New Tanker Operator Acquires First Aframax Tanker

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  • NASDAQ-listed United Maritime Corp has taken delivery of the first of four secondhand Aframax tankers that will form its new fleet.
  • New tanker operator United Maritime Corp has taken delivery of its first tanker.

A recent news article published in the Riviera states that Aframax acquisition delivered to new tanker operator.

A diversification into the tanker sector

The company is a spin-off from Seanergy Maritime Holdings Corp, which was formed 5 July 2022 and whose shares commenced trading the following day on the Nasdaq Capital Market under the ticker symbol USEA.

United Maritime Corp’s chief executive is Stamatis Tsantanis, who is also chief executive of Seanergy Maritime Holdings Corp, a pure-play dry bulk carrier company. United Maritime Corp marks a diversification into the tanker sector.

The Athens-based company entered into agreements in July with unaffiliated third parties to purchase a fleet of four tanker vessels, consisting of two Aframax tankers and two LR2 product tankers.

The two 114,000-dwt Aframax crude tankers were built in 2006 in South Korea and the two 109,000-dwt LR2 product tankers were built in 2008 in China.

Aggregate purchase price for the four vessels

According to United Maritime Corp, the aggregate purchase price for the four vessels was US$80M, funded with cash on hand and proceeds from committed credit facilities.

On 20 July 2022, United Maritime Corp also raised US$26M in a public offering.

2006-built, 114,000-dwt Aframax tanker Parosea (ex-Godam) is the first of the four tankers for the new fleet and will be commercially operated by an unnamed pool.

Mr Tsantanis said, “We are pleased with the prompt delivery of our first tanker vessel and the concurrent commencement of its employment in a prominent pool which tracks closely the spot earnings of the tanker sector.”

He added, “We consider the timing of the delivery to be optimal given the current earnings environment. The daily time charter equivalent of the Baltic Dirty Tanker Index for Aframax stands currently in excess of US$50,000 per day and the outlook remains firmly positive. We look forward to the prompt deliveries of the remaining three tankers which will further enhance the earning capacity of United Maritime Corp. We will continue to monitor the market for accretive transactions aimed at strengthening our presence in the tanker sector.”

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Source: Riviera

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