GLYFADA,
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
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
“We are pleased to announce the acquisition of the two Capesize bulkers by
“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
“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
Lastly, United has reached an agreement with the existing lender of the recently sold M/T Minoansea pursuant to which the
About
Upon completion of the acquisition of the M/V Tradership and the M/V Goodship, the Company's fleet will consist of four vessels, one LR2 tanker vessel and three Capesize dry bulk vessels, with an aggregate cargo carrying capacity of 635,422 dwt.
The Company is incorporated under the laws of the Republic of the
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
For further information please contact:
United Investor Relations
Tel: +30 213 0181 522
E-mail: ir@usea.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
Tel: (212) 661-7566
E-mail: usea@capitallink.com
Source:
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