Core Insights - United Maritime Corporation declared a quarterly cash dividend of $0.09 per share for Q3 2025, marking the 12th consecutive quarterly distribution, with total cash dividends of $1.74 per share since the capital return program began in November 2022 [4][11] - The company reported a net income of $1.1 million for Q3 2025, compared to a net loss of $0.9 million in Q3 2024, indicating a positive turnaround in profitability [3][7] - United made a strategic investment of $0.5 million in an AI-driven maritime technology platform aimed at optimizing ship management operations, reflecting the company's commitment to digital transformation [5][45] Financial Performance - For Q3 2025, net revenues were $11.0 million, down from $11.6 million in Q3 2024, while for the nine-month period, revenues decreased to $31.2 million from $34.6 million [3][8] - Adjusted net income for Q3 2025 was $1.6 million, compared to an adjusted net loss of $0.3 million in Q3 2024, showing significant improvement [3][26] - EBITDA for Q3 2025 was reported at $4.9 million, slightly up from $4.6 million in Q3 2024, while adjusted EBITDA was $5.4 million compared to $5.2 million in the same period [3][24] Operational Developments - The company completed the sale of two older Capesize vessels, generating approximately $18.8 million in liquidity after debt repayment, which bolstered cash reserves [4][14] - United increased its investment in an offshore energy construction vessel project to approximately $12.8 million, becoming the largest individual shareholder, indicating a strategic focus on high-potential segments [4][15] - The fleet's Time Charter Equivalent (TCE) rate for Q3 2025 was $15,093 per day, down from $16,365 in Q3 2024, reflecting changes in fleet composition following the divestment of older vessels [7][12] Shareholder Returns - The company repurchased approximately $0.2 million worth of shares during Q3 2025, demonstrating confidence in its future prospects [4][32] - The declared dividend of $0.09 per share represents an annual yield of approximately 9% based on recent trading levels, reinforcing the company's commitment to returning capital to shareholders [11][31] Market Outlook - The dry bulk market, particularly the Panamax segment, remains firm, supported by strong coal and grain flows, with expectations of continued strength into Q1 2026 [17] - The company anticipates an overall TCE of approximately $15,040 for Q4 2025, based on fixed and index-linked charters, indicating a positive outlook for the upcoming quarter [29][30]

Company Overview - United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services [2] - The company operates a fleet of five dry bulk vessels, including two Kamsarmax and three Panamax vessels, with a total cargo carrying capacity of 396,297 dwt [2] - United Maritime Corporation is incorporated under the laws of the Republic of the Marshall Islands and has executive offices located in Glyfada, Greece [2] Financial Information - The company will release its financial results for the third quarter and nine months ended September 30, 2025, prior to the market opening in New York on November 11, 2025 [1]

Core Points - United Maritime Corporation has completed the divestment of its oldest Capesize vessel, M/V Goodship, as part of its long-term fleet renewal plan [1][4] - The sale of M/V Goodship, a 177,536 dwt vessel built in 2005, was finalized on September 16, 2025, for a net sale price of approximately $15.4 million, generating net cash proceeds of about $8.2 million after debt repayment [2][3] - The average age of United's fleet has been reduced by approximately 3 years to 12.7 years following this transaction, enhancing the competitiveness of its fleet [4] Financial Impact - The sale is expected to contribute an accounting profit of approximately $0.6 million, which will be reflected in the third quarter financial results [2][3] - United Maritime Corporation now holds cash reserves exceeding $20.0 million, equating to $2.20 per share, providing the company with significant capital for future investments and fleet growth [5] Strategic Direction - The divestment of M/V Goodship follows previous sales of older vessels, including M/V Gloriuship and M/V Tradership, marking a strategic exit from the ownership of older dry bulk vessels [4] - The company aims to strengthen its liquidity position while improving the overall age profile of its fleet, aligning with its effective fleet management strategy [3][4]

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved net revenues of $12.5 million, EBITDA of $5.9 million, and net income of approximately $1 million, marking a significant improvement from Q1 2025 [4][16] - The net daily time charter equivalent increased to $15,400, reflecting a rebound in the dry bulk market [4] - For the first half of 2025, net revenue totaled $20.2 million, which is $2.8 million lower than the same period last year, indicating softer time charter equivalent rates [16] Business Line Data and Key Metrics Changes - The strategic consolidation of offshore new building investments contributed significantly to net income this quarter [4] - The company sold two older Capesize vessels, generating approximately $17.9 million in net liquidity after debt repayments, with an anticipated book profit of about $1.5 million from one sale in Q3 [6][16] Market Data and Key Metrics Changes - The Baltic Camsamax Index averaged about 11,800 in Q2 2025, up from 9,600 in Q1 2025, while the Baltic Capesize Index averaged about 18,600, up from 13,000 in Q1 2025, indicating a significant recovery in charter rates [9] - The Panamax market faced challenges due to a 7% decline in seaborne coal volume, but recent government actions in China have led to a rebound in coal prices and increased seaborne imports [10] Company Strategy and Development Direction - The company is focused on fleet renewal and has increased its stake in a newbuilding energy construction vessel project, reflecting confidence in the commercial prospects of this investment [7][13] - The company aims to optimize fleet composition and enhance liquidity through strategic divestments and capital returns to shareholders [5][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the dry bulk market and the company's ability to capitalize on favorable market conditions, with expectations for higher charter rates due to low vessel supply growth [13] - The company anticipates a significant cash inflow in Q3 2025 from the sale of a tradership, which is part of its strategy to optimize fleet composition [18] Other Important Information - The company declared a $0.03 per share cash dividend for Q2 2025, consistent with its capital return policy, and has maintained a record of over $1.6 per share in cash dividend payments since 2023 [5] - The total assets at the end of 2025 amounted to €161 million, with stockholders' equity at €60 million and outstanding debt totaling €86 million [18] Q&A Session Summary Question: What is the current capital commitment for the offshore vessels? - The company increased its commitment to approximately $10.5 million, with one last payment of $2 million due in November [24] Question: Are the lending terms for the offshore vessel financing similar to previous terms? - The company expects similar terms to previous financings, with advances between 65% to 75% of the contract price [26]

