United Maritime announces acquisition of three dry bulk vessels
Published by Jessica Casey,
Editor
Dry Bulk,
Pursuant to its fleet growth strategy, United Maritime Corporation has entered into agreements with two unaffiliated third parties to purchase two high quality kamsarmax dry bulk vessels, with prompt deliveries. The company has also entered into a bareboat charter agreement for one Japanese-built modern panamax dry bulk vessel with an unaffiliated third party in Japan. The bareboat charter agreement includes a purchase option for United.
Acquisition of two kamsarmax dry bulk vessels
The first vessel was built in 2009 at Universal Shipbuilding in Japan, has a cargo-carrying capacity of 81 508 DWT and shall be renamed M/V Cretansea. The vessel is expected to be delivered to United by the end of April 2023, subject to 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 shall be renamed M/V Oasea. The vessel is expected to be delivered to United by mid-April 2023, subject to satisfaction of certain customary closing conditions.
The company expects to fund the combined purchase price of US$39.2 million through a combination of cash on hand and proceeds from new credit facilities which are currently being negotiated.
Bareboat charter agreement with a purchase option
The company entered into an 18-month, bareboat charter agreement with an unaffiliated third party for a 2013-built Japanese Panamax dry-bulk vessel of 78 173 DWT. Pursuant to the terms of the bareboat charter, United has advanced a down payment of US$3.5 million on signing and will further pay US$3.5 million on delivery of the vessel to the company which is estimated to take place within February 2023 and a daily charter rate of US$7300 over the period of the bareboat charter. At the end of the 18-month bareboat period, United has an option to repurchase the Vessel for US$12.36 million.
Stamatis Tsantanis, the company’s Chairman and CEO, stated: “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$63 million upon full consummation of the purchase of the bare-boat transaction.
“Our total recent investment in dry bulk will exceed US$98 million in five vessels, as we strongly believe that 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.
“Notwithstanding the seasonal softening of the dry bulk market, the outlook remains strong, supported by all-time low orderbook and the gradually improving global economy. Therefore, these transactions are consistent with our diversified business model, focused on attractive opportunities in sectors with strong fundamentals and upside potential.”
Read the article online at: https://www.drybulkmagazine.com/shipping/24022023/united-maritime-announces-acquisition-of-three-dry-bulk-vessels/
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