United Maritime Announces Sale of its Remaining Tanker for a Substantial Profit and Acquisition of a Panamax Vessel
29 Juni 2023 - 3:00PM
United Maritime Corporation (the “Company” or “United”) (NASDAQ:
USEA), announced that it has entered into an agreement with an
unaffiliated third party for the sale of its remaining LR2 tanker
vessel, the 2008-built M/T Epanastasea. The vessel is scheduled to
be delivered to its new owner by mid-August 2023. The vessel’s
gross sale price is $37.5 million, and the transaction is subject
to customary closing procedures.
In addition, the Company has entered into an
agreement to acquire a Panamax dry bulk vessel built in 2011 in
Japan, with a cargo carrying capacity of 76,361 dwt and will be
renamed M/V Exelixsea. The aggregate purchase price is $17.8
million and is expected to be funded with cash on hand, including
the proceeds from the sale of the M/T Epanastasea. The Company is
in advanced discussions with the lender of the M/T Epanastasea to
roll over the $15.0 million loan secured by the M/T Epanastasea to
the M/V Exelixsea under substantially the same terms. The vessel is
expected to be delivered to the Company between August and October
2023.
The profit from the sale of the M/T Epanastasea
is expected to be approximately $14.2 million and will be realized
in the third quarter of 2023. The return on equity from the sale of
the M/T Epanastasea is expected to be approximately 400% in the 10
months since the vessel’s delivery to the Company. In addition, the
net cash surplus from the sale of the M/T Epanastasea and the
acquisition of the M/V Exelixsea is expected to be approximately
$18 million.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“The announced sale and acquisition transactions
are a testament of our ability to generate significant profits for
our shareholders. Since our initial public offering approximately
one year ago, we have managed to execute a series of profitable
transactions, reaching almost one million DWT, without diluting our
shareholders. In addition, we have distributed $1.15 per share in
cash dividends, which represents approximately 45% cash yield on
our recent share price.
“We remain committed to growing United through
accretive and well-timed acquisitions aiming to enhance shareholder
value.”
About United Maritime
Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. The Company operates a fleet of one LR2 tanker vessel and
six dry bulk vessels, comprising one Panamax, two Kamsarmax and
three Capesize vessels. Upon completion of the aforementioned
transactions and the previously announced acquisition of M/V
Synthesea, the Company's operating fleet will consist of 8 vessels
(3 Panamax, 2 Kamsarmax and 3 Capesize), with an aggregate cargo
carrying capacity of 922,054 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 or to pay dividends; 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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