United Maritime expands with another panamax addition as it puts latest kamsarmax purchases to work

Nasdaq-listed Greek owner United Maritime is bolstering its dry bulk fleet with the addition of another panamax on a bareboat charter with an option to buy and has secured employment for a pair of kamsarmax bulkers acquired earlier this year.

The Stamatis Tsantanis-led spinoff of Greek capsize specialist Seanergy Maritime is taking in the Japanese-built panamax on a one-year charter from an unaffiliated third party in Japan in the third quarter of 2023.

United has advanced a down payment of $3.5m on signing and will further pay the same amount on delivery, which is estimated to take place between July and October, and a daily charter rate of $8,000. The deal gives the company an option to buy the 78,020 dwt vessel for $17.1m at the end of the charter.

Further, the two Japanese-built kamsarmaxes which were bought for a combined price tag of $39.2m in February, have both been chartered out and should earn around $8m by the end of the year. The 2009-built Cretansea and the 2010-built Oasea have been fixed for up to 14 months at an index-linked rate, with certain options to switch to fixed rates. The company financed the vessels through a combination of cash on hand and a $24.5m sale and leaseback deal with a $12.8m purchase obligation after five years.

United on a fully delivered basis has a fleet of eight ships, comprising one LR2 tanker, three capes and a pair of kamsarmax and panamax bulkers each. Last year, the company snapped up two 2006-built aframaxes and a pair of LR2s for $79.5m of which three were flipped for a sizeable profit used to expand the bulker fleet.

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