Company Overview - United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services [2] - The company operates a fleet of eight dry bulk vessels, including three Capesize, two Kamsarmax, and three Panamax vessels, with a total cargo carrying capacity of 922,072 dwt [2] - Following the sale of the M/V Gloriuship, the fleet will consist of two Capesize, two Kamsarmax, and three Panamax vessels, with a reduced cargo carrying capacity of 750,758 dwt [2] Financial Reporting - The company has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - The Annual Report is accessible through the company's website under the "Investors" section [1] Corporate Structure - United Maritime Corporation is incorporated under the laws of the Republic of the Marshall Islands and has executive offices located in Glyfada, Greece [3] - The company's common shares are traded on the Nasdaq Capital Market under the symbol "USEA" [3]

Market Conditions - The Baltic Dry Index (BDI) has shown significant volatility, ranging from a low of 976 on December 19, 2024, to a high of 2,419 on March 18, 2024, with a current value of 1,404 as of April 7, 2025[38]. - The dry bulk market remains significantly below its historic high, adversely affecting earnings, revenue, and profitability[38]. - The ongoing war between Ukraine and Russia has led to increased economic uncertainty and volatility in shipping freight rates[64]. - The company anticipates continued volatility in market rates for vessels, which could affect short and medium-term liquidity[40]. - Seasonal fluctuations in demand for shipping services could lead to quarter-to-quarter volatility in operating results, particularly in the dry bulk shipping market[74]. Operational Risks - The company faces risks from geopolitical tensions, including the war in Ukraine and the conflict between Israel and Hamas, which could impact shipping operations and market volatility[39]. - Compliance with governmental, tax, environmental, and safety laws and regulations poses ongoing operational risks[34]. - The outbreak of epidemic diseases, such as COVID-19, has previously caused severe operational disruptions and may continue to impact future operations[48]. - The company may incur increased insurance costs and operational disruptions due to potential environmental accidents and geopolitical conflicts[69][70]. - The company is subject to various environmental regulations that could require substantial expenditures and impact cash flows[93]. Financial Performance - The company’s ability to pay dividends may be affected by fluctuations in charter rates and overall market conditions[40]. - Economic conditions, including rising inflation and higher interest rates, could adversely affect the company's financial performance and ability to pay dividends[55]. - The company may face challenges in obtaining financing on acceptable terms due to volatility in global capital markets[60]. - The company’s ability to service its debt will depend on future financial performance, which is influenced by economic conditions and interest rates[123]. - The company may not have the surplus or net profits required by law to pay dividends, and the board of directors has discretion over dividend declarations[190][191]. Fleet Management - The aging of the fleet and the need for vessel replacement are critical factors that could impact operational efficiency and financial performance[37]. - The company’s fleet consists entirely of secondhand vessels, which may lead to increased operating costs and challenges in maintaining competitiveness[132]. - The company must manage planned growth effectively to avoid operational disruptions and financial losses associated with fleet expansion[115]. - The company operates a fleet of eight dry bulk vessels with a total cargo-carrying capacity of approximately 922,072 dwt, and plans to reduce its fleet to seven vessels by mid-July 2025 after selling the Capesize vessel M/V Gloriuship[211]. Regulatory Compliance - The EU Emissions Trading Scheme (ETS) and FuelEU Maritime Regulation will impose significant compliance costs starting in 2024, affecting operational expenses and profitability[77][78]. - The IMO has set a target to reduce carbon dioxide emissions from ships by at least 40% by 2030 compared to 2008 levels, which may require substantial investments in new technologies[75]. - Compliance with the IMO's sulfur regulations, which cap sulfur in fuel oil at 0.5%, may incur significant costs and affect future performance[92]. - The Vessel Incidental Discharge Act (VIDA) requires the U.S. Coast Guard to develop new regulations for ballast water management, with final standards expected by October 2024[96]. Market Competition - The company operates in a highly competitive shipping industry, facing threats from competitors with greater resources, which may impact operational results[152]. - The company may face competition from firms with more modern, fuel-efficient vessels, impacting chartering opportunities and rates[137]. - The company is primarily dependent on index-linked charters, with a significant portion of its fleet affected by spot freight market conditions[50]. Economic Factors - China's GDP growth rate recovered to 5.2% in 2023 but faced challenges from the property market crisis, potentially affecting shipping demand[59]. - The U.S. imposed tariffs of 10% on all imported goods from China, which could increase operational costs and disrupt global supply chains[62]. - Inflationary pressures could negatively impact operating costs and financial condition, particularly if interest rates rise significantly[138]. Shareholder Considerations - The company may issue up to 6,962,770 additional common shares at an exercise price of $2.25 per share, which could dilute existing shareholders' ownership[186]. - The issuance of additional common shares may lead to a decrease in cash available for dividends and a decline in the market price of common shares[188]. - Anti-takeover provisions in the company's bylaws could make it difficult for shareholders to change the board of directors or prevent favorable mergers or acquisitions[195][196]. Environmental and Social Governance (ESG) - Increased scrutiny on environmental, social, and governance (ESG) matters could impact the company's reputation and long-term sustainability[83]. - The company has implemented measures to improve energy efficiency and reduce CO2 emissions, including trials with biofuels and installation of energy-saving devices[85]. - The company has secured sustainability-linked financings for five vessels, reflecting a commitment to ESG initiatives[85]. Legal and Compliance Risks - The company is exposed to litigation risks that could have a material adverse effect if not resolved favorably or adequately insured[153]. - The company may not have sufficient insurance coverage for operational risks, which could lead to significant financial impacts[154]. - The company is classified as a "foreign private issuer," which may make its shares less attractive to some investors due to reduced disclosure requirements compared to U.S. corporations[164].

