United Maritime Corp, a newly formed company, has bought four tankers for US$80M from an undisclosed seller
The new buys consist of two 114,000-dwt Aframax tankers and two 109,000-dwt LR2 product tankers. The two South Korean-built Aframax crude tankers were built in 2006 and the LR2 tankers were built by Chinese yards in 2008.
United Maritime is a new company spun off from Greek firm Seanergy Maritime with a sole Capesize (2005-built Gloriuship) in the new fleet. The fleet will now extend to five vessels with the new purchases.
United Maritime Corp chairman and chief executive Stamatis Tsantanis said, “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.”
Mr Tsantanis said the company will look to grow through “well-timed acquisitions,” adding, “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.”
United expects to pay for the new acquisition with cash on hand, including US$5M from proceeds received from Seanergy, and credit facilities worth US$64M with an 18-month term and an 8% annual interest rate from the existing lender (still unnamed) of Gloriuship.
The company said it obtained a commitment letter from this existing lender. The loan will amortise through three quarterly instalments averaging US$4M, followed by a US$52M balloon payable at maturity. The lender has also extended a commitment letter for refinancing the loan secured for Gloriuship with US$5M currently outstanding, through a new US$14M loan.
Nasdaq-listed United Maritime added its parent company Seanergy has agreed to purchase an additional 5,000 of United’s Series C preferred shares.
United Maritime will begin repaying the loans nine months after drawing them down.
