Nasdaq-listed United Maritime Corp is promising to return more cash to investors in strong tanker markets.
The Greek newcomer, spun-off from bulker owner Seanergy Maritime, said it has completed a $3m buyback of 1.86m shares this week.
Now it is pursuing another $3m of repurchases.
The first deal represented 20% of its outstanding shares.
The average price of the first buyback was $1.61 each, and fully used its board allocation.
The stock price was 15% up on Thursday at $1.75.
Directors at the aframax and LR2 company have now authorised a second programme, which equates to 26% of its market cap on 21 September.
Chief executive Stamatis Tsantanis said the move had been “highly accretive” to the net asset value and cash flow per share for shareholders.
“Considering the attractive valuation environment and positive earnings outlook of the tanker sector, we maintain our view that our share price is significantly undervalued at these levels,” he added.
“Therefore, we are proceeding with another substantial buyback plan,” Stamatis concluded.
The company entered the tanker market in July with a $79.5m deal for a tanker quartet acquired from Indonesia’s Buana Lintas.
TradeWinds reported last week that Signal Maritime, the Athens-based pool operator of Ioannis Martinos’ Signal Group, signed up two of these ships: the 113,500-dwt Bluesea and Parosea (both built 2006).
The addition of the Bluesea and Parosea brought Signal’s aframax fleet to 18 ships.
United Maritime’s other two tankers, the 108,900-dwt Minoansea (built 2018) and 109,700-dwt Epanastasea (both built 2008), are LR2s.
The shipping company also owns a capesize inherited from Seanergy Maritime Holdings.
