United Announces Sale of two Aframax Petroleum Tankers and Delivery of the Previously announced LR2 Tankers
14 October 2022 - 12:00AM
United Maritime Corporation (the “Company” or “United”) (NASDAQ:
USEA), announced today that it has entered into definitive
agreements with an unaffiliated third party for the sale of two
Aframax tankers, and the successful delivery of the
previously-announced LR2 tanker acquisitions.
Sale of two Aframax Tankers
The Company has entered into two separate
definitive agreements with an unaffiliated third party for the sale
of its two Aframax vessels, the 2006-built M/T Bluesea and the M/T
Parosea. The vessels are scheduled to be delivered to their new
owners within the fourth quarter of 2022.
The aggregate gross sale price is approximately
$62.5 million and the transactions are subject to customary closing
procedures.
Delivery of two LR2 Product
Tankers
Additionally, the Company took delivery of two
previously announced tanker acquisitions. The first vessel is a
109,000-dwt LR2 product tanker, built in 2008 by Shanghai
Waigaoqiao Shipbuilding Co., Ltd. (“SWS”) in China, and was renamed
M/T Minoansea. The second vessel is a 109,600-dwt LR2 product
carrier, built in 2008 by Dalian Shipbuilding Industry in China,
and was renamed M/T Epanastasea.
The M/T Epanastasea was delivered with a
short-period charter (“T/C”) attached at a gross daily rate of
approximately $26,500 which expires in December 2022, while the M/T
Minoansea has been initially deployed in the spot market.
About United Maritime Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. The Company operates a fleet of four tanker vessels and
one dry bulk vessel with an aggregate cargo carrying capacity of
approximately 616,884 dwt.
Upon completion of the Aframax sales, the
Company's fleet will consist of 2 tanker vessels and one dry bulk
vessel with an aggregate cargo carrying capacity of 389,778
dwt.
The Company is incorporated under the laws of
the Republic of the Marshall Islands and has executive offices in
Glyfada, Greece. The Company's common shares trade on the Nasdaq
Capital Market under the symbol “USEA”.
Please visit the Company’s website at:
www.unitedmaritime.gr
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates, which are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, shipping
industry trends, including charter rates, vessel values and factors
affecting vessel supply and demand; the impact of changes in
regulatory requirements or actions taken by regulatory authorities
on the Company's operating or financial results; the Company's
financial condition and liquidity, including its ability to service
its indebtedness; competitive factors in the market in which the
Company operates; increased operating costs associated with vessel
aging; vessel damage; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
dependence on affiliates of the Company’s former parent and
third-party managers to operate the Company’s business;
availability of crew, number of off-hire days, classification
survey requirements and insurance costs; changes in the Company’s
relationships with contract counterparties; potential liability
from future litigation and incidents involving the Company’s
vessels; broader market impacts arising from war (or threatened
war) or international hostilities, such as between Russia and
Ukraine; risks associated with the length and severity of the
ongoing novel coronavirus (COVID-19) outbreak, including its
effects on demand for crude oil, petroleum products, dry bulk
products, other types of products and the transportation thereof;
and other factors listed from time to time in the Company's filings
with the SEC, including its registration statement on Form 20-F.
The Company's filings can be obtained free of charge on the SEC's
website at www.sec.gov. Except to the extent required by law, the
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
United Investor RelationsTel: +30 213 0181 522E-mail:
ir@usea.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail:
usea@capitallink.com
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