United Maritime Corp has entered into agreements with two unaffiliated third parties to purchase two Kamsarmax dry bulk vessels
The first vessel, a 2009-built 81,508-dwt bulk carrier, was built at Japan’s Universal Shipbuilding and will be renamed Cretansea. United Maritime expects to take possession at the end of April 2023, subject to the 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 will be renamed Oasea. Oasea will be delivered to United mid-April 2023.
The Seanergy Maritime spin-off expects to fund the combined purchase price of US$39M through a combination of cash on hand and proceeds from new credit facilities, which are currently being negotiated. This move is part of the company’s fleet growth strategy.
United Maritime chairman and chief executive Stamatis Tsantanis said, “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 US$63M upon full consummation of the purchase of the bare-boat transaction.”
“Our total recent investment in dry bulk will exceed US$98M in five vessels, as we strongly believe 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.”
United also announced it has entered into an 18-month bareboat charter agreement for a Japanese-built modern Panamax dry bulk vessel with an unaffiliated third party in Japan. The third party was not named.
United has advanced a down payment of US$3.5M on signing and will further pay US$3.5M upon delivery of the 78,173-dwt vessel to the unnamed company which is estimated to take place this month.
The vessel has a daily charter rate of US$7,300 over the charter period. The agreement includes an option for United Maritime to repurchase the ship for US$12.4M.
Despie the seasonal softening of the dry bulk market, the tanker owner believes the outlook remains strong, supported by all-time low orderbook and a gradually improving global economy.
This month, the company took delivery of 2005-built Capesize bulk carrier Goodship, a 177,536-dwt vessel built by Japan’s Mitsui Engineering & Shipbuilding. Goodship is chartered until June 2023, potentially extending until December 2023, at an index-linked rate.
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