The Greek-based and Nasdaq-listed United Maritime has secured sale and leaseback financing for its three capesize vessels.
The Stamatis Tsantanis-led Greek company, with a fleet of eight dry bulk vessels, including three capesize, two kamsarmax and three panamax vessels, has entered into three separate and identical $10m sale and leaseback deals for the 2004-built Gloriuship, for the 2005-built Goodship and for the capesize Tradership built in 2006, with an unnamed Chinese lessor.
The aim of the deal is to refinance the outstanding indebtedness of the three capesize vessels under the EnTrust Facility.
The vessels will be sold and chartered back on a bareboat basis for a period of three years, whilst the company will have continuous options to repurchase the vessels at predetermined prices, starting six months after the commencement date.
At the end of each bareboat period, the shipowner will have the obligation to repurchase each vessel for $5m.
Each financing will bear interest of three-month term SOFR plus 3.30% per annum and will amortize through 36 consecutive monthly installments of approximately $0.14m each.
The owner has been active this year with sales, deliveries of vessels, and time charter deals for the 2015-built Synthesea, for the 2006-built Tradership, and for the capesize Goodship which commenced employment under a new time-charter agreement with an international dry bulk operator for a period of 11-13 months.
Earlier this year, the owner sold its remaining LR2 product tanker, the 2008-built Epanastasea to an unaffiliated third party at a gross sale price of $37.5m.
Meanwhile, Stamatis Tsantanis increased the company´s fleet portfolio with the delivery of the 76,361 dwt Exelixsea built in 2011 in Japan. The vessel was bought for a gross purchase price of $17.8m, and is chartered now by Cargill.
Also it took delivery of the 78,020 dwt Synthesea built in 2015 in Japan, with the acquisition cost for the vessel, following the exercise of the purchase option, to be around $27m.
