Thursday, March 30, 2023
HomeDry CargoUnited Maritime: Acquisition of Three Dry Bulk Vessels


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United Maritime: Acquisition of Three Dry Bulk Vessels

United Maritime Corporation, announced that pursuant to its fleet growth strategy, it has entered into agreements with two unaffiliated third parties to purchase two high quality Kamsarmax dry bulk vessels, with prompt deliveries.

The Company also announced that it has entered into a bareboat charter agreement for one Japanese-built modern Panamax dry bulk vessel with an unaffiliated third party in Japan. The bareboat charter agreement includes a purchase option for United.

Acquisition of Two Kamsarmax Dry Bulk Vessels

The first vessel was built in 2009 at Universal Shipbuilding in Japan, has a cargo-carrying capacity of 81,508 dwt and shall be renamed M/V Cretansea. The vessel is expected to be delivered to United by the end of April 2023, subject to satisfaction of certain customary closing conditions.

The second vessel was built in 2010 at Tsuneishi Zhoushan Shipbuilding, has a cargo-carrying capacity of 82,217 dwt and shall be renamed M/V Oasea. The vessel is expected to be delivered to United by mid-April 2023, subject to satisfaction of certain customary closing conditions.

The Company expects to fund the combined purchase price of $39.2 million through a combination of cash on hand and proceeds from new credit facilities which are currently being negotiated.

Bareboat Charter Agreement with a Purchase Option

The Company entered into an eighteen-month, bareboat charter agreement with an unaffiliated third party for a 2013-built Japanese Panamax dry-bulk vessel of 78,173 dwt. Pursuant to the terms of the bareboat charter, United has advanced a down payment of $3.5 million on signing and will further pay $3.5 million on delivery of the vessel to the Company which is estimated to take place within February 2023 and a daily charter rate of $7,300 over the period of the bareboat charter. At the end of the 18-month bareboat period, United has an option to repurchase the Vessel for $12.36 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“Following our recent highly-profitable sale of three of our tankers, we are further expanding United’s fleet with the addition of these three vessels, an investment of approximately $63 million upon full consummation of the purchase of the bare-boat transaction.

Our total recent investment in dry bulk will exceed $98 million in five vessels, as we strongly believe that it is the right time to invest in the particular sector. The attractive values of the acquired ships is intended to place United in a position to generate high returns with moderate leverage from an investment funded without diluting our shareholders.

Notwithstanding the seasonal softening of the dry bulk market, the outlook remains strong, supported by all-time low orderbook and the gradually improving global economy. Therefore, these transactions are consistent with our diversified business model, focused on attractive opportunities in sectors with strong fundamentals and upside potential.”

Other Fleet Updates

On February 10, 2023, the Company took delivery of the M/V Goodship, a Capesize dry bulk vessel of 177,536 dwt built in 2005 by Mitsui Engineering & Shipbuilding in Japan. As previously announced, 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 acquisition of the M/V Goodship was financed by cash on hand and secures an existing loan facility of the Company.

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