United Maritime Corporation (the “Company” or “United”) (NASDAQ:
USEA), announced today 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.
About United Maritime Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. Including the newly delivered M/V Goodship, the Company
operates a fleet of 1 tanker vessel and 2 Capesize dry bulk
vessels.
Upon completion of the aforementioned
transactions and the previously announced acquisition of the M/V
Tradership, the Company's operating fleet will consist of 7 vessels
(1 LR2 tanker, 3 Capesize, 2 Kamsarmax, 1 Panamax), with an
aggregate cargo carrying capacity of 877,320 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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