| Highlights | | | | --- | --- | --- | | (in million USD except LPS) | Q1 2024 | Q1 2023 | | Net Revenues | $10.6 | $2.8 | | Net Loss | ($1.3) | ($4.9) | | Adjusted Net Loss1 | ($1.1) | ($3.7) | | EBITDA1 | $3.5 | ($2.7) | | Adjusted EBITDA1 | $3.7 | ($1.5) | | Loss per share Basic & Diluted | ($0.15) | ($0.64) | | Adjusted Loss per share Basic1 & Diluted1 | ($0.13) | ($0.48) | Other Highlights and Developments: GLYFADA, Greece, May 24, 2024 (GLOBE NEWSWIRE) -- United Maritime Corporation ("United" or the " ...

| Highlights | | | | --- | --- | --- | | (in million USD except LPS) | Q1 2024 | Q1 2023 | | Net Revenues | $10.6 | $2.8 | | Net Loss | ($1.3) | ($4.9) | | Adjusted Net Loss1 | ($1.1) | ($3.7) | | EBITDA1 | $3.5 | ($2.7) | | Adjusted EBITDA1 | $3.7 | ($1.5) | | Loss per share Basic & Diluted | ($0.15) | ($0.64) | | Adjusted Loss per share Basic1 & Diluted1 | ($0.13) | ($0.48) | Other Highlights and Developments: GLYFADA, Greece, May 24, 2024 (GLOBE NEWSWIRE) -- United Maritime Corporation ("United" or the " ...

As filed with the Securities and Exchange Commission on April 2, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPOR ...

