Nasdaq-listed Greek owner United Maritime has boosted its dry bulk fleet with the addition of another panamax as it exits the tanker sector after nearly a year with the sale of its final remaining LR2 vessel.
The Stamatis Tsantanis-led spinoff of Greek capesize pure-play Seanergy Maritime has purchased the 2011 Japanese-built bulker for $17.8m. The 76,361 dwt vessel will deliver between August and October 2023 and be renamed Exelixsea.
Meanwhile, the latest tanker flip will see United bank $37.5m after buying the vessel in July last year for $20m. The 2008-built LR2 Epanastasea will change hands by mid-August, delivering a profit of around $14.2m in the third quarter. The return on equity from the sale should be about 400% in the 10 months since the vessel’s delivery, United said.
The company entered the tanker sector in July 2022 with the purchase of two 2006-built aframaxes and two 2008-built LR2s for $79.5m. The aframaxes were flipped in October of the same year for $62.5m, and one of the LR2s in December for $39m. The complete value of the four-ship transaction has been around $139m or $59.5m profit.
The proceeds from the latest sale will be used to fund the bulker deal, and the company is in talks with the lender to roll over the $15m loan secured by the sold LR2 to the Exelixsea. Once all transactions have been completed, United will have a fleet of eight bulkers, comprising three capes, a pair of kamsarmaxes and three panamaxes.
Stamatis Tsantanis (pictured), United’s chairman a chief executive, said: “Since our initial public offering approximately one year ago, we have managed to execute a series of profitable transactions, reaching almost one million dwt, without diluting our shareholders. In addition, we have distributed $1.15 per share in cash dividends, which represents approximately 45% cash yield on our recent share price. We remain committed to growing United through accretive and well-timed acquisitions aiming to enhance shareholder value.”
