Highlights (in million USD, except LPS) Q1 2025Q1 2024Net Revenues $7.8$10.6Net Loss ($4.5)($1.3)Adjusted Net Loss1 ($4.4)($1.1)EBITDA1 <td style="padding-left: ...

Earnings Release: Thursday, May 22, 2025, Before Market Open in New York GLYFADA, Greece, May 19, 2025 (GLOBE NEWSWIRE) -- United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced today that it will release its financial results for the first quarter ended March 31, 2025, prior to the open of the market in New York on Thursday, May 22, 2025. About United Maritime Corporation United Maritime Corporation is an international shipping company specializing in worldwide seaborne transport ...

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].

United Maritime Corporation (NASDAQ:USEA) Q4 2024 Earnings Conference Call March 18, 2025 9:00 AM ET Company Participants Stamatios Tsantanis - Chairman and CEO Stavros Gyftakis - CFO Conference Call Participants Tate Sullivan - Maxim Group Operator Thank you for standing by, ladies and gentlemen, and welcome to the United Maritime Corporation Conference Call on the fourth quarter and year-end December 31, 2024 financial results. We have with us Mr. . Stamatios Tsantanis, Chairman and CEO; and Mr. . Stavros ...

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]

Core Insights - United Maritime Corporation reported a net loss of $1.8 million for Q4 2024, compared to a loss of $0.7 million in Q4 2023, indicating a decline in profitability despite an increase in net revenues [4][6][7] - The company declared a quarterly dividend of $0.01 per share for Q4 2024, marking the ninth consecutive quarterly distribution, with total cash dividends of $1.61 per share since November 2022 [5][10] - The fleet's Time Charter Equivalent (TCE) rate decreased to $14,248 per day in Q4 2024 from $15,874 in Q4 2023, reflecting market conditions [6][21] Financial Performance - Q4 2024 net revenues were $10.8 million, down from $11.6 million in Q4 2023, while total revenues for 12M 2024 reached $45.4 million, up from $36.1 million in 12M 2023 [6][7] - Adjusted EBITDA for Q4 2024 was $5.1 million, an increase from $4.6 million in Q4 2023, and for the full year, it rose to $20.3 million from $18.9 million [6][7][23] - The company reported a basic loss per share of $0.21 for Q4 2024, compared to a loss of $0.08 in Q4 2023, and a diluted loss per share of $0.21, compared to a loss of $0.08 in the prior year [6][25] Strategic Developments - The company enhanced its fleet by acquiring a 2016-built Kamsarmax dry bulk vessel and selling its oldest Capesize vessel, the M/V Gloriuship, for approximately $15 million [5][12][33] - United secured $48.3 million in financing during 2024, which supported strategic initiatives and eliminated near-term debt maturities until Q4 2026 [5][13] - The integration of AI-driven solutions into the fleet aims to optimize energy consumption and operational efficiency [34] Market Conditions - The fourth-quarter results were impacted by a seasonal slowdown in coal and iron ore trade, which is typical following strong export volumes earlier in the year [14][15] - Long-term fundamentals of the dry bulk market remain strong, driven by structural shifts in global trade and fleet supply constraints [15][16] - Potential geopolitical developments and trade tariff discussions could create new shipping routes, increasing demand for ton-miles [16][17]

Company Overview - United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services [5] - 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 [5] - After the sale of the M/V Gloriuship, the fleet will consist of two Capesize, two Kamsarmax, and three Panamax vessels, with a reduced capacity of 750,758 dwt [5] Financial Results Announcement - The company will release its financial results for the fourth quarter and the year ended December 31, 2024, before the market opens in New York on March 18, 2025 [1] - A conference call and simultaneous Internet webcast will be held on March 18, 2025, at 09:00 a.m. Eastern Time to review these results [2] Communication and Investor Relations - There will be a live and archived webcast of the conference call available on the company's website [3] - Participants are encouraged to register approximately 10 minutes prior to the start of the webcast [3] - For further information, the company provides contact details for investor relations [8][9]

