United Maritime Sells Its Last Tanker, Buys a Bulk Carrier
Greek shipping company United Maritime Corporation announced it has entered into an agreement with an unaffiliated third party for the sale of its remaining LR2 tanker vessel, the 2008-built 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 said it 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 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 Epanastasea. The company said it is in advanced discussions with the lender of the Epanastasea to roll over the $15 million loan secured by the Epanastasea to the 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 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 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 Epanastasea and the acquisition of the Exelixsea is expected to be approximately $18 million.
Stamatis Tsantanis, the United Maritime’s chairman and chief executive officer, said, “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.”
Upon completion of the aforementioned transactions and the previously announced acquisition of Synthesea, United Maritime's operating fleet will consist of eight vessels, including three Panamax, two Kamsarmax and three Capesize bulk carriers, with an aggregate cargo carrying capacity of 922,054 dwt.