United Maritime Announces Accretive Acquisition of a Fleet of Four Aframax Petroleum Tankers

GLYFADA, Greece, July 11, 2022 (GLOBE NEWSWIRE) -- United Maritime Corporation (the "Company" or "United") (NASDAQ:USEA ) announced today that it has entered into agreements with unaffiliated third parties to purchase a fleet of four tanker vessels, consisting of two Aframax oil tankers and two LR2 product tankers, with prompt deliveries. The two Aframax crude tankers were built in 2006 at a reputable yard in South Korea and have a cargo carrying capacity of approximately 114,000 deadweight ("dwt") tons each, while the two LR2 product tankers were built in 2008 at reputable yards in China and have a cargo carrying capacity of approximately 109,000 dwt each. The aggregate purchase price for the four vessels is $79.5 million and is expected to be funded with cash on hand and proceeds from committed credit facilities, as discussed further below. Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated: "We are very pleased to announce this initial milestone transaction for United, which marks the Company's diversification into petroleum oil tankers and grows our fleet to almost 620,000 DWT. We expect this to prove a highly accretive acquisition for the Company considering the recent appreciation in tanker values. "As previously stated, our intention is for United to pursue a diversified business model, by taking advantage of attractive opportunities in sectors with strong fundamentals. The bullish outlook of the tanker sector, supported by low fleet growth and the steadily recovering demand for oil and refined petroleum products, makes this initial transaction an ideal fit for United. "We remain committed to growing the Company through accretive and well-timed acquisitions aiming to enhance shareholder value and create a strong and resilient entity, mitigating sector-specific cyclicality." Cash on hand used to fund the acquisition is expected to include $5.0 million of proceeds received from United's former parent, Seanergy Maritime Holdings Corp. ("Seanergy"), which has agreed to ... Full story available on Benzinga.com