Core Viewpoint - United Maritime Corporation has announced the sale of its oldest Capesize vessel, M/V Gloriuship, and the integration of M/V Synthesea into the DeepSea AI Platform, while also extending its share repurchase program [1][3][4]. Group 1: Vessel Sale - The company has entered into a definitive agreement for the sale of its 171,314 dwt Capesize vessel, M/V Gloriuship, built in 2004, with an expected delivery to new owners by mid-July 2025 [3]. - The aggregate net sale price for M/V Gloriuship is approximately $15.0 million, which will enhance the company's cash reserves by about $7.0 million after repaying existing indebtedness [6]. Group 2: Share Repurchase Program - The existing $3.0 million share repurchase plan has been extended for an additional 12 months, now effective through December 31, 2025 [4]. - Approximately $1.9 million remains available for repurchase under the program, which has seen about $1.1 million completed so far [7]. Group 3: AI Integration - The integration of M/V Synthesea into the DeepSea Technologies Platform provides AI-driven solutions for real-time monitoring and optimization of energy consumption, fuel usage, and performance [5]. Group 4: Fleet Composition - Following the sale of M/V Gloriuship, the company's operating fleet will consist of seven vessels, including 2 Capesize, 2 Kamsarmax, and 3 Panamax vessels, with a total cargo carrying capacity of 750,758 dwt [7].

Financial Performance - For Q3 2024, the company reported net revenues of $11.6 million, a slight decrease of 0.9% from $11.7 million in Q3 2023[2] - The net loss for Q3 2024 was $0.9 million, compared to a net income of $8.9 million in Q3 2023, reflecting a significant decline[6] - Adjusted EBITDA for Q3 2024 was $5.1 million, down from $13.8 million in Q3 2023, indicating a decrease of approximately 63.0%[2] - For the nine-month period ended September 30, 2024, net revenues increased to $34.6 million, up 41.2% from $24.5 million in the same period of 2023[7] - The adjusted net loss for the nine-month period was $0.5 million, compared to an adjusted net income of $3.4 million in the same period of 2023[7] - EBITDA for Q3 2024 was $4.478 million, down from $13.503 million in Q3 2023, while Adjusted EBITDA decreased to $5.091 million from $13.812 million[23] Dividends and Shareholder Returns - The company declared a quarterly cash dividend of $0.075 per share for Q3 2024, marking the eighth consecutive quarterly distribution[4] - The company declared a cash dividend of $0.075 per common share for Q3 2024, payable on or about January 10, 2025[29] - The company completed share buybacks worth approximately $0.4 million during Q3 2024, demonstrating confidence in its value[13] - The company repurchased 168,189 common shares at an average price of $2.54 per share during Q3 2024, totaling $0.4 million[30] Operational Metrics - The Time Charter Equivalent (TCE) rate for Q3 2024 was $16,365 per day, compared to $16,186 per day in Q3 2023, reflecting a 1.1% increase[17] - Vessel operating expenses before pre-delivery expenses increased slightly to $4.641 million in Q3 2024 from $4.581 million in Q3 2023, with daily vessel operating expenses averaging $6,795[22] - The estimated TCE rate for the fourth quarter of 2024 is approximately $15,140, based on 87% of the fleet's expected operating days being fixed[27] Asset and Cash Position - Cash and cash equivalents as of September 30, 2024, stood at $11.4 million, with shareholders' equity at $62.5 million[8] - As of September 30, 2024, total assets increased to $179.527 million from $174.805 million as of December 31, 2023[39] - The company reported net cash provided by operating activities of $6.321 million for the nine months ended September 30, 2024, compared to a net cash used of $7.051 million in the same period of 2023[43] Fleet and Modernization - The company is focusing on fleet modernization, having acquired a 2016-built Kamsarmax dry bulk vessel under an 18-month bareboat charter agreement[4] - The company took delivery of the M/V Nisea in September 2024 under an 18-month bareboat charter agreement with a daily rate of $8,000[31] - The M/V Oasea was sold for a gross price of $20.2 million, resulting in an accounting profit of $1.4 million recognized in Q3 2024[35] Risks and Forward-Looking Statements - The company acknowledges the presence of forward-looking statements regarding future events, including dividends and market trends[47] - Actual results may differ materially from forward-looking statements due to various risks, including financial results and liquidity issues[47] - Factors affecting actual results include competitive market conditions, shipping industry trends, and potential acquisitions[47] - The company highlights risks associated with international operations and broader market impacts from geopolitical tensions[47] - The impact of pandemics, such as COVID-19, on demand for dry bulk products is noted as a significant risk factor[47] - The company disclaims any obligation to publicly update forward-looking statements unless required by law[47]