United Maritime Corporation announced a package of transactions that will reshape its balance sheet and fleet composition. The company sold its equity stake in an offshore energy construction vessel (ECV) for €13.0 million, realized a profit of about €1.7 million, and sold the 2009‑built Kamsarmax vessel MV Cretansea for $14.7 million, of which $6.0 million is expected to be net cash after debt repayment. In addition, United Maritime entered into an 18‑month bare‑boat charter with Seanergy Maritime Holdings for the 2010‑built Japanese Capesize dry‑bulk vessel MV Dukeship, with a daily rate of $9,450 and a purchase obligation of $22.1 million at the end of the term.
The ECV equity sale, which closed on May 31, 2026, generated €13.0 million in proceeds and a €1.7 million profit, providing a clean exit from a non‑core investment and reinforcing the company’s focus on dry‑bulk operations.
The sale of MV Cretansea, agreed in January 2026 and expected to be delivered by May 25, 2026, brought in $14.7 million, of which $6.0 million is projected to be available as cash after settling the vessel’s debt. The transaction removes the oldest Kamsarmax from the fleet and frees capital for higher‑quality assets.
The bare‑boat charter of MV Dukeship, a 2010‑built Japanese Capesize dry‑bulk vessel, was signed in February 2026. The charter carries a daily rate of $9,450 and a purchase obligation of $22.1 million, with United Maritime having advanced a $5.5 million down payment. The agreement gives the company the option to acquire the vessel outright after 18 months, allowing it to capture the most cash‑generative segment of the dry‑bulk market while maintaining flexibility.
Combined, the transactions are expected to release approximately $15.5 million in liquidity, strengthen the company’s balance sheet, and support debt repayment. After the sale of MV Cretansea, United Maritime’s fleet will consist of five vessels—one Capesize, one Kamsarmax, and three Panamax—with a total cargo‑carrying capacity of 496,242 dwt.
United Maritime’s CEO, Stamatis Tsantanis, said, “These transactions represent disciplined capital reallocation in action.” He added, “Moreover, we decided to sell our oldest Kamsarmax vessel at an attractive second‑hand value. At the same time, the 18‑month bare‑boat charter of the Japanese Capesize, MV Dukeship, enhances our earnings power and free‑cash‑flow potential in what we believe to be a structurally constructive market for large bulkers.” The company also noted that “The approximately $15.5 million net proceeds released by the aforementioned transactions reinforce our cash reserves. We will seek to re‑deploy the capital for more accretive transactions, subject to market conditions, as well as continued meaningful shareholder returns.”
Investors reacted positively to the announcement, citing the company’s improved liquidity, strategic fleet upgrade, and the opportunity to capture a cash‑generative segment of the dry‑bulk market. The charter agreement with Seanergy Maritime Holdings, a related party, underscores the company’s confidence in the Capesize market and its ability to execute strategic transactions that enhance earnings power.
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