USEA - United Maritime acquires a modern Panamax vessel

2023-05-10 09:35:31 ET

• United Maritime ( NASDAQ: USEA ) entered into a twelve-month bareboat charter agreement for a Japanese-built modern Panamax dry bulk vessel with an unaffiliated third party in Japan.
• The bareboat charter agreement will commence in Q3 and includes a purchase option for United.
• The company has also taken delivery of two previously announced Kamsarmax vessel acquisitions and has secured time charter contracts for both ships that commenced upon the respective deliveries.
• The recent Kamsarmax acquisitions and the down payment paid on signing of the Panamax bareboat charter agreement were funded through a combination of United’s cash reserves and proceeds from a sale and leaseback facility,
• The combined acquisition price of the two Kamsarmaxes of $39.2M has been funded through a combination of cash on hand and proceeds from a new $24.5M sale and leaseback facility provided by a European lessor.
• The vessels were sold and chartered back on a bareboat basis for a five-year period.

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