United Maritime Corporation announced that it has entered into a twelve-month bareboat charter agreement for a Japanese-built modern Panamax dry bulk vessel with an unaffiliated third party in Japan. The bareboat charter agreement will commence in the third quarter of 2023 and includes a purchase option for United. The Company has also taken delivery of two previously announced Kamsarmax vessel acquisitions and has secured time charter ("T/C") contracts for both ships that commenced upon the respective deliveries.

The recent Kamsarmax acquisitions and the down payment paid on signing of the Panamax bareboat charter agreement were funded through a combination of United's cash reserves and proceeds from a sale and leaseback facility, as detailed below, with no equity offering or dilution of its shareholders to fund these transactions. The Company entered into a twelve- month bareboat charter agreement with an unaffiliated third party In Japan for a 2015-built eco Japanese Panamax dry-bulk vessel of 78,020 dwt. Pursuant to the terms of the bareboat charter, United has advanced a down payment of $3.5 million on signing and will further pay $3.5 million on delivery of the vessel to the Company, which is estimated to take place between July and October 2023, and a daily bareboat rate of $8,000 over the period of the bareboat charter.

At the end of the 12-month bareboat period, United has an option to purchase the Vessel for $17.1 million. Vessel Deliveries & Time Charters: The first vessel was built in 2009 at Universal Shipbuilding in Japan, has a cargo-carrying capacity of 81,508 dwt and was renamed M/V Cretansea. M/V Cretan sea has been fixed on a T/C for a period of about twelve to about fourteen months with a multinational commodity trading company.

The daily hire is index-linked, at a premium over the Baltic Panamax Index ("BPI"). United has the option to convert the daily hire to fixed for a period of minimum one (1) to maximum six (6) months based on the prevailing Panamax Freight Futures Agreements (“FFA”) curve. M/V Oasea has been fixed on a time charter (“T/C”) for a period of minimum eleven (11) to about fourteen (14) months with a major European operator.

The daily rate is index-linked, based on the BPI and includes a one-time ballast bonus. United has the option to convert the daily hire from index-linked to fixed for a period of minimum two (2) to maximum eleven (11) months based on the prevailing Panamax FFA curve.