Tsantanis’ United Maritime ups 'targeted' offshore vessel investment

The US-listed spin-off of Capesize specialist Seanergy Maritime Holdings revealed in August last year it had acquired a minority stake in a Norway-based company formed to design and build a technically advanced and environmentally friendly energy construction vessel (ECV). At the time, United Maritime said it would commit up to US$8.5M to the project.

In a recent update during its Q1 earnings presentation, the owner disclosed its total committed capital has now increased to US$10.0M, equating to an approximately 30% stake in the ECV project.

The additional investment was financed through a US$2.0M short-term bridge loan provided by Seanergy Maritime. The loan is expected to be repaid with proceeds from the sale of 2004-built Capesize bulk carrier Gloriuship, which is scheduled for delivery to its new owners in June.

“This represents a key milestone in our broader strategy to diversify our earnings base beyond dry bulk,” said United Maritime chairman and chief executive Stamatis Tsantanis.

“The ECV project is uniquely positioned to benefit from rising demand in both traditional offshore energy and renewables, at a time when supply remains constrained,” he added.

At the time of its initial investment, United Maritime emphasised the offshore vessel market was entering a dynamic phase, marked by growing demand, an ageing global fleet, and a limited orderbook.

Mr Tsantanis joins a growing list of Greek shipowners expanding into the offshore space, alongside notable figures such as Evangelos Marinakis, Konstantinos Konstantakopoulos, John Dragnis and Semiramis Paliou.

Financial performance and market outlook

United Maritime reported net revenues of US$7.8M for the first quarter of 2025, down from US$10.6M in the same period last year. Net loss widened to US$4.5M, compared with US$1.3M in Q1 2024.

“While our financial performance was adversely impacted by the seasonally weak conditions in the dry bulk market, we remain encouraged by the positive medium and long-term outlook for the sector,” said Mr Tsantanis.

The company has secured approximately 79% of its available days for Q2 2025 at an average daily rate of US$16,835, expecting the full-quarter TCE to average around US$15,653.

Mr Tsantanis noted dry bulk charter rates have recovered meaningfully since March, following a seasonal slowdown in the first quarter. However, near-term market conditions remain soft, influenced by cautious economic sentiment and market volatility.

The Greek owner nonetheless characterised the long-term fundamentals as constructive, underpinned by limited fleet growth and sustained demand for key commodities

Upon completion of the Gloriuship sale, United Maritime will operate a fleet of seven bulk carriers with a combined cargo capacity of 750,758 dwt.