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]

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]

Financial Performance - Vessel revenue for June 2024 reached $23.0 million, an increase of 80% compared to $12.8 million in June 2023[37] - Operating income improved to $3.3 million in June 2024 from a loss of $5.2 million in June 2023, representing a turnaround of $8.4 million[37] - Net loss decreased significantly to $668,000 in June 2024 from $7.9 million in June 2023, a reduction of 92%[37] - EBITDA for the six-month period ended June 30, 2024, was $9.5 million, compared to a negative EBITDA of $1.6 million for the same period in 2023[54] - Vessel revenue, net, increased to $23.0 million for the six-month period ended June 30, 2024, compared to $12.8 million for the same period in 2023[68] - Operating income for the first half of 2024 was $3,256,000, compared to an operating loss of $5,174,000 in the first half of 2023, indicating a turnaround in operational performance[120] - Net loss for the six-month period ended June 30, 2024, was $668,000, a substantial improvement from a net loss of $7,914,000 in the same period of 2023[120] Expenses and Costs - Daily vessel operating expenses increased to $9.9 million in June 2024 from $9.1 million in June 2023, primarily due to an increase in ownership days from 916 to 1,456 days[38] - General and administrative expenses dropped to $1.5 million in June 2024 from $3.3 million in June 2023, a decrease of $1.8 million attributed to lower stock-based compensation[46] - Interest and finance costs rose to $4.1 million in June 2024, up 39% from $3.0 million in June 2023[37] - Voyage expenses decreased to $978,000 in June 2024 from $1.1 million in June 2023, attributed to reduced bunker consumption[37] - Interest and finance costs increased to $4.1 million for the six-month period ended June 30, 2024, compared to $3.0 million for the same period in 2023, due to an increase in weighted average outstanding debt from $53.3 million to $64.1 million[47] Fleet and Operations - The company operates a fleet of seven dry bulk vessels, with an expected increase to eight vessels by October 2024, raising total cargo capacity to approximately 922,072 dwt[24] - Operating days increased to 1,363 for the six-month period ended June 30, 2024, from 815 in the same period of 2023, reflecting fleet expansion[67] - The TCE rate improved to $16,187 for the six-month period ended June 30, 2024, compared to $14,335 for the same period in 2023[67] Cash Flow and Financing - Cash and cash equivalents as of June 30, 2024, were $7.7 million, with minimal amounts held in Euros[75] - Net cash used in financing activities for the six-month period ended June 30, 2024, was $7.6 million, primarily due to debt repayments of $17.4 million and dividend payments of $1.3 million[76] - Net cash provided by financing activities in the six-month period ended June 30, 2023, was $14.0 million, with inflows from secured long-term debt totaling $24.5 million[76] - Net cash used in investing activities for the six-month period ended June 30, 2024, amounted to $3.8 million, related to a finance lease prepayment for the Nisea[100] - The company entered into a $16.5 million loan facility on August 5, 2024, to finance the purchase option under the Chrisea Bareboat Agreement[62] Assets and Liabilities - Working capital deficit amounted to $34.6 million as of June 30, 2024, primarily due to repayment obligations related to sale and leaseback transactions[56] - Total stockholders' equity as of June 30, 2024, was $129.6 million, compared to $152.5 million as of December 31, 2023[93] - Total current liabilities increased to $64,972,000 as of June 30, 2024, from $53,093,000 as of December 31, 2023, representing a 22.2% increase[117] - Long-term debt and other financial liabilities decreased to $62,206 thousand as of June 30, 2024, from $65,842 thousand as of December 31, 2023[166] Shareholder Information - The average number of common shares outstanding increased to 8,716,477 in June 2024 from 8,030,666 in June 2023[37] - The weighted average number of common shares outstanding increased to 8,716,477 in 2024 from 8,030,666 in 2023, reflecting a 8.5% increase in shares[120] - The Company declared a dividend of $0.075 per common share for the first quarter of 2024, totaling $676, which was paid on July 10, 2024[200] - A regular cash dividend of $0.075 per common share was declared for the second quarter of 2024, payable on or about October 10, 2024[214] Future Outlook and Challenges - The company anticipates challenges from macroeconomic factors, including inflation and geopolitical tensions, which may impact future operations and financial performance[33][34] - Future minimum contractual charter revenue is based on vessels committed to non-cancelable time charter contracts as of June 30, 2024[219]

Core Insights - United Maritime Corporation reported a return to profitability in Q2 2024, with net income of $0.7 million compared to a net loss of $3.0 million in Q2 2023, driven by positive momentum in the dry bulk market [7][4][5] - The company declared a quarterly cash dividend of $0.075 per share for Q2 2024, marking its seventh consecutive quarterly dividend [8][27] - The Time Charter Equivalent (TCE) rate for the fleet was $17,143 per day in Q2 2024, reflecting an increase from $16,072 in Q2 2023 [4][18] Financial Performance - For Q2 2024, net revenues were $12.4 million, up from $10.0 million in Q2 2023 [4][5] - Adjusted EBITDA for Q2 2024 was $6.3 million, compared to $2.0 million in Q2 2023 [4][21] - For the six-month period ended June 30, 2024, net revenues reached $23.0 million, compared to $12.8 million in the same period of 2023 [5][41] Dividend and Shareholder Returns - Total cash dividends declared since November 2022 amount to $1.525 per share, representing approximately 60% of United's market capitalization [2] - The annual yield from the declared dividend is approximately 13% [8] Fleet and Operational Updates - The company completed the sale of a 2010-built Chinese Kamsarmax vessel at a profit and is set to replace it with a 2016-built Japanese Kamsarmax vessel [10][35] - The fleet's average age is 15.2 years, with a total capacity of 839,837 DWT [13][44] Strategic Initiatives - United Maritime Corporation is diversifying its investments, including a minority stake in a newbuilding Energy Construction Vessel project and participation in a tanker time-charter agreement [11][30] - The company has secured aggregate financings of $48.3 million year-to-date [2] Market Outlook - The outlook for the dry bulk market remains positive, with low orderbook levels and strong demand from major miners [12] - The company expects its daily TCE to be around $17,500 for Q3 2024 based on current Forward Freight Agreement values [9][25]