Company Overview - United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services [5] - The company operates a fleet of seven dry bulk vessels, including two Capesize, two Kamsarmax, and three Panamax vessels, with a total cargo carrying capacity of 750,758 dwt [5] - United Maritime Corporation is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece [6] Financial Results Announcement - The company will release its financial results for the second quarter and six months ended June 30, 2025, prior to the market opening in New York on August 6, 2025 [1] - A conference call and simultaneous webcast will be held on August 6, 2025, at 9:00 a.m. Eastern Time to review these results [2] Webcast and Call Details - There will be a live and archived webcast of the conference call available through the company's website [3] - Participants can register for the call using a provided link, with options to add their phone number for immediate connection [4]

Financial Performance - For Q1 2025, the company reported net revenues of $7.8 million, a decrease from $10.6 million in Q1 2024, representing a decline of approximately 26.4% [7] - The net loss for Q1 2025 was $4.5 million, compared to a net loss of $1.3 million in Q1 2024, indicating a significant increase in losses [7][9] - Adjusted EBITDA for Q1 2025 was $0.9 million, down from $3.7 million in Q1 2024, reflecting a decrease of about 75.7% [7][9] - The Time Charter Equivalent (TCE) rate for the fleet in Q1 2025 was $9,953 per day, compared to $15,165 in Q1 2024, showing a decline of approximately 34.1% [7][16] Dividend and Shareholder Returns - The company declared a quarterly cash dividend of $0.01 per share for Q1 2025, marking the tenth consecutive quarterly distribution [5][6] - Since initiating its capital return program in November 2022, the company has declared total cash dividends of $1.62 per share, amounting to $12.9 million in aggregate distributions [6] Strategic Developments - The company increased its equity stake in the Energy Construction Vessel (ECV) joint venture to approximately 30%, aiming to diversify earnings and risk exposure [6][12] - The company anticipates concluding the sale of the M/V Gloriuship, its oldest vessel, within Q2 2025, which is currently employed at a daily rate above current market levels [10][11] Market Outlook - The first quarter of 2025 was impacted by a seasonal slowdown in coal and iron ore trade, consistent with typical cyclical patterns [13] - Despite the weaker performance in Q1, the company remains optimistic about the medium and long-term outlook for the dry bulk sector, supported by limited fleet growth and continued demand for key commodities [13][14] - The company has secured approximately 79% of its second quarter days at an average rate of $16,835, with an expected TCE for the full quarter of approximately $15,653 [11][27]

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] - After 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 Information - The company will release its financial results for the first quarter ended March 31, 2025, before the market opens in New York on May 22, 2025 [1]

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 - Net revenue for Q4 2024 was $10.8 million, down from $11.6 million in Q4 2023, with adjusted EBITDA increasing by 11% to $5.1 million [10][26] - Full year net revenue reached $45.4 million, significantly higher than the previous year, while adjusted EBITDA grew to $20.3 million compared to $18.9 million in 2023 [27] - The company recorded a net loss of $3.4 million for the year, compared to a net profit of $200,000 in 2023, largely due to a decrease in profits from vessel sales [27][28] Business Line Data and Key Metrics Changes - The company sold the Oasea and reinvested in the Nisea, which has been employed on a profitable fixed-rate charter [11] - The Gloriuship, the oldest vessel in the fleet, is scheduled for sale, expected to enhance cash position by approximately $7 million [29][50] Market Data and Key Metrics Changes - The dry bulk market experienced a temporary slowdown in coal and iron ore exports, impacting revenue [9] - Capesize and Panamax charter rates softened due to seasonal factors and high inventory levels in China [17][18] - The Capesize order book remains at historical low levels, indicating potential demand for new vessels in the future [21] Company Strategy and Development Direction - The company is focused on building a high-quality dry bulk fleet and has successfully completed its second investment cycle without diluting shareholders [6][36] - United Maritime is optimistic about the long-term fundamentals of the dry bulk market and is exploring opportunities in the offshore sector [15][24] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's ability to generate shareholder value despite current market volatility [9] - The company anticipates a rebound in the dry bulk market and expects higher time charter equivalent rates in the following quarters [14][24] Other Important Information - The company declared a total dividend of $0.235 per share for 2024, with a reduced dividend of $0.01 per share for Q4 2024 due to market conditions [7][10] - The company has extended its share repurchase program by 12 months, with $1.9 million remaining available for repurchases [8] Q&A Session Summary Question: What is 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 positively impact 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 will be around $7 million, considering the outstanding loan and management agreements [50]