United Maritime Completes Tanker Sale & Acquisition of Two Capesize Bulkers

Source: www.gulfoilandgas.com 1/3/2023, Location: Europe

United Maritime Corporation has successfully completed the delivery of the 2008-built LR2 product tanker, M/T Minoansea, to her new owners. In addition, the Company has entered into definitive agreements to acquire two Capesize vessels from Seanergy Maritime Holdings Corp. (“Seanergy”), a related party of the Company, for an aggregate purchase price of US$36.25 million. The aggregate purchase price of the vessels was based on the average of three independent broker valuations.

The first Capesize bulk carrier is the M/V Tradership, with a cargo-carrying capacity of 176,925 dwt built in 2006 by Namura Shipbuilding in Japan. The vessel is chartered by a major European charterer for a period until minimum June 2023 up to maximum October 2023, at an index-linked rate. The second Capesize bulk carrier is the M/V Goodship, with a cargo-carrying capacity of 177,536 dwt built in 2005 by Mitsui Engineering & Shipbuilding in Japan. The vessel is chartered by an international charterer for a period until minimum June 2023 up to maximum December 2023, at an index-linked rate. The Company expects to take delivery of the vessels in the first quarter of 2023, subject to the satisfaction of certain customary closing conditions.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are pleased to announce the acquisition of the two Capesize bulkers by United Maritime. The attractive purchase price places United in a position to generate high returns on investment without diluting our shareholders or increasing our corporate leverage. In addition, the acquisition of the vessels from Seanergy provides for an efficient transfer of ownership, without disrupting the vessel’s commercial operations or the existing time-charter agreements and most importantly, without United incurring customary expenses associated with sale and purchase transactions in shipping.

“We believe that the sale price achieved for the M/T Minoansea was substantially accretive to shareholder value, especially in view of the vessel’s age and the investment required for its upcoming special-survey and ballast-water treatment system installation. This vessel will be replaced with two high-quality Japanese Capesize vessels, fitted with ballast water treatment systems and maintained at what we believe to be above-industry standards.

“Following the acquisition of the two Capesizes and the payment of the special dividend the cash equivalents of the Company are estimated in excess of $4.5 per share.

“We deem that the recent correction in the prices of the larger dry bulk vessels, in combination with the sector’s best supply fundamentals of the last 20 years, makes this segment an attractive investment opportunity. Therefore, these acquisitions are fully consistent with our strategy to pursue counter-cyclical investments with a view to capitalise on the upside and generate enhanced returns for our shareholders.”

Acquisition Specifics & Financing Arrangements
The purchase of the M/V Tradership and the M/V Goodship was made pursuant to the Company’s exercise of a right of first offer granted to it by Seanergy for the sale of the latter’s Capesize vessels, pursuant to an agreement entered into between the Company and Seanergy on July 5, 2022. The acquisition was approved by a special independent committee of the Company’s Board of Directors.

Lastly, United has reached an agreement with the existing lender of the recently sold M/T Minoansea pursuant to which the US$15.2 million loan secured by this vessel will remain available to fund part of the acquisition cost of the M/V Tradership and the M/V Goodship under substantially the same terms. The definitive documentation for such agreement is currently under negotiation with the Company’s lender. The balance of the acquisition price of the two Capesize vessels is expected to be funded through cash on hand.

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