United Maritime underlines aim to diversify with additional offshore investment
- First-quarter losses widen to $4.5m
- Nasdaq-listed owner keeps faith in longer-term dry bulk fundamentals
- Increase in offshore joint venture stake has been financed by short-term bridge loan from Seanergy Maritime
Greece-based bulker owner lifts stake in energy construction vessel to 30%
UNITED Maritime, the Nasdaq-listed owner of eight dry bulk carriers, has underscored its intentions to diversify against a backdrop of soft earnings in the sector.
The Greece-based company, which began as a spin-off from capesize specialist Seanergy Maritime, said it had lifted its equity stake in an offshore energy construction vessel to 30%.
“This represents a key milestone in our broader strategy to diversify our earnings base beyond dry bulk,” said chief executive Stamatis Tsantanis.
“The ECV project is uniquely positioned to benefit from rising demand in both traditional offshore energy and renewables, at a time when supply remains constrained,” he said.
United Maritime first unveiled the investment last summer and said the vessel, expected to be delivered in 2027, is co-owned with experienced Norwegian counterparts.
The increased stake in the venture raises the capital committed from $8.5m previously to $10m.
The additional capital injection has been financed by a $2m short-term bridge loan provided by Seanergy.
Tsantanis has said United would like to deploy capital across different shipping sectors “to deliver optimal outcomes” for shareholders.
The company has agreed to sell its oldest bulker, the capesize Gloriuship (IMO: 9266944), in a deal that is expected to conclude in the current quarter.
United said it expects to draw on the sale proceeds to repay the Seanergy bridge loan.
After the completion of the sale, the United fleet will be reduced to seven bulkers, comprising two capesizes, two kamsarmaxes and three panamaxes.
The company saw its first-quarter net loss widen to $4.5m, from $1.3m in the year-ago quarter.
Revenues decreased from $10.6m to $7.8m, as average daily time charter equivalent rates sank to $9,953 from $15,165 in last year’s first quarter.
The company has declared a cash dividend of $0.01 per share for the quarter.
“While our financial performance was adversely impacted by the seasonally weak conditions in the dry bulk market, we remain encouraged by the positive medium- and long-term outlook for the sector,” said Tsantanis.
