United Maritime Announces Sale of its Remaining Tanker for a Substantial Profit

Source: www.gulfoilandgas.com 6/29/2023, Location: Europe

United Maritime Corporation has entered into an agreement with an unaffiliated third party for the sale of its remaining LR2 tanker vessel, the 2008-built M/T Epanastasea. The vessel is scheduled to be delivered to its new owner by mid-August 2023. The vessel’s gross sale price is $37.5 million, and the transaction is subject to customary closing procedures.

In addition, the Company has entered into an agreement to acquire a Panamax dry bulk vessel built in 2011 in Japan, with a cargo carrying capacity of 76,361 dwt and will be renamed M/V Exelixsea. The aggregate purchase price is $17.8 million and is expected to be funded with cash on hand, including the proceeds from the sale of the M/T Epanastasea. The Company is in advanced discussions with the lender of the M/T Epanastasea to roll over the $15.0 million loan secured by the M/T Epanastasea to the M/V Exelixsea under substantially the same terms. The vessel is expected to be delivered to the Company between August and October 2023.

The profit from the sale of the M/T Epanastasea is expected to be approximately $14.2 million and will be realized in the third quarter of 2023. The return on equity from the sale of the M/T Epanastasea is expected to be approximately 400% in the 10 months since the vessel’s delivery to the Company. In addition, the net cash surplus from the sale of the M/T Epanastasea and the acquisition of the M/V Exelixsea is expected to be approximately $18 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“The announced sale and acquisition transactions are a testament of our ability to generate significant profits for our shareholders. Since our initial public offering approximately one year ago, we have managed to execute a series of profitable transactions, reaching almost one million DWT, without diluting our shareholders. In addition, we have distributed $1.15 per share in cash dividends, which represents approximately 45% cash yield on our recent share price. “We remain committed to growing United through accretive and well-timed acquisitions aiming to enhance shareholder value.”


Germany >>  11/8/2024 - ITM Power is pleased to announce that we have signed our first contract to sell a NEPTUNE V unit to Guttroff GmbH, a private German company that provi...
India >>  11/8/2024 - The Board of Synergia Energy Limited (Synergia or the Company) is pleased to announce the following update on operations being conducted on its Cambay...

Norway >>  11/7/2024 - Equinor has signed an agreement to acquire Sval Energi’s 11.8% share in the Halten East Unit. With this acquisition, Equinor increases its ownership t...
United States >>  11/6/2024 - FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”) has announced that the Company has entered into an agreement to acquire the U.S. solar manufactu...

Thailand >>  11/5/2024 - Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura" or the "Company") is pleased to announce the completion of an internal restructuring of its Thai...
United Kingdom >>  11/5/2024 - The Board of Synergia Energy Limited (Synergia or the Company) is very pleased to announce that it has arranged funding for the initial development of...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.