United Maritime Declares Special Cash Dividend of $1.00 Per Share
30 November 2022 - 1:00AM
United Maritime Corporation (the “Company” or “United”) (NASDAQ:
USEA), announced today that its board of directors has declared a
special cash dividend of $1.00 per common share in connection with
the recent profitable sale of the M/T Bluesea and M/T Parosea (the
“Vessels”).
The dividend is payable on or about January 10,
2023 to the common shareholders of record as of December 12,
2022.
The Vessels were delivered to the Company in
August 2022 and subsequently sold to an unaffiliated third party at
a significant premium. The M/T Parosea was delivered to her new
owners on November 8, 2022, and the delivery of the M/T Bluesea is
expected to be completed in early December 2022.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are very pleased to announce a special cash
dividend of $1.00 per share, which represents approximately 33% of
United’s market cap as of November 28, 2022. The special dividend
follows the completion of two significant buyback programs that
reduced the outstanding shares of the Company by about 25%,
creating additional accretion.
This distribution is fully consistent with a
strategy of rewarding our shareholders upon monetization of certain
investments, when deemed appropriate by our board of directors in
accordance with our dividend policy. Our cash position remains
strong, exceeding $4.3 per share after the dividend distribution
and other corporate transactions announced in our recent earnings
release. We will continue to pursue transactions that will grow
United Maritime and are expected to deliver significant returns to
the Company.”
About United Maritime
Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. Following delivery of the M/T Bluesea to its new owners,
the Company’s fleet will consist of two tanker vessels and one dry
bulk vessel with an aggregate cargo carrying capacity of
approximately 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
The dividend referred to in this press release
is a non-recurring special dividend. The declaration, timing and
amount of any dividend is subject to the discretion of our board of
directors and will be dependent upon our earnings, financial
condition, market prospects, capital expenditure requirements,
investment opportunities, restrictions in our loan agreements, the
provisions of the Marshall Islands law affecting the payment of
dividends to shareholders, overall market conditions and other
factors.
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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