United Maritime Announces Profitable Sale of an LR2 Tanker for $39 million

United Maritime Corporation 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.

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.”