Shipping Giant Announces Profitable Sale Of An LR2 Tanker For $39m

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Credit: Venti Views/Unsplash

United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced today that it has entered into 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, reports Yahoo.

Sale of LR2 product tankers

The vessel’s gross sale price is $39 million, and the transaction is subject to customary closing procedures.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“We are extremely pleased to announce another exceptionally profitable transaction for our shareholders, as 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 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%.

“Since United Maritime’s initial listing six months ago, we have generated a combined profit from the sale of the three tankers of approximately $38m, which represents 130% of the Company’s market capitalisation as of December 19, 2022, and we have 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.”

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Source: Yahoo

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