Nasdaq-listed Greek bulker owner United Maritime has agreed to sell its stake in a Norwegian joint venture developing an energy construction vessel (ECV), locking in a profit as it reshuffles capital.
The Stamatis Tsantanis-led spinoff of Seanergy Maritime said it will sell its equity interest for about €13m ($15.4m), generating a profit of roughly €1.7m. The deal is expected to close by the end of May, after which United will no longer hold a stake in the project.
United entered the ECV newbuilding in July 2024 at an early stage, targeting exposure to the offshore energy market across subsea oil and gas and renewables. As the project advanced and valuations firmed, the company increased its participation and became the largest individual shareholder.
The vessel, ordered in 2024, is under construction in Norway with delivery slated for the second quarter of 2027. The project was developed alongside the founders of Wind Energy Construction and Norwind Offshore, with backing from RGI Marine and United as the cornerstone investor.
Tsantanis said the sale reflects the company’s strategy of early entry, value creation and timely exit, adding that the transaction delivers a meaningful cash return.
The offshore exit comes alongside further fleet moves.
In January, United agreed to sell the 2009-built 81,508 dwt kamsarmax Cretansea for a net price of $14.7m. The vessel is due for delivery to its new owners by May 25. After debt repayment, net cash proceeds are expected at around $6m.
In February, the company also took delivery of the 2010-built 181,453 dwt capesize Dukeship under an 18-month bareboat charter from Seanergy. United paid a $5.5m down payment under the deal, which carries a daily rate of $9,450 and includes a $22.1m purchase obligation at the end of the charter period.
Following completion of the Cretansea sale, United’s operating fleet will stand at five vessels: one capesize, one kamsarmax and three panamaxes. The company, established in 2022, also briefly entered the tanker market with the acquisition of two aframaxes and two LR2s, later exiting those positions at a reported profit of nearly $60m.
