United Maritime Corporation (the “Company” or “United”) (NASDAQ:
USEA), announced today that it has successfully completed the
delivery of the 2008-built LR2 product tanker, M/T Minoansea, to
her new owners.
In addition, the Company has entered into
definitive agreements to acquire two Capesize vessels from Seanergy
Maritime Holdings Corp. (“Seanergy”), a related party of the
Company, for an aggregate purchase price of US$36.25 million. The
aggregate purchase price of the vessels was based on the average of
three independent broker valuations.
The first Capesize bulk carrier is the M/V
Tradership, with a cargo-carrying capacity of 176,925 dwt built in
2006 by Namura Shipbuilding in Japan. The vessel is chartered by a
major European charterer for a period until minimum June 2023 up to
maximum October 2023, at an index-linked rate. The second Capesize
bulk carrier is the M/V Goodship, with a cargo-carrying capacity of
177,536 dwt built in 2005 by Mitsui Engineering & Shipbuilding
in Japan. The vessel is chartered by an international charterer for
a period until minimum June 2023 up to maximum December 2023, at an
index-linked rate. The Company expects to take delivery of the
vessels in the first quarter of 2023, subject to the satisfaction
of certain customary closing conditions.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are pleased to announce the acquisition of
the two Capesize bulkers by United Maritime. The attractive
purchase price places United in a position to generate high returns
on investment without diluting our shareholders or increasing our
corporate leverage. In addition, the acquisition of the vessels
from Seanergy provides for an efficient transfer of ownership,
without disrupting the vessel’s commercial operations or the
existing time-charter agreements and most importantly, without
United incurring customary expenses associated with sale and
purchase transactions in shipping.
“We believe that the sale price achieved for the
M/T Minoansea was substantially accretive to shareholder value,
especially in view of the vessel’s age and the investment required
for its upcoming special-survey and ballast-water treatment system
installation. This vessel will be replaced with two high-quality
Japanese Capesize vessels, fitted with ballast water treatment
systems and maintained at what we believe to be above-industry
standards.
“Following the acquisition of the two Capesizes
and the payment of the special dividend the cash equivalents of the
Company are estimated in excess of $4.5 per share.
“We deem that the recent correction in the
prices of the larger dry bulk vessels, in combination with the
sector’s best supply fundamentals of the last 20 years, makes this
segment an attractive investment opportunity. Therefore, these
acquisitions are fully consistent with our strategy to pursue
counter-cyclical investments with a view to capitalise on the
upside and generate enhanced returns for our shareholders.”
Acquisition Specifics & Financing
Arrangements
The purchase of the M/V Tradership and the M/V
Goodship was made pursuant to the Company’s exercise of a right of
first offer granted to it by Seanergy for the sale of the latter’s
Capesize vessels, pursuant to an agreement entered into between the
Company and Seanergy on July 5, 2022. The acquisition was approved
by a special independent committee of the Company’s Board of
Directors.
Lastly, United has reached an agreement with the
existing lender of the recently sold M/T Minoansea pursuant to
which the US$15.2 million loan secured by this vessel will remain
available to fund part of the acquisition cost of the M/V
Tradership and the M/V Goodship under substantially the same terms.
The definitive documentation for such agreement is currently under
negotiation with the Company’s lender. The balance of the
acquisition price of the two Capesize vessels is expected to be
funded through cash on hand.
About United Maritime Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. As of today, the Company operates a fleet of one
tanker vessel and one dry bulk vessel.
Upon completion of the acquisition of the M/V
Tradership and the M/V Goodship, the Company's fleet will consist
of four vessels, one LR2 tanker vessel and three Capesize dry bulk
vessels, with an aggregate cargo carrying capacity of 635,422
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 crude oil, petroleum products, 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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