United Maritime signs agreement to acquire three dry bulk vessels
United Maritime Corp. has entered into a 12-month bareboat charter agreement for a Japanese-built modern Panamax dry bulk vessel with an unaffiliated third party in Japan. The bareboat charter agreement will commence in 3Q23 and includes a purchase option for United.
The company has also taken delivery of two previously announced Kamsarmax vessel acquisitions and has secured time charter (T/C) contracts for both ships that commenced upon the respective deliveries.
The recent Kamsarmax acquisitions and the down payment, paid on signing of the Panamax bareboat charter agreement, were funded through a combination of United’s cash reserves and proceeds from a sale and leaseback facility, with no equity offering or dilution of its shareholders to fund these transactions.
Stamatis Tsantanis, the company’s Chairman & Chief Executive Officer, stated:
“Following the recent, highly profitable sale of three of our tankers, we have re-grown our fleet by acquiring high-quality dry bulk carriers at attractive values. This re-growth of our fleet has been achieved without diluting our shareholders in funding these acquisitions.
“The new bareboat-in agreement for another modern Panamax vessel strengthens our presence in the sector further, without substantial capital outlay on its delivery, and provides a purchase option at the end of the bareboat period. Moreover, the delivery of two Kamsarmaxes and the prompt commencement of their charters is expected to generate approximately US$8 million in gross revenues by the end of the year.
“Based on our successful investment strategy and our balanced commercial approach, encompassing advantageous time charters at a combination of fixed and index-linked rates, we believe that United is optimally positioned to generate strong returns for its shareholders.”
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/12052023/united-maritime-signs-agreement-to-acquire-three-dry-bulk-vessels/
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