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.
- 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)