Nasdaq-listed Greek bulker owner United Maritime has secured $30m sale and leaseback financing for its three capesize vessels to sort out upcoming loan maturities and bolster liquidity.
The Stamatis Tsantanis-led spinoff of Greek capesize pure-play Seanergy Maritime has entered into three separate and identical $10m sale and leaseback deals with an unnamed Chinese lessor for the 2004-built Gloriuship, the 2005-built Goodship and 2006-built Tradership.
The deal will see United refinance the outstanding debt of the trio under the company’s loan with shipping financer EnTrust.
The vessels will be sold and chartered back on a bareboat basis for three years, with options for United to buy them back after six months into charter and a $5m repurchase obligation per ship at the end.
Each financing will bear interest of a three-month term SOFR plus 3.30% per annum and will amortise through 36 consecutive monthly installments of about $0.14m each.
United currently sports a fleet of eight bulkers comprising three capes, two kamsarmaxes and three panamax units. The company invested around $144m in its fleet this year through debt and cash gains from flipping all four of its tankers.
