United Maritime Corp. has entered into a 12-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 3Q23 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, with no equity offering or dilution of its shareholders to fund these transactions.
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 US$8 million in gross revenues by the end of the year.
“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.”
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.