Financial Data and Key Metrics Changes - The net revenue for Q4 2024 was $10.8 million, down from $11.6 million in Q4 2023, with a daily time charter equivalent (TCE) of $14,250 compared to $15,874 the previous year [10][26] - For the full year 2024, net revenues reached $45.4 million, significantly higher than the previous year, with adjusted EBITDA growing to $20.3 million from $18.9 million in 2023 [27] - The company recorded a net loss of $1.8 million in Q4 2024, compared to a net loss of $0.7 million in Q4 2023, while the full year net loss was $3.4 million versus a net profit of $200,000 in 2023 [26][27] Business Line Data and Key Metrics Changes - The performance was impacted by a temporary slowdown in coal and iron ore exports, which was viewed as a seasonal adjustment [9] - The company sold the Oasea vessel and reinvested in the Nisea vessel, which has been employed on a profitable fixed-rate charter [11] - The fleet composition consists exclusively of high-quality Japanese-built vessels, ensuring compliance with evolving environmental regulations [12] Market Data and Key Metrics Changes - The Capesize and Panamax charter rates softened due to seasonal factors and high inventory levels in China, leading to reduced urgency for new imports [17] - The Capesize market saw a decline in rates as larger cargoes were split into smaller shipments, while Panamax rates were pressured by a slowdown in grain imports and lower coal volumes [18] - Despite the challenges, there is optimism for a rebound in the Capesize market due to expected increases in steel production and iron ore supply [19][20] Company Strategy and Development Direction - The company is focused on building and operating a high-quality dry bulk fleet, with a commitment to capital returns through dividends and share repurchases [5][7] - The company has extended its share repurchase program by 12 months due to the current undervaluation of its shares [8] - The recent entry into the offshore market is seen as a strategic move, with expectations for high returns from the energy construction vessel project [15][37] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term fundamentals of the dry bulk market despite current volatility [9] - The company expects to see higher TCE rates in the following quarters of 2025 as the dry bulk market rebounds from seasonal slowdowns [14] - The potential ceasefire in Ukraine could positively impact cargo demand, particularly for the Panamax/Kamsarmax segment [23] Other Important Information - The company declared a total of $0.235 per share in dividends for 2024, with a reduced dividend of $0.01 per share for Q4 2024 [7] - The cash position at year-end was $6.8 million, with total assets reaching $153 million and stockholder equity at $60.1 million [29][31] - Outstanding debt stood at $99.4 million, with a loan-to-fleet value ratio of approximately 60% [32] Q&A Session Summary Question: Can you review the scheduled delivery of the offshore vessel and remaining capital commitments? - The scheduled delivery is in Q1 2027, with $3.5 million already paid and another $4.5 million committed to be called in two tranches within 2025 [42] Question: Can you review comments on the US missile strikes and their potential link to the dry bulk market? - The Red Sea remains closed, which disrupts trade routes, but a ceasefire in Ukraine could reopen the grain corridor, positively impacting the Panamax/Kamsarmax segment [45][46] Question: Regarding the Capesize sale, does the $50 million sales price imply a gain of $7 million? - The net amount after the sale for United will be around $7 million, considering the outstanding loan and management agreements [50]

Highlights     (in million USD, except LPS & EPS) Q4 2024Q4 202312M 202412M 2023Net Revenues $10.8$11.6$45.4$36.1Net (loss) / income ($1.8)($0.7)($3.4)$0.2Adjusted net (loss) / income 1 ($0.7)($0.6)($1.2)$2.8EBITDA1 $4.0$4.4$18.1$16.3Adjusted EBITDA1 $5.1$4.6$20.3$18.9      (Loss) / Earnings per share Basic ($0.21)($0.08)($0.39)$0.02(Loss) / Earnings per share Diluted ($0.21)($0.08)($0.38)$0.02Adjusted (loss) / earnings per share Basic1 ($0.09)($0.07)($0.14)$0.33Adjusted (loss) / earnings per share Diluted ...

Earnings Release: Tuesday, March 18, 2025, Before Market Open in New YorkConference Call and Webcast: Tuesday, March 18, 2025, at 09:00 a.m. Eastern Time GLYFADA, Greece, March 13, 2025 (GLOBE NEWSWIRE) -- United Maritime Corporation (the "Company" or "United") (NASDAQ:USEA), announced today that it will release its financial results for the fourth quarter and year ended December 31, 2024, prior to the open of the market in New York on Tuesday, March 18, 2025. United's senior management will conduct a confe ...

United Maritime also expands relationship with DeepSea AI PlatformGLYFADA, Greece, Jan. 28, 2025 (GLOBE NEWSWIRE) -- United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced today it has entered into a definitive agreement with an unaffiliated third party for the sale of its oldest Capesize vessel. Moreover, United announced the successful integration of M/V Synthesea into the DeepSea Technologies Platform, further enhancing its fleet’s use of AI technology. The Company’s Board of D ...

Exhibit 99.1 United Maritime Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024 and Declares Cash Dividend of $0.075 Per Share | Highlights | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (in million USD, except LPS & EPS) | | Q3 2024 | | Q3 2023 | | 9M 2024 | | 9M 2023 | | Net Revenues | $ | 11.6 | $ | 11.7 | $ | 34.6 | $ | 24.5 | | Net (loss) / income | $ | (0.9) | $ | 8.9 | $ | (1.6) | $ | 0.9 | | 1 Adjusted net (loss) / income | $ | (0.3) ...

Financial Performance - For Q3 2024, the company reported net revenues of $11.6 million, a slight decrease from $11.7 million in Q3 2023. The net loss was $0.9 million compared to a net income of $8.9 million in the same period last year [6][7] - Adjusted net loss for Q3 2024 was $0.3 million, down from an adjusted net income of $9.2 million in Q3 2023. Adjusted EBITDA for the quarter was $5.1 million, significantly lower than $13.8 million in Q3 2023 [6][7][12] - For the nine-month period ended September 30, 2024, net revenues increased to $34.6 million from $24.5 million in the same period of 2023. However, the net loss was $1.6 million compared to a net income of $0.9 million in 2023 [7][8] Shareholder Returns - The company declared a quarterly cash dividend of $0.075 per share for Q3 2024, marking the eighth consecutive quarterly distribution. Total cash dividends declared since November 2022 amount to $1.60 per share, totaling $12.7 million [2][10] - The annualized yield from the recent dividend is approximately 15% per share, reflecting the company's commitment to returning value to shareholders despite market challenges [10][12] Strategic Developments - The company acquired a 2016-built Kamsarmax dry bulk vessel under an 18-month bareboat charter agreement, which includes a purchase option, enhancing fleet modernization and operational flexibility [3][36] - Share buybacks worth approximately $0.4 million were completed during Q3 2024, with total buybacks of $0.5 million in 2024 to date, indicating confidence in the company's value [3][34] - The company secured $48.3 million in aggregate financings year-to-date, facilitating strategic initiatives including the exercise of purchase options for two Panamax vessels [4][40] Fleet and Operational Efficiency - The fleet utilization rate for Q3 2024 was 99.9%, up from 91.4% in Q3 2023, demonstrating operational efficiency [20][12] - The Time Charter Equivalent (TCE) rate for Q3 2024 was $16,365 per day, compared to $16,186 in Q3 2023, reflecting stable charter rates [20][6] Market Outlook - The dry bulk market conditions remain favorable, particularly in the Capesize sector, where projected ton-mile demand exceeds fleet supply growth. This positive outlook is supported by limited newbuilding orders due to strict environmental regulations [14][12] - The company anticipates a TCE of approximately $15,140 for Q4 2024, based on current Forward Freight Agreement (FFA) levels, with a significant portion of the fleet's expected operating days already fixed [31][13]

Company Overview - United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services [2] - The Company's operating fleet consists of eight dry bulk vessels with an aggregate cargo carrying capacity of 922,072 dwt [2] - The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece [3] Financial Results Announcement - United Maritime Corporation will release its financial results for the third quarter and nine months ended September 30, 2024, prior to the market opening in New York on November 26, 2024 [1]

Financial Data and Key Metrics Changes - United Maritime returned to profitability in Q2 2024 with a net income of $0.7 million and net revenues of $12.4 million, marking a 24% increase from the same period last year [3][7] - For the first six months of 2024, net revenues totaled $23 million, while adjusted EBITDA rose to $10 million compared to $12.8 million and $0.6 million respectively in 2023 [7][8] - The fleet's average time charter equivalent rate was $17,143, benefiting from a strong capesize market [3] Business Line Data and Key Metrics Changes - The company delivered the Oasea and recognized profits in Q3, while acquiring the Nisea, expected to arrive in October [4] - The Exelixsea and Synthesea extended their charters for 11 to 14 months, while the Goodship charter extends until late 2025 [5] - For Q3 2024, the estimated daily time charter equivalent for the blended fleet is approximately $18,000, with 65% of the days already fixed [5] Market Data and Key Metrics Changes - The drybulk market remains strong, driven by capesize demand and increased grain and coal demand [6] - China's iron ore imports rose by 6%, with Brazilian exports also up by 6%, indicating a stable steel market driven by manufacturing and infrastructure [6] - West African bauxite exports increased by 14% in the first half of the year, and Canada's iron ore exports rose by 15% expected in the second half [6] Company Strategy and Development Direction - The company is optimistic about high returns from its sector investments and plans to continue seeking acquisitions in the drybulk sector [3][4] - A commitment to rewarding shareholders through dividends and share buybacks is emphasized, with a declared dividend of 7.5 cents per share yielding about 13% [3][11] - The company is diversifying into the offshore sector with an $8.5 million investment in an energy construction vessel, anticipating robust demand due to limited supply [4][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth and profitability improvements, citing a strong balance sheet and favorable market conditions [11][12] - The company expects to benefit from positive drybulk market trends and has a proven commitment to substantial capital returns [12] Other Important Information - The cash position at the end of June 2024 was $7.7 million, reflecting significant capital expenditures for drydocking and advance payments for new vessels [8] - Outstanding debt stood at $91.7 million, translating to a loan-to-value ratio of approximately 50% [8][9] Q&A Session Summary Question: Can you discuss the energy construction vessel market? - Management indicated that the demand for energy construction vessels has been increasing, with limited supply and many existing vessels being over a decade old [13][14] Question: Is the $8.5 million your share of the total cost of the vessel? - The total cost of the vessel is around $100 million, with the company's share being approximately 22% to 25% [15] Question: What portion of the drydocking costs was in Q2? - Management confirmed that there are no anticipated costs extending into Q3, leading to improved cash flow and operational efficiency for the fleet [16][17] Question: Is this the first time working with a lender based in Taiwan? - Management clarified that they have previous experience with this lender, which has expressed confidence in financing the company as it matures [18][19]