United Maritime offloads second cape in fleet modernisation push

United Maritime, a Nasdaq-listed shipping company, has announced the sale of its second older capesize bulk carrier this year as part of its ongoing fleet modernization efforts. The 2006-built vessel, named Tradership, is set to be delivered to an undisclosed buyer by mid-August. This transaction follows the earlier sale of the 2004-built Gloriuship in June, marking a significant step in United Maritime’s strategy to enhance its operational efficiency.

Financial Impact and Future Plans

United Maritime will gain approximately $17.8 million from the sale of the Tradership, contributing to a total of about $32.8 million from both capesize transactions. After accounting for debt repayments, the company expects to free up around $17.9 million in liquidity. This strategic move allows United Maritime to capitalize on the current strong market for second-hand vessels, according to CEO Stamatis Tsantanis. He stated that these sales not only support the company’s modernization efforts but also position it to explore new opportunities within the shipping industry.

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The sale of the Tradership is expected to result in a book profit of approximately $1.5 million, which will be reflected in the company’s third-quarter earnings report. Since its inception in 2022, United Maritime has focused on transitioning from older tonnage, having initially spun off from Seanergy with the Gloriuship as its first asset. Following the completion of this sale, the company’s operating fleet will consist of one capesize, two kamsarmaxes, and three panamax vessels, signaling a commitment to a more efficient and modern shipping operation.