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [Financial Highlights (Q4 & FY 2023)](index=1&type=section&id=Financial%20Highlights) The company reported a Q4 2023 net loss of $0.7 million and a full-year 2023 net income of $0.2 million, both significant declines from 2022 Key Financial Highlights (Q4 2023 vs Q4 2022 & FY 2023 vs FY 2022) | Metric (in million USD except EPS) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022¹ | | :--------------------------------- | :------ | :------ | :------ | :------- | | Net Revenues | $11.6 | $14.9 | $36.1 | $22.8 | | Net (Loss) / Income | $(0.7) | $36.5 | $0.2 | $37.5 | | Adjusted Net (Loss) / Income | $(0.6) | $39.8 | $2.8 | $40.9 | | EBITDA | $4.4 | $38.9 | $16.3 | $41.8 | | Adjusted EBITDA | $4.6 | $42.3 | $18.9 | $45.2 | | (Loss) / Earnings per Share (EPS) Basic | $(0.08) | $4.86 | $0.02 | $7.79 | | (Loss) / Earnings per Share (EPS) Diluted | $(0.08) | $3.55 | $0.02 | $4.92 | | Adjusted (Loss) / Earnings per share Basic | $(0.07) | $5.36 | $0.33 | $8.54 | | Adjusted (Loss) / Earnings per share Diluted | $(0.07) | $3.90 | $0.33 | $5.39 | ¹ From January 20, 2022 (date of inception) to December 31, 2022. [Other Key Developments](index=1&type=section&id=Other%20Highlights%20and%20Developments) The company continued its shareholder rewards program while investing in fleet expansion and refinancing to enhance liquidity - Declared a quarterly cash dividend of **$0.075 per share** for Q4 2023, representing an **11% annualized dividend yield**[3](index=3&type=chunk) - Total cash dividends of **$10.7 million**, or **$1.375 per share**, declared since November 2022, representing approximately **45% of United's market capitalization**[3](index=3&type=chunk) - Repurchased approximately **$6.7 million in common shares** at an average price of **$1.87 per share** since Q3 2022[3](index=3&type=chunk) - Invested **$144 million** in 2023 for the acquisition of seven dry bulk vessels and generated **$37.5 million** from the sale of the last tanker vessel[3](index=3&type=chunk) - Completed **$30.0 million in refinancings** in Q4 2023, adding **$6.8 million in extra liquidity**, with an additional **$13.8 million sale and leaseback** agreed in Q1 2024[3](index=3&type=chunk) - Agreed to acquire a modern Japanese Kamsarmax through an 18-month bareboat charter with a purchase option[3](index=3&type=chunk) [Detailed Financial Performance & Strategic Outlook](index=2&type=section&id=Detailed%20Financial%20Performance%20%26%20Strategic%20Outlook) [Fourth Quarter 2023 Financial Results](index=2&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) The company's Q4 2023 performance declined significantly from Q4 2022, with lower net revenues and a sharp drop in the TCE rate Q4 2023 Financial Performance vs. Q4 2022 | Metric | Q4 2023 (million USD) | Q4 2022 (million USD) | Change (%) | | :------------------- | :-------------------- | :-------------------- | :--------- | | Net Revenues | $11.6 | $14.9 | -22.1% | | Adjusted EBITDA | $4.6 | $42.3 | -89.1% | | Net (Loss) / Income | $(0.7) | $36.5 | N/A | | Adjusted Net (Loss) / Income | $(0.6) | $39.8 | N/A | | TCE Rate (per day) | $15,874 | $32,161 | -50.6% | [Full Year 2023 Financial Results](index=2&type=section&id=Full%20Year%202023%20Financial%20Results) The company generated $36.1 million in net revenues and $2.8 million in adjusted net income for the full year 2023 FY 2023 Financial Performance | Metric | FY 2023 (million USD) | | :------------------- | :-------------------- | | Net Revenues | $36.1 | | Adjusted EBITDA | $18.9 | | Net Income | $0.2 | | Adjusted Net Income | $2.8 | | TCE Rate (per day) | $15,380 | - Cash and cash-equivalents and restricted cash stood at **$14.5 million** as of December 31, 2023[6](index=6&type=chunk) - Shareholders' equity was **$65.9 million**, and long-term debt, finance lease liabilities, and other financial liabilities net of deferred charges were **$96.0 million** as of December 31, 2023[6](index=6&type=chunk) - The book value of the fleet, including two chartered-in Panamax vessels, was **$152.5 million** as of December 31, 2023[6](index=6&type=chunk) [CEO Statement & Strategic Priorities](index=2&type=section&id=CEO%20Statement%20and%20Strategic%20Priorities) The CEO highlighted the 2023 strategy of fleet regrowth in the dry bulk sector, which tripled the fleet's book value organically - Strategic priority for 2023 was to regrow the fleet by reinvesting proceeds into the dry bulk sector, with a total investment of **$144 million for seven vessels** (two Capesize, two Kamsarmax, three Panamax bulkers)[7](index=7&type=chunk) - Achieved **positive net income** and **tripled the book value of the fleet organically**, without dilutive equity offerings[7](index=7&type=chunk) - Continued uninterrupted shareholder reward program in 2023 through common share buybacks and regular cash dividends, totaling **$10.7 million or $1.38 per share** in the last 15 months[9](index=9&type=chunk) [Q1 2024 TCE Rate Guidance & Market Outlook](index=2&type=section&id=First%20Quarter%202024%20TCE%20Rate%20Guidance%20and%20Market%20Outlook) The company projects a Q1 2024 TCE rate of approximately $14,157 per day amid a constructive dry bulk market outlook - Estimated daily net TCE rate for Q1 2024 to average approximately **$14,157 per day**[10](index=10&type=chunk) - Approximately **half of Q1 2024 ownership days fixed** at an average gross rate of about **$14,300 per day**, utilizing freight hedging strategy[10](index=10&type=chunk) - **Constructive outlook for the dry bulk market in 2024**, driven by limited new Capesize deliveries, strong dry bulk commodity demand, and reduced vessel availability due to Panama Canal and Red Sea disruptions[11](index=11&type=chunk) [Fleet Information & Operational Metrics](index=3&type=section&id=Fleet%20Information%20%26%20Operational%20Metrics) [Current Company Fleet](index=3&type=section&id=Current%20Company%20Fleet) The company operates eight dry bulk vessels with a total capacity of 922,054 DWT and an average age of 14.6 years Current Company Fleet Details | Vessel Name | Sector | Capacity (DWT) | Year Built | Yard | Employment Type | | :------------ | :--------------- | :------------- | :--------- | :---------- | :-------------- | | Goodship | Dry Bulk/Capesize | 177,536 | 2005 | Mitsui | T/C Index Linked | | Tradership | Dry Bulk/Capesize | 176,925 | 2006 | Namura | T/C Index Linked | | Gloriuship | Dry Bulk/Capesize | 171,314 | 2004 | Hyundai | T/C Index Linked | | Oasea | Dry Bulk/Kamsarmax | 82,217 | 2010 | Tsuneishi | T/C Index Linked | | Cretansea | Dry Bulk/Kamsarmax | 81,508 | 2009 | Universal | T/C Index Linked | | Chrisea | Dry Bulk/Panamax | 78,173 | 2013 | Shin Kurushima | T/C Index Linked | | Synthesea | Dry Bulk/Panamax | 78,020 | 2015 | Sasebo | T/C Index Linked | | Exelixsea | Dry Bulk/Panamax | 76,361 | 2011 | Oshima | T/C Index Linked | | **Total/Average** | | **922,054** | **14.6 years** | | | [Vessel to be Delivered](index=3&type=section&id=Vessel%20to%20be%20delivered) A 2016-built Kamsarmax vessel will be delivered between June and October 2024 under a bareboat charter with a purchase option Vessel to be Delivered | Vessel Name | Sector | Capacity (DWT) | Year Built | Yard | | :------------ | :----------------- | :------------- | :--------- | :----- | | tbr Nisea | Dry Bulk / Kamsarmax | 82,235 | 2016 | Oshima | [Fleet Operational Data](index=3&type=section&id=Fleet%20Data) Fleet expansion in Q4 2023 led to more ownership days but lower utilization and TCE rates compared to Q4 2022 Fleet Operational Data (Q4 2023 vs Q4 2022 & FY 2023 vs FY 2022) | Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022¹ | | :----------------------------- | :------ | :------ | :------ | :------- | | Ownership days | 736 | 366 | 2,339 | 614 | | Operating days | 700 | 366 | 2,143 | 610 | | Fleet utilization | 95.1% | 100% | 91.6% | 99.3% | | TCE rate | $15,874 | $32,161 | $15,380 | $28,752 | | Daily Vessel Operating Expenses | $6,788 | $7,057 | $6,861 | $7,265 | ¹ From January 