GLYFADA,
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
Vessel Deliveries &
The first vessel was built in 2009 at Universal Shipbuilding in
M/V Cretansea has been fixed on a
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
“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
“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:
Sector | Capacity (DWT) | Year Built | Yard | Employment Type | Minimum | Maximum | |
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 | 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 | T/C Index Linked | Feb-24 | Jun-24 | |
Epanastasea | Tanker / LR2 | 109,647 | 2008 | Fixed Rate T/C | Sep-23 | Nov-23 | |
TBR | Dry Bulk / Panamax | 78,020 | 2015 | TBA | TBA | TBA | |
Total/Average age | 955,340 | 14.3 years |
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1 Based on the current levels of the FFA curve as of
About
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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