United Announced Sale of two Aframax Petroleum Tankers and Delivery of the Previously announced LR2 Tankers
United Maritime Corporation, announced that it has entered into definitive agreements with an unaffiliated third party for the sale of two Aframax tankers, and the successful delivery of the previously-announced LR2 tanker acquisitions.
Sale of two Aframax Tankers
The Company has entered into two separate definitive agreements with an unaffiliated third party for the sale of its two Aframax vessels, the 2006-built M/T Bluesea and the M/T Parosea. The vessels are scheduled to be delivered to their new owners within the fourth quarter of 2022.
The aggregate gross sale price is approximately $62.5 million and the transactions are subject to customary closing procedures.
Delivery of two LR2 Product Tankers
Additionally, the Company took delivery of two previously announced tanker acquisitions. The first vessel is a 109,000-dwt LR2 product tanker, built in 2008 by Shanghai Waigaoqiao Shipbuilding Co., Ltd. (“SWS”) in China, and was renamed M/T Minoansea. The second vessel is a 109,600-dwt LR2 product carrier, built in 2008 by Dalian Shipbuilding Industry in China, and was renamed M/T Epanastasea.
The M/T Epanastasea was delivered with a short-period charter (“T/C”) attached at a gross daily rate of approximately $26,500 which expires in December 2022, while the M/T Minoansea has been initially deployed in the spot market.
Upon completion of the Aframax sales, the Company’s fleet will consist of 2 tanker vessels and one dry bulk vessel with an aggregate cargo carrying capacity of 389,778 dwt.
The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “USEA”.
Performance Shipping Inc. Announces Delivery of its Fifth Aframax Tanker, M/T P. Yanbu
Performance Shipping Inc., a global shipping company specializing in the ownership of tankers, announced that in Manila, Philippines, it has taken delivery of the M/T P. Yanbu (formerly “Kalamas”), a 2011-built 105,400 dwt Aframax tanker that the Company entered into an agreement to purchase in November 2020, through a separate wholly-owned subsidiary. The vessel has been retrofitted with a ballast water treatment system (BWTS), has completed its dry dock survey in July 2020, and its special survey in October 2020, and will be employed in the spot market.
As previously announced, the M/T P. Yanbu was acquired for a total purchase price of US$22.0 million and financed with US$13.2 million cash on hand and US$8.8 million from the term loan facility with Piraeus Bank S.A. In keeping with the Company’s stated low net financial leverage policy, pro-forma net debt upon acquisition was estimated at 35% of the value of its fleet.
Including the newly delivered M/T P. Yanbu, the Company’s fleet currently consists of five (5) Aframax tankers.
Commenting on the delivery, Mr. Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Our fifth Aframax tanker is the third vessel delivered to the Company during the course of this year and marks the completion of our internally financed growth stage. Following the partial refinancing of the Nordea facility and the closing of our term loan facility with Piraeus Bank S.A., our quarterly principal installments starting in 2021 will be approximately US$1.97 million. This will reduce our indicative estimated daily cashflow breakeven rate to about US$15,500 per vessel per day. This is an important watermark as we expect, pursuant and subject to our variable dividend policy, to declare and pay dividends to our shareholders following quarters when our fleet average daily time charter equivalent (TCE) rate is above that level.”
Performance Shipping Inc. Announces Delivery of the Aframax Tanker “Briolette”
Performance Shipping Inc., a global shipping company specializing in the ownership of containerships and tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/t Briolette (formerly “Maersk Jamnagar”), a 2011-built Aframax tanker vessel of 104,588 dwt that the Company entered into an agreement to purchase in June 2019.
Including the newly delivered m/t Briolette, Performance Shipping Inc.’s fleet currently consists of 2 container vessels (1 Post-Panamax and 1 Panamax) and 2 Aframax tanker vessels. The Company also expects to take delivery of one additional Aframax tanker vessel by the end of January 2020.
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on time charters with leading charterers.
Performance Shipping Inc. announces agreement to acquire an Aframax Tanker and US$11.0 Million investment by its chairman
Performance Shipping Inc., a global shipping company specializing in the ownership of containerships and tanker vessels, today announced that it has agreed to acquire from a related party all of the issued and outstanding shares of an entity that has entered into a contract to purchase one 2007 built Aframax tanker vessel from an unaffiliated third party seller for a total purchase price of US$26.0 million. The transaction was approved by a majority of the disinterested members of the board of directors of the Company.
The Company will acquire the entity from the Company’s Chairman and Chief Executive Officer, Mr. Symeon Palios, for an aggregate purchase price of US$11.0 million, which will be paid in common shares of the Company at a per share price of US$0.9027, which is equal to the undiscounted closing price of the common stock on the NASDAQ stock exchange on November 18, 2019. The US$11.0 million purchase price of the entity is equal to the deposit previously paid to the vessel’s seller by an affiliate of the Company’s Chairman. The balance of the purchase price payable under the contract is expected to be funded through cash on hand and/or bank financing. The vessel is expected to be delivered at the latest by January 31, 2020.
Commenting on the transaction, Mr. Symeon Palios, the Company’s Chairman and Chief Executive Officer, stated:“I am happy to be able to facilitate the Company’s continued expansion of its fleet with the sale of this Aframax vessel. By taking consideration solely in common shares at their current market price, this transaction both supports the Company’s balance sheet and reflects my continued confidence in its future growth.”
Following the closing of this transaction, the Company will have 49,021,001 common shares and another 1,500 Series B-2 Preferred Shares issued and outstanding.
TEN LTD Announces Delivery and Long-Term Charter of Aframax Crude Tanker
TEN, LTD. (TNP), a leading crude, product and LNG tanker operator, announced the delivery of an aframax tanker, the first in a series of four advanced technology vessels, built against long-term contracts to a major US oil concern. The proceeds in time charter equivalent terms, equate to approximately $200 million over the minimum duration.
“TEN continues its tested policy of enhancing strategic relationships with major end users,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “With the charter markets moving in the right direction and with 37 vessels in the fleet with the ability to capture the rates upturn, TEN efficiently combines secured revenue generation and the ability to participate in the strong freight environment,” Mr. Saroglou concluded.
TEN, a pioneering energy company, founded in 1993 and celebrating this year 26 years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet consists of 70 double-hull vessels (pro-forma), constituting a mix of crude tankers, product tankers and LNG carriers (including one LNG newbuilding option), totaling 7.8 million dwt.
New Aframax Tanker Joins Tsakos Energy Navigation Fleet
Tanker operator Tsakos Energy Navigation (TEN) has taken delivery of an Aframax tanker, the first in a series of four advanced technology vessels.
The unit was built against long-term charter contract to a major U.S. oil concern.
The shipowner expects around USD 200 million in time-charter equivalent gross earnings over the minimum duration of the deal.
“TEN continues its tested policy of enhancing strategic relationships with major end users,” George Saroglou, Chief Operating Officer of TEN stated.
“With the charter markets moving in the right direction and with 37 vessels in the fleet with the ability to capture the rates upturn, TEN efficiently combines secured revenue generation and the ability to participate in the strong freight environment,” Saroglou concluded.