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Seanergy’s capesize spinoff United Maritime enters tanker sector

Seanergy Maritime’s Nasdaq-listed spinoff, United Maritime, has entered the tanker sector with the purchase of two 2006-built aframaxes and two 2008-built LR2s from unaffiliated third parties for $79.5m

The 114,000 dwt aframaxes built in South Korea and the Chinese-built 109,000 dwt LR2 product tankers will be financed with cash on hand and proceeds from committed credit facilities. 

The deal will see Seanergy provide $5m in cash, while United obtained a commitment letter for a $63.6m facility from the existing lender of its capesize Gloriuship, to finance 80% of the acquisition price of the four-tanker fleet, and also received a commitment letter from the same lender for the refinancing of the loan secured by the Gloriuship through a new $14m loan facility.

Stamatis Tsantanis (pictured), the company’s chairman and CEO, stated: “This initial milestone transaction for United 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.

“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.”

Greek capesize owner Seanergy completed the spin-off of United Maritime Corporation earlier in July, committing the 2005-built Gloriuship to a newly formed vehicle, which now has a fleet of five vessels.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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