Delivery of First Aframax Petroleum Tanker and Immediate Commencement of Pool Employment
August 11 2022 - 8:00AM
United Maritime Corporation (the “Company” or “United”) (NASDAQ:
USEA), announced today the delivery of the previously-announced
Aframax vessel acquisition, renamed M/T Parosea (the “Vessel”). The
Vessel is a 114,000-deadweight (“dwt”) crude oil tanker, built in
2006 at a reputable yard in South Korea. The M/T Parosea is the
first out of the 4-tanker fleet acquisition agreed by United in
July 2022.
The Vessel has entered an Aframax tanker pool,
operated by a leading international tanker operator.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are pleased with the prompt delivery of our
first tanker vessel and the concurrent commencement of its
employment in a prominent pool which tracks closely the spot
earnings of the tanker sector.
“We consider the timing of the delivery to be
optimal given the current earnings environment. The daily Time
Charter Equivalent of the Baltic Dirty Tanker Index (“BDTI”) for
Aframax stands currently in excess of $50,000 and the outlook
remains firmly positive.
“We look forward to the prompt deliveries of the
remaining three tankers which will further enhance the earning
capacity of United. We will continue to monitor the market for
accretive transactions aimed at strengthening our presence in the
tanker sector.”
About United Maritime Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. Upon delivery of its newly-acquired vessels, the
Company’s fleet will consist of four tanker vessels and one dry
bulk vessel with an aggregate cargo carrying capacity of
approximately 616,884 dwt.
The Company is incorporated under the laws of
the Republic of the Marshall Islands and has executive offices in
Glyfada, Greece. The Company's common shares trade on the Nasdaq
Capital Market under the symbol “USEA”.
Please visit the Company’s website at:
www.unitedmaritime.gr
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates, which are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, shipping
industry trends, including charter rates, vessel values and factors
affecting vessel supply and demand; the impact of changes in
regulatory requirements or actions taken by regulatory authorities
on the Company's operating or financial results; the Company's
financial condition and liquidity, including its ability to service
its indebtedness; competitive factors in the market in which the
Company operates; increased operating costs associated with vessel
aging; vessel damage; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
dependence on affiliates of the Company’s former parent and
third-party managers to operate the Company’s business;
availability of crew, number of off-hire days, classification
survey requirements and insurance costs; changes in the Company’s
relationships with contract counterparties; potential liability
from future litigation and incidents involving the Company’s
vessels; broader market impacts arising from war (or threatened
war) or international hostilities, such as between Russia and
Ukraine; risks associated with the length and severity of the
ongoing novel coronavirus (COVID-19) outbreak, including its
effects on demand for dry bulk products, other types of products
and the transportation thereof; and other factors listed from time
to time in the Company's filings with the SEC, including its
registration statement on Form 20-F. The Company's filings can be
obtained free of charge on the SEC's website at www.sec.gov. Except
to the extent required by law, the Company expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
For further information please contact:
United Investor RelationsTel: +30 213 0181 522E-mail:
ir@usea.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail: usea@capitallink.com
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