Nasdaq-listed Greek bulker owner United Maritime has increased its investment in a newbuild energy construction vessel (ECV) as it looks to diversify its earnings and risk exposure.
The Stamatis Tsantanis-led spinoff of Seanergy Maritime said in its quarterly earnings report that it had injected additional capital into a Norwegian-based joint venture set up to design and build the ECV earmarked for offshore wind and subsea markets, with delivery expected in the second quarter of 2027.
The newbuild order was executed last year in partnership with the founders of Wind Energy Construction and Norwind Offshore, and with the support of RGI Marine’s cornerstone investor, United Maritime.
United had previously committed $8.5m, which has now been increased to about $10m, or some 30% stake in the project.
The additional investment was financed by a $2m short-term bridge loan from Seanergy Maritime, which should be repaid from the previously announced sale of the 2004-built capesize bulker Gloriuship.
Established in 2022, United operates a fleet of eight bulkers. The company previously ventured into the tanker sector 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.
“This represents a key milestone in our broader strategy to diversify our earnings base beyond dry bulk,” said United’s chief executive and chairman, Tsantanis, adding that the company views the move as a “forward-looking investment with the potential to unlock long-term value”.
Energy News Beat