In addition, we recently agreed to acquire the 2010-built scrubber-fitted Capesize Squareship from Synergy Maritime Holdings for approximately $29,500,000 with delivery in May 2026, financed through a combination of debt and internally generated liquidity, including the aforementioned sales. Similar to the dukeship, the daily earnings of the Squareship have also been converted to a rate of $28,250 until the 2026. The implied investment in the two Capesizes is approximately $62,000,000. Operationally, our fo ...

Financial Data and Key Metrics Changes - In Q4 2025, the company generated net revenues of $6.6 million and EBITDA of $1.5 million, reflecting a decline compared to the same period last year due to a reduction in fleet and softer market conditions [3][12] - For the full year 2025, net revenue totaled $37.8 million, adjusted EBITDA was $12.9 million, and the net loss reached $6.2 million [12] - Daily operating expenses were successfully reduced to approximately $6,300 per day [13] Business Line Data and Key Metrics Changes - The company executed strategic initiatives to enhance earnings, including divesting lower-returning assets and redeploying proceeds into higher-earning Capesize exposure [4] - The fleet utilization remained high at 97.6%, and the fourth quarter TCE was $14,129, consistent with the same period in 2024 [6] Market Data and Key Metrics Changes - The Baltic Kamsarmax Index averaged about $14,800 in early 2026, up from $9,600 during the same period in 2025, while the Baltic Capesize Index averaged about $23,000, compared to $13,000 for the same period last year [8] - The Panamax market showed strong growth in grain and minor bulk ton-miles, while coal trade has moderated [9] Company Strategy and Development Direction - The company aims to transform into a strong cash flow engine, with a disciplined capital allocation approach and a focus on profitable investments [18][19] - The strategy includes acquiring Capesize vessels under profitable time charters and maintaining a balanced commercial strategy between index-linked exposure and fixed rates [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining competitive distributions while pursuing growth opportunities, citing strong fundamentals in the Panamax market and improved market conditions [4][7] - The geopolitical crisis in the Middle East adds uncertainty, but management expects increased coal trade flows to offset reduced cargo demand from the Arabian Gulf [9][25] Other Important Information - The company declared its thirteenth consecutive quarterly dividend, reflecting a commitment to capital returns, with cumulative cash dividends of approximately $1.84 per share since the program's initiation [3][18] - The company has engaged in extensive share repurchases as part of its capital returns options [18] Q&A Session Summary Question: Dividend policy and future payouts - Management intends to establish a clear formula for dividends, emphasizing a commitment to generous shareholder returns [21][22] Question: Acquisition details of the Squireship - The fixed rate for the Squireship is approximately $28,000, with a strategy to finance the acquisition at a leverage ratio of around 60%-65% [23] Question: Implications of coal trade flows - Management expects increased coal trades due to disruptions in LNG trade, particularly in the context of rising electrification needs [24][25] Question: Fleet presence in the Gulf area - Management noted that about 2% of the global fleet is in the Gulf area, which could impact market dynamics [26]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated net revenues of $6.6 million and EBITDA of $1.5 million, reflecting a decline compared to the same period last year due to a reduction in fleet and softer market conditions [3][12] - For the full year 2025, net revenue totaled $37.8 million, adjusted EBITDA was $12.9 million, and the net loss reached $6.2 million [12] - Daily operating expenses were successfully reduced to approximately $6,300 per day [13] Business Line Data and Key Metrics Changes - The company executed strategic initiatives to enhance earnings, including divesting lower-returning assets and redeploying proceeds into higher-earning Capesize exposure [4] - The fleet utilization remained high at 97.6%, and the fourth quarter TCE was $14,129, consistent with the same period in 2024 [6] Market Data and Key Metrics Changes - The Baltic Kamsarmax Index averaged about $14,800 in early 2026, up from $9,600 during the same period in 2025, while the Baltic Capesize Index averaged about $23,000, compared to $13,000 last year [8] - The Panamax market showed strong growth in grain and minor bulk ton-miles, while coal trade has moderated [9] Company Strategy and Development Direction - The company is focused on disciplined capital reallocation, divesting lower-returning assets, and enhancing cash flow visibility through fixed-rate charters [4][5] - The addition of two Capesize vessels is expected to produce meaningful returns on capital and enhance earnings visibility through the end of 2026 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining competitive distributions while pursuing growth opportunities, despite the geopolitical crisis affecting the global outlook [4][9] - The company anticipates a daily time charter equivalent of approximately $15,230 for Q1 2026, with 92% of available days already fixed [7] Other Important Information - The company declared its thirteenth consecutive quarterly dividend, reflecting a commitment to capital returns, with cumulative cash dividends of approximately $1.84 per share since the program's initiation [3] - The cash position at year-end stood at $14.6 million, with expectations for liquidity normalization following recent transactions [13][14] Q&A Session Summary Question: Dividend policy and future payouts - Management intends to establish a clear formula for dividends, emphasizing a commitment to generous shareholder returns [21][22] Question: Acquisition details of the Squireship - The fixed rate for the Squireship is approximately $28,000, with a strategy to finance the acquisition through leverage [23] Question: Implications of coal trade flows due to geopolitical issues - Management expects increased coal trade as a response to disruptions in LNG supply, particularly in regions reliant on Persian Gulf natural gas [24][25] Question: Fleet presence in the Gulf area - Management noted that about 2% of the global fleet is in the Gulf area, which could impact market dynamics [26]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated net revenues of $6.6 million and EBITDA of $1.5 million, reflecting a decline compared to the same period last year due to a reduction in fleet and softer market conditions [3][13] - For the full year 2025, net revenue totaled $37.8 million, adjusted EBITDA was $12.9 million, and the net loss reached $6.2 million [13] - Daily operating expenses were successfully reduced to approximately $6,300 per day [14] - The cash position at year-end stood at $14.6 million, with total assets amounting to $138 million and stockholders' equity at $56 million [14][15] Business Line Data and Key Metrics Changes - The company executed strategic initiatives to enhance earnings, including divesting lower-returning assets and redeploying proceeds into higher-earning Capesize exposure [4] - The fleet utilization remained high at 97.6%, with a fourth quarter TCE of $14,129, consistent with the same period in 2024 [6] Market Data and Key Metrics Changes - The Baltic Kamsarmax Index averaged about $14,800 in early 2026, up from $9,600 during the same period in 2025, while the Baltic Capesize Index averaged about $23,000, compared to $13,000 last year [9] - The Panamax market showed strong growth in grain and minor bulk ton-miles, while coal trade has moderated [10] Company Strategy and Development Direction - The company is focused on disciplined capital reallocation, divesting lower-returning assets, and enhancing cash flow visibility through fixed-rate charters [4][5] - The acquisition of two Capesize vessels is expected to produce meaningful returns on capital, with a total investment of approximately $62 million [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining competitive distributions while pursuing growth opportunities, despite the geopolitical crisis adding uncertainty to the global outlook [4][10] - The company anticipates a daily time charter equivalent of approximately $15,230 for Q1 2026, with 92% of available days already fixed [7] Other Important Information - The company declared its thirteenth consecutive quarterly dividend, reflecting a commitment to capital returns [3] - The company has engaged in extensive share repurchases as part of its capital returns strategy [19] Q&A Session Summary Question: Regarding the dividend policy and future payouts - Management intends to establish a clear formula for dividends, emphasizing a commitment to generous shareholder returns [22] Question: Details on the acquisition of the Squireship - The fixed rate for the Squireship is approximately $28,000, with a financing strategy aiming for a leverage ratio of around 60%-65% [24] Question: Implications of coal trade flows due to geopolitical disruptions - Management expects increased coal trade as a response to disruptions in LNG trade, particularly in regions reliant on Persian Gulf natural gas [25][26] Question: Clarification on the portion of the global fleet in the Gulf area - Approximately 2% of the global fleet is in the general area, affecting tonnage availability and market dynamics [27]

