Bulker owner United Maritime branches out into offshore sector with newbuild investment

Nasdaq-listed Greek bulker owner United Maritime has marked its entry into the offshore support segment with an investment in newbuild energy construction vessel (ECV).

The Stamatis Tsantanis-led spinoff of Seanergy Maritime has acquired a minority stake in a Norwegian-based vehicle that will see the ECV earmarked for offshore wind and subsea markets delivered in the second quarter of 2027.

Earlier this month, Fincantieri-controlled Norwegian shipbuilder Vard secured a contract from compatriot Wind Energy Construction for up to two 111.5-m-long ECVs that will be built in Vietnam. The company is linked to Ålesund-based Norwind Offshore and its founders and owners and has one optional unit, which can be declared later this year.

United said it would commit up to $8.5m for the project, scheduled to be called in five separate installments over 33 months, matching the different stages of the vessel’s building process. 

“The offshore sector is currently experiencing a dynamic phase characterised by several key factors that enhance its attractiveness. The increased demand for energy, combined with the ageing fleet and a limited orderbook, provides a straightforward and structured opportunity for United to diversify into a high-potential alternative sector,” the company said in its second-quarter earnings statement.

In addition, United has partnered to charter-in an aframax tanker for up to nine months, operated by what it described as a prominent tanker pool operator. United has committed $0.3m for the vessel’s working capital, and it will participate in the vessel’s profits and losses based on the performance of the charter deal.

“This move reflects our commitment to deploying capital across different shipping sectors to deliver optimal outcomes for our shareholders, and we are optimistic about our recent investments,” the company noted.

The company entered the tanker sector in July 2022 with the purchase of two 2006-built aframaxes and two 2008-built LR2s for $79.5m, which were later on sold at nearly $60m profit.

United operates a fleet of eight bulkers on a fully delivered basis with an aggregate carrying capacity of 922,072 dwt. Charter deals have also been revealed for three of its bulkers, Exelixsea, Goodship, and Gloriuship, an $18m sale and leaseback deal for Synthesea, as well as a $16.5m loan to finance the exercise of the purchase option of the Chrisea under its current bareboat charter.

Other Greek owners not traditionally linked to offshore support vessels have made their moves in the booming segment, including Evangelos Marinakis-backed newcomer Capital Offshore with secondhand purchases of platform supply vessels and a rare newbuilding order for up to eight units at Fujian Mawei shipyard in China. Meanwhile, Semiramis Paliou-led bulker owner Diana Shipping is taking part in a joint venture that will own and operate four offshore wind commissioning service operation vessels (CSOVs).