Stamatis Tsantanis (United Maritime): “Considering the attractive valuation environment and positive earnings outlook of the tanker sector, our share price is significantly undervalued. Therefore, we are proceeding with another substantial buyback plan”
Nasdaq-listed United Maritime Corp has announced a US$3M buyback of approximately 1.86M shares
The company said the buyback represents approximately 20% of the company’s outstanding common shares, at an average price of US$1.61, fully utilising its previously announced share buyback plan.
United Maritime Corp chief executive Stamatis Tsantanis reports, “We are pleased to announce the successful completion of our initial buyback plan, which has been highly accretive to our net asset value and cash flow per share for our shareholders.”
Now, United Maritime is eyeing another US$3M in repurchases as it looks to return more cash to investors in a strong tanker market.
The board of directors has authorised an additional share buyback which represents up to an additional 26% of United’s market capitalisation as of 21 September.
Mr Tsantanis said, “Considering the attractive valuation environment and positive earnings outlook of the tanker sector, we maintain that our share price is significantly undervalued at these levels. Therefore, we are proceeding with another substantial buyback plan.”
United Maritime said any repurchases pursuant to this plan will be made at management’s discretion at prices considered to be attractive and in the best interests of both the company and its shareholders.
Seanergy Maritime spin-off United Maritime Corp entered the tanker market in July, with a four-vessel deal for two Aframax and two LR2 vessels valued at roughly US$80M. A week later it offered 8M shares at US$3.25 each.
