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United Maritime Announces Agreement to Acquire a Modern Panamax Vessel through a Bareboat-in Charter and Delivery of Two Kamsarmax Vessels with Immediate Period Employment
GLYFADA, Greece, May 10, 2023 (GLOBE NEWSWIRE) -- United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced today that it has entered
About this update from United Maritime Corporation
[{"type":"text","content":"GLYFADA, Greece, May 10, 2023 (GLOBE NEWSWIRE) -- 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...