United Maritime, a Nasdaq-listed Greek bulk carrier owner, has decided to sell its stake in a Norwegian joint venture focused on developing an energy construction vessel (ECV). This move is part of the company’s capital restructuring strategy and is expected to yield a profit of approximately €1.7 million ($15.4 million). The transaction is anticipated to close by the end of May, after which United will no longer have any involvement in the project.
Initially, United entered the ECV project in July 2024, aiming to capitalize on opportunities in the offshore energy sector, including subsea oil, gas, and renewable energy. As the project progressed and valuations improved, United increased its investment, ultimately becoming the largest individual shareholder. The vessel, ordered in 2024, is currently under construction in Norway, with delivery scheduled for the second quarter of 2027.
In addition to this sale, United has been active in other fleet transactions. Earlier this year, the company agreed to sell the 2009-built kamsarmax Cretansea for $14.7 million, with expected net cash proceeds of around $6 million after debt repayment. United also took delivery of the capesize Dukeship under a charter agreement, which includes a significant purchase obligation at the end of the term. Following the Cretansea sale, United’s operating fleet will consist of five vessels.
