United Announces Delivery of its Second Aframax Petroleum Tanker and Immediate Commencement of Pool Employment

Rhea-AI Summary

United Maritime Corporation (NASDAQ: USEA) announced the delivery of the M/T Bluesea, an Aframax tanker with a deadweight of 114,000 dwt, built in 2006. This vessel is the second of four tankers acquired in July 2022, with the third and fourth expected to be delivered soon. M/T Bluesea has joined a leading Aframax tanker pool, reinforcing the company's position in the petroleum tanker sector. The company anticipates increasing revenue with the addition of these vessels amidst a bullish tanker market, attributed to low fleet growth and rising oil demand.

Positive

• Successful delivery of M/T Bluesea, increasing the tanker fleet.
• Participation in a prominent Aframax tanker pool enhances market position.
• Bullish outlook for the tanker sector due to low fleet growth and increased oil demand.

Negative

• None.

GLYFADA, Greece, Aug. 22, 2022 (GLOBE NEWSWIRE) -- United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced today the delivery of the previously-announced Aframax vessel acquisition, renamed M/T Bluesea (the “Vessel”). The Vessel is a 114,000-deadweight (“dwt”) crude oil tanker, built in 2006 by Samsung Heavy Industries Co., Ltd. in South Korea. M/T Bluesea is the second out of the 4-tanker fleet acquisition agreed by United in July 2022. The delivery of the third vessel is expected within August and the fourth vessel by the end of October.

Following its delivery, M/T Bluesea has entered a leading Aframax tanker pool.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“We are very pleased to announce the timely delivery of the second tanker vessel of United and the participation of M/T Bluesea in a prominent Aframax pool.

“The outlook of the tanker sector is very bullish, supported by low fleet growth and increased demand for oil and refined petroleum products. We expect to take delivery of the two product tankers promptly, expanding further our revenue base and solidifying the Company’s position in the petroleum tanker space.”

About United Maritime Corporation

United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. Upon delivery of the newly-acquired vessels, the Company’s fleet will consist of four tanker vessels and one dry bulk vessel with an aggregate cargo carrying capacity of approximately 616,884 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”.

Please visit the Company’s website at: www.unitedmaritime.gr

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; the impact of changes in regulatory requirements or actions taken by regulatory authorities on the Company's operating or financial results; the Company's financial condition and liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; increased operating costs associated with vessel aging; vessel damage; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; dependence on affiliates of the Company’s former parent and third-party managers to operate the Company’s business; availability of crew, number of off-hire days, classification survey requirements and insurance costs; changes in the Company’s relationships with contract counterparties; potential liability from future litigation and incidents involving the Company’s vessels; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products, other types of products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, including its registration statement on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

United Investor Relations
Tel: +30 213 0181 522
E-mail: ir@usea.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: usea@capitallink.com

FAQ

What is the significance of the M/T Bluesea delivery for United Maritime Corporation?

The delivery of M/T Bluesea expands United Maritime's fleet and enhances its revenue potential in the Aframax tanker segment.

How many vessels has United Maritime Corporation acquired in total?

United Maritime Corporation has acquired a total of four tanker vessels, with two already delivered.

What is the expected delivery timeline for the remaining tankers?

The third vessel is expected to be delivered within August, and the fourth by the end of October.

What is the deadweight capacity of the M/T Bluesea?

The M/T Bluesea has a deadweight capacity of 114,000 dwt.

What market conditions are affecting the tanker sector positively?

The tanker sector is benefiting from low fleet growth and increasing demand for oil and refined petroleum products.