United Maritime expands ownership in energy construction vessel project

The US-listed spin-off of Seanergy Maritime Holdings disclosed in its Q3 2025 earnings report that it has increased its ownership in a Norway-based entity developing a “technologically and environmentally advanced ECV.”

The vessel, scheduled for delivery in May 2027, is being built in partnership with the founders of Wind Energy Construction and Norwind Offshore.

“We have significantly increased our investment in the project, becoming the largest individual shareholder, with total contributions of approximately US$12.8M to date,” said United Maritime chairman and chief executive Stamatis Tsantanis.

“We remain positive about the outlook of this project and its potential commercial extensions in what we believe is shaping up to be a favourable market environment for energy over the next years.”

Mr Tsantanis joins a growing group of Greek shipowners expanding into offshore vessels, alongside Evangelos Marinakis, Konstantinos Konstantakopoulos, John Dragnis and Semiramis Paliou.

AI investment

United Maritime has also made a US$0.5M preseed investment in a technology platform developing next-generation software for shipmanagement.

The platform applies AI tools to enhance communication and decision-making between vessels and shore offices, focusing on technical management and maintenance.

According to United, this “technical AI agent” aims to automate workflows, optimise performance through data analytics, and boost operational efficiency.

“While not material in size, this initiative supports significant potential gains in efficiency, automation and transparency across shipmanagement,” Mr Tsantanis added.

Return to profit

United Maritime returned to profit in Q3 2025, reporting net income of US$1.0M, compared with a net loss of US$0.9M a year earlier. Quarterly net revenue reached US$10.9M, slightly down from US$11.5M in 2024.

For the January–September 2025 period, the company posted a net loss of US$2.4M, compared with US$1.5M a year earlier, as revenue slipped to US$31.1M from US$34.6M.

“We delivered solid profitability in Q3 while continuing to optimise our fleet and balance sheet,” Mr Tsantanis said.

The company has divested from older tonnage, completing the profitable sale of two Capesize vessels, which released US$18.8M in liquidity after debt repayment.

United’s fleet now comprises five Panamax/Kamsarmax bulk carriers, built between 2009 and 2016.

The owner has also secured three time charters with “leading counterparties, maintaining full exposure to Panamax/Kamsarmax market strength.”

Mr Tsantanis noted that the Panamax market remains firm, supported by strong coal and grain flows, while renewed US-China trade momentum could sustain seasonal strength into Q1 2026.

The Panamax orderbook remains modest at around 14% of the existing fleet, while roughly 16% of the fleet is now older than 20 years, he added.