United Maritime Corporation (the “Company” or “United”)(NASDAQ: USEA) announced today that it has entered into agreements with unaffiliated third partiesto purchase a fleet of four tanker vessels, consisting of two Aframax oil tankers and two LR2 producttankers, with prompt deliveries.
The two Aframax crude tankers were built in 2006 at a reputable yard in South Korea and have acargo carrying capacity of approximately 114,000 deadweight (“dwt”) tons each, while the two LR2product tankers were built in 2008 at reputable yards in China and have a cargo carrying capacity ofapproximately 109,000 dwt each.
The aggregate purchase price for the four vessels is $79.5 million and is expected to be funded withcash 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 theCompany’s diversification into petroleum oil tankers and grows our fleet to almost 620,000 DWT. Weexpect this to prove a highly accretive acquisition for the Company considering the recentappreciation in tanker values.
“As previously stated, our intention is for United to pursue a diversified business model, by takingadvantage of attractive opportunities in sectors with strong fundamentals. The bullish outlook of thetanker sector, supported by low fleet growth and the steadily recovering demand for oil and refinedpetroleum products, makes this initial transaction an ideal fit for United.
“We remain committed to growing the Company through accretive and well-timed acquisitions aimingto enhance shareholder value and create a strong and resilient entity, mitigating sector-specificcyclicality.”
Cash on hand used to fund the acquisition is expected to include $5.0 million of proceeds receivedfrom United’s former parent, Seanergy Maritime Holdings Corp. (“Seanergy”), which has agreed topurchase an additional 5,000 of United’s Series C Preferred Shares.
United has obtained a commitment letter from the existing lender of the M/V Gloriuship, for thefinancing of 80% of the acquisition price of the four-tanker fleet. The $63.6 million facility will have aterm of 18 months, will bear interest at a fixed rate of 7.90% per annum, and will amortize through 3quarterly instalments averaging $4.0 million, followed by a $51.6 million balloon payable at maturity.
The repayments will commence nine months following drawdown of the loan.
United has also received a commitment letter from the same lender for the refinancing of the loansecured by the Gloriuship with current outstanding of $4.95 million, through a new $14 million loanfacility. The new facility will have a term of 18 months, will bear interest at a fixed rate of 7.90% perannum, reduced from 10.5% currently, and will amortize through 3 quarterly instalments of $1.0million each, followed by a $11.0 million balloon payable at maturity. The repayments will commencenine months following drawdown of the loan.
About United Maritime Corporation
United Maritime Corporation is an international shipping company specializing in worldwideseaborne transportation services. Upon delivery of the newly-acquired vessels, the Company’s fleet
will consist of one dry bulk vessel and four tanker vessels with an aggregate cargo carrying capacityof approximately 617,014 dwt tons.
The Company is incorporated under the laws of the Republic of the Marshall Islands and hasexecutive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq
