United Maritime signs agreement to acquire three dry bulk vessels

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/