Photo credit: United Maritime Corporation

Greek-based United Maritime Corporation has sealed a profitable sale agreement for one of its product tankers for $39 million. The company signed a definitive agreement with an unaffiliated third party, for the sale of one of its LR2 product tankers, the 2008-built MT Minoansea.

The vessel is scheduled to be delivered to its new owner by the end of December 2022. The vessel’s gross sale price is $39 million, and the transaction is subject to customary closing procedures, as the company states.

United Maritime said that the gross sale price of the Minoansea is at a premium of over 100% of the vessel’s acquisition price, while the return on equity is estimated at approximately 480%.

The company’s Chairman & Chief Executive Officer, Stamatis Tsantanis, stated that “the transaction follows the sale of the Company’s two Aframax vessels, at a premium of approximately 50% over the vessels’ acquisition prices, with a respective return on equity of approximately 240%”.

United Maritime Corporation reports, that it generated a combined profit from the sale of the three tankers of approximately $38m, since the company´s initial listing six months ago, which represents 130% of the company’s market capitalisation as of December 19, 2022, and United Maritime declared a special dividend of $1 per share.

“Following the sale of the vessels and the payment of the special dividend, the cash equivalents of the company, are estimated in excess of $8.8 per share. “We remain consistent with our strategy to pursue well-timed investments in the shipping industry, and to generate profits in order to fund our growth, and to further enhance our shareholders’ returns,” as the CEO of the company highlights.

After the sale of the vessel Minoansea, the company’s fleet will consist of one tanker vessel and one dry bulk vessel with an aggregate cargo carrying capacity of 280,961 dwt.

Source: United Maritime Corporation