United Maritime (USEA) started trading in early July as a single vessel spin-off from Seanergy (SHIP).
About a week later, USEA announced another major transaction - acquisition of 4 Aframax/LR2 tankers. USEA had a major (to them) share dilution to cover the portion of the transaction…
The four tankers did not last in their fleet too long. About two weeks, USEA announced plans to dispose two of the tanker
Oh, the company has also completed a significant buy-back of its shares.
To summarize
USEA acquires a dry bulk vessel from its parent
USEA identifies a quartet of vessels to acquire for$79.5M
USEA has a significant offering (for its size) to partially pay for the acquisition
Three months later, USEA agrees to sell two of those acquired tankers for $62.5M
USEA buys back about 1/3 of its outstanding common shares (The USEA sponsor owns a chunk of preferred shares)
01/03/23
We left off in mid-Oct 2022 with USEA selling a pair of tankers that it had acquired a few months earlier.
More activity from this little tyke.
USEA has identified assets to replace the two tankers. No major surprise (at least to me), but USEA is acquiring two Cape vessels from … parent Seanergy (SHIP).
I give SHIP/USEA mgmt credit for arranging the quick flip of tanker vessels. USEA get excess cash, plus cash flow streams (lower) from a pair of Cape vessels.
USEA actually completed an additional transaction. In mid-Dec 2022, the company sold an additional LR2 tanker.
So, the USEA fleet is one tanker and three Cape vessels.