Nasdaq-listed United Maritime Expands Investment in Newbuild Energy Construction Vessel
Nasdaq-listed Greek bulker owner United Maritime has recently announced an increase in its investment in a newbuild energy construction vessel (ECV) as part of its strategy to diversify its earnings and risk exposure.
The company, led by Stamatis Tsantanis, disclosed in its quarterly earnings report that it has injected additional capital into a joint venture based in Norway, aimed at designing and constructing the ECV for the offshore wind and subsea markets. The vessel is expected to be delivered in the second quarter of 2027.
Last year, United Maritime entered into a partnership with the founders of Wind Energy Construction and Norwind Offshore to secure the newbuild order, with the backing of RGI Marine. The company had initially committed $8.5 million to the project, which has now been increased to approximately $10 million, representing a 30% stake.
To finance the additional investment, United Maritime obtained a $2 million short-term bridge loan from its parent company, Seanergy Maritime. The loan is expected to be repaid from the proceeds of the sale of the capesize bulker Gloriuship, which was built in 2004.
United Maritime, established in 2022, operates a fleet of eight bulkers and has recently diversified into the tanker sector with successful acquisitions and profitable sales. The company’s CEO and Chairman, Tsantanis, emphasized that the investment in the newbuild ECV is a strategic move to expand the company’s earnings base beyond dry bulk and create long-term value.
This latest development marks a significant milestone in United Maritime’s growth strategy, showcasing its commitment to innovation and diversification in the maritime industry.