United Maritime also expands relationship with DeepSea AI Platform

United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced it has entered into a definitive agreement with an unaffiliated third party for the sale of its oldest Capesize vessel.

Moreover, United announced the successful integration of MV Synthesea into the DeepSea Technologies Platform, further enhancing its fleet’s use of AI technology.

The Company’s Board of Directors has also authorised the extension of its existing $3.0 million share repurchase plan.

Sale of M/V Gloriuship

The Company has entered into a definitive agreement with an unaffiliated third party for the sale of its 171,314 dwt Capesize vessel, M/V Gloriuship, built in 2004. The vessel is expected to be delivered to its new owners by mid-July 2025. The aggregate net sale price is approximately $15.0 million, and the transaction is subject to customary closing procedures.

Extension of the Existing Share Repurchase Program

The program, previously set to expire on December 31, 2024, has been extended for a further 12-month period. Under the program, the Company may repurchase up to $3.0 million of its outstanding common shares in the open market. As of today, approximately $1.9 million remains available for repurchase, and the program will remain effective through the period ending December 31, 2025.

Integration of M/V Synthesea into the DeepSea AI Platform

The integration of M/V Synthesea into our partnership with DeepSea equips the vessel with AI-driven solutions for real-time monitoring and optimization of energy consumption, fuel usage, and performance.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We are pleased to announce the well-timed sale of our oldest Capesize bulker, the 21-year-old Gloriuship, at a sizeable premium over her scrap value, taking advantage of the favourable valuation environment in this sector. The net sale proceeds after the repayment of the existing indebtedness will enhance the Company’s cash reserves by approximately $7.0 million, while the sale will have a positive impact on the average age of United’s fleet.

“Regarding our existing share repurchase plan, we have completed approximately $1.1 million of buybacks so far. Its extension amidst today’s volatile capital markets conditions is intended to permit opportunities to deliver accretion for our shareholders.”

United Maritime Corporation press release