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