United Maritime Corporation (the “Company” or “United”) (NASDAQ:
USEA), announced today that it has entered into a twelve-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 the third quarter of 2023 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, as detailed below,
with no equity offering or dilution of its shareholders to fund
these transactions.
Bareboat Charter Agreement with a
Purchase Option
The Company entered into a twelve-month bareboat
charter agreement with an unaffiliated third party in Japan for a
2015-built eco Japanese Panamax dry-bulk vessel of 78,020 dwt.
Pursuant to the terms of the bareboat charter, United has advanced
a down payment of $3.5 million on signing and will further pay $3.5
million on delivery of the vessel to the Company, which is
estimated to take place between July and October 2023, and a daily
bareboat rate of $8,000 over the period of the bareboat charter. At
the end of the 12-month bareboat period, United has an option to
purchase the Vessel for $17.1 million.
Vessel Deliveries & Time
Charters
The first vessel was built in 2009 at Universal
Shipbuilding in Japan, has a cargo-carrying capacity of 81,508 dwt
and was renamed M/V Cretansea.
M/V Cretansea has been fixed on a T/C for a
period of about twelve (12) to about fourteen (14) months with a
multinational commodity trading company. The daily hire is
index-linked, at a premium over the Baltic Panamax Index (“BPI”).
United has the option to convert the daily hire to fixed for a
period of minimum one (1) to maximum six (6) months based on the
prevailing Panamax Freight Futures Agreements (“FFA”) curve.
The second vessel was built in 2010 at Tsuneishi
Zhoushan Shipbuilding, has a cargo-carrying capacity of 82,217 dwt
and was renamed M/V Oasea.
M/V Oasea has been fixed on a time charter
(“T/C”) for a period of minimum eleven (11) to about fourteen (14)
months with a major European operator. The daily rate is
index-linked, based on the BPI and includes a one-time ballast
bonus. United has the option to convert the daily hire from
index-linked to fixed for a period of minimum two (2) to maximum
eleven (11) months based on the prevailing Panamax FFA curve.
Vessel Financing
The combined acquisition price of the two
Kamsarmaxes of $39.2 million has been funded through a combination
of cash on hand and proceeds from a new $24.5 million sale and
leaseback facility provided by a European lessor. The vessels were
sold and chartered back on a bareboat basis for a five-year period.
The monthly bareboat payments for both vessels amount to $195,000,
while the Company has the obligation to repurchase the vessels at
the end of the bareboat period for a combined price of $12.8
million.
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 $8 million in gross revenues by the end of the
year1.
“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.”
Current Company
Fleet:
Vessel Name |
Sector |
Capacity (DWT) |
Year Built |
Yard |
Employment Type |
Minimum T/C expiration |
Maximum T/C expiration |
Gloriuship |
Dry Bulk / Capesize |
171,314 |
2004 |
Hyundai |
T/C Index Linked |
Feb-24 |
Jun-24 |
Goodship |
Dry Bulk / Capesize |
177,536 |
2005 |
Mitsui |
T/C Index Linked |
Jun-23 |
Dec-23 |
Tradership |
Dry Bulk / Capesize |
176,925 |
2006 |
Namura |
T/C Index Linked |
Aug-24 |
Jan-25 |
Oasea |
Dry Bulk / Kamsarmax |
82,217 |
2010 |
Tsuneishi |
T/C Index Linked |
Mar-24 |
Jul-24 |
Cretansea |
Dry Bulk / Kamsarmax |
81,508 |
2009 |
Universal |
T/C Index Linked |
Apr-24 |
Jul-24 |
Chrisea |
Dry Bulk / Panamax |
78,173 |
2013 |
Shin Kurushima |
T/C Index Linked |
Feb-24 |
Jun-24 |
Epanastasea |
Tanker / LR2 |
109,647 |
2008 |
Dalian |
Fixed Rate T/C |
Sep-23 |
Nov-23 |
TBR |
Dry Bulk / Panamax |
78,020 |
2015 |
Japan |
TBA |
TBA |
TBA |
Total/Average age |
|
955,340 |
14.3 years |
|
|
|
|
________________________________1 Based on the
current levels of the FFA curve as of April 28, 2023, averaging at
approximately $16,447/ day for the period of May 1st until December
31st of 2023
About United Maritime
Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. Upon the delivery of the aforementioned Panamax vessel,
the Company will operate a fleet of 1 tanker vessel, 3 Capesize, 2
Kamsarmax and 2 Panamax dry bulk vessels, with an aggregate cargo
carrying capacity of 955,340 dwt.
The Company is incorporated under the laws of
the Republic of the Marshall Islands and has executive offices in
Glyfada, Greece. The Company's common shares trade on the Nasdaq
Capital Market under the symbol “USEA”.
Please visit the Company’s website at:
www.unitedmaritime.gr
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates, which are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, shipping
industry trends, including charter rates, vessel values and factors
affecting vessel supply and demand; the impact of changes in
regulatory requirements or actions taken by regulatory authorities
on the Company's operating or financial results; the Company's
financial condition and liquidity, including its ability to service
its indebtedness; competitive factors in the market in which the
Company operates; increased operating costs associated with vessel
aging; vessel damage; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
dependence on affiliates of the Company’s former parent and
third-party managers to operate the Company’s business;
availability of crew, number of off hire days, classification
survey requirements and insurance costs; changes in the Company’s
relationships with contract counterparties; potential liability
from future litigation and incidents involving the Company’s
vessels; broader market impacts arising from war (or threatened
war) or international hostilities, such as between Russia and
Ukraine; risks associated with the length and severity of the
ongoing novel coronavirus (COVID-19) outbreak, including its
effects on demand for crude oil, petroleum products, dry bulk
products, other types of products and the transportation thereof;
and other factors listed from time to time in the Company's filings
with the SEC, including its registration statement on Form 20-F.
The Company's filings can be obtained free of charge on the SEC's
website at www.sec.gov. Except to the extent required by law, the
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact: United
Investor RelationsTel: +30 213 0181 522E-mail: ir@usea.grCapital
Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New York, NY
10169Tel: (212) 661-7566E-mail: usea@capitallink.com
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