Nasdaq-listed dry bulk owner United Maritime Corporation has agreed to sell its early-stage investment in a Norwegian joint venture owning an energy construction vessel (ECV) currently under construction.
The Stamatis Tsantanis-led United entered in 2024 the ECV newbuilding project at an early stage, gaining exposure to a fast-growing offshore energy market serving both subsea oil & gas and renewable infrastructure.
To remind, the company in July 2024 entered into shareholder and subscription agreements to acquire a minority stake in a Norwegian-based company, established to design and build a technically and environmentally advanced energy construction vessel.
The ECV is intended to inspect, maintain, and repair offshore energy production infrastructure in both the oil and gas and renewables industries.
As the project advanced and market valuations strengthened, United increased its participation and ultimately became the largest individual shareholder.
Consistent with its stated investment strategy which focuses on early entry, value creation and timely exit, in February 2026, the company agreed to sell its equity interest for approximately €13m, realising a profit of approximately €1.7m.
The transaction is expected to close by May 31, 2026, upon customary conditions, after which United will no longer hold an equity stake in the project.
Stamatis Tsantanis, United chairman and chief executive officer, stated: “These transactions represent disciplined capital reallocation in action. The successful monetization of the ECV investment reaffirms our ability to create value beyond tankers and dry bulk. In this project, we invested early in the process and supported the project through its development phase. Recently, we secured a well-timed exit delivering a meaningful cash return for the company.”
The offshore exit comes alongside further fleet moves.
United has agreed to sell its oldest kamsarmax vessel, the 2009-built Cretansea to an unaffiliated third party. The aggregate net sale price is $14.7m, with the vessel expected to be delivered to its new owners by May 25, 2026.
In parallel, the company also entered into an 18-month bareboat charter agreement with Seanergy Maritime Holdings Corp., a related party, for the 2010-built Japanese capesize dry-bulk vessel Dukeship (181,453-dwt). Under the deal, United has advanced a down payment of $5.5m. The bareboat charter includes a daily charter rate of $9,450 over the charter period and a purchase obligation of $22.1m at the end of the bareboat charter.
The company operates a fleet of six dry bulk vessels, comprising one capesize, two kamsarmax and three panamax vessels, with an aggregate cargo carrying capacity of 577,750-dwt.
Upon completion of the sale of Cretansea, the company’s operating fleet will consist of five vessels (one capesize, one kamsarmax and three panamax), with an aggregate cargo carrying capacity of 496,242-dwt.
