a net-zero framework remained unresolved, so their future cost impact is still uncertain 1.
Trends
- Orderly asset realisationmixed
The board chose an orderly wind-down, enabling capital returns including a third partial compulsory redemption announced in July 2026 1. This process could support value for shareholders if sales continue near fair market value 1.
- Stable charter ratesmixed
TCE rates remained broadly steady, which held up earnings on the remaining vessels, but the smaller fleet reduced total revenue 1. If the charter market weakens, margins on the remaining vessels could be affected.
- Strengthened balance sheettailwind
Full repayment of bank debt and a high cash balance reduce the group's financial risk during the realisation period 1.
- Emissions regulationheadwind
The CII, EU ETS and FuelEU regimes impose compliance costs and pressure on older, less efficient vessels, although the company states its fleet is compliant 1.
Competitive position
Taylor Maritime competes with other Handysize and Supramax dry bulk operators in global markets where charter rates are set by demand and vessel supply 1. The supplied sources do not name direct competitors, so the competitive position discussion relies on the benchmarks the company uses 1.
Group performance was compared with the Baltic Handysize and Baltic Supramax indices, where the fleet beat the respective index, suggesting relatively good operational execution 1. The performance edge is limited by the reduced scale of the fleet 1.
- Private dry bulk operators
The sources do not name competitors, but the market includes many dry bulk operators competing on charter rates.
- Other Handysize vessel owners
Competition comes from operators offering similar capacity on the same routes, with no name given in the official source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202521 Aug 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Taylor Maritime Limited · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.