Core Insights - United Maritime Corporation declared its 13th consecutive quarterly dividend of $0.10 per common share for Q4 2025, reflecting a commitment to shareholder returns [6][11] - The company reported a net loss of $3.8 million for Q4 2025, compared to a net loss of $1.8 million in Q4 2024, indicating a decline in financial performance [4][7] - Strategic fleet expansion includes an investment of approximately $62 million to acquire two Capesize vessels, enhancing earnings and free cash flow visibility [4][14] Financial Performance - Q4 2025 net revenues were $6.6 million, down from $10.8 million in Q4 2024 [4][7] - Adjusted EBITDA for Q4 2025 was $1.5 million, compared to $5.1 million in Q4 2024 [4][7] - For the full year 2025, net revenues totaled $37.8 million, down from $45.4 million in 2024, with an adjusted net loss of $4.1 million compared to $1.2 million in 2024 [4][8] Fleet and Operational Updates - The fleet utilization rate for Q4 2025 was 97.6%, slightly down from 99.6% in Q4 2024 [20] - The Time Charter Equivalent (TCE) rate for Q4 2025 was $14,129 per day, compared to $14,248 in Q4 2024 [20][7] - The company took delivery of the Capesize M/V Dukeship in February 2026 under an 18-month bareboat charter, expected to enhance cash flow visibility [14][39] Strategic Initiatives - The company is reallocating capital by divesting lower-returning assets, including the sale of the Kamsarmax M/V Cretansea for $14.7 million, generating approximately $6 million in net cash proceeds [12][38] - The acquisition of the Capesize M/V Squireship for $29.5 million is expected to be financed through a combination of debt and proceeds from recent asset sales [14][41] - A sale and leaseback agreement for the M/V Nisea was completed to finance the purchase option, reflecting the company's strengthening credit profile [16][44] Market Conditions - Early 2026 market conditions are favorable, with healthy cargo flows supporting rate levels across vessel classes [17] - The dry bulk orderbook is at historically low levels, and constrained global shipyard capacity is limiting new vessel deliveries, which is beneficial for the company [17]

Company Overview - United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services [5] - The company operates a fleet of six dry bulk vessels, including one Capesize, two Kamsarmax, and three Panamax vessels, with a total cargo carrying capacity of 577,750 dwt [5] - Following the announced sale of the M/V Cretansea, the fleet will consist of five vessels with a reduced cargo carrying capacity of 496,242 dwt [5] Financial Results Announcement - The company will release its financial results for the fourth quarter and year ended December 31, 2025, before the market opens in New York on March 12, 2026 [1] - A conference call and simultaneous Internet webcast will be held on March 12, 2026, at 10:00 a.m. Eastern Time to review these results [2] Communication and Investor Relations - There will be a live and archived audio 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][4] - For further inquiries, the company provides contact information for its investor relations team [8]

GLYFADA, Greece, Feb. 17, 2026 (GLOBE NEWSWIRE) -- United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA) announced today a series of coordinated transactions that materially upgrade its earnings profile, enhance free cash flow potential, and underscore United’s disciplined, return-focused capital strategy. The Company has entered into an agreement to sell its early-stage investment in the Norwegian JV owning an Energy Construction Vessel (“ECV”) currently under construction. In addition, Un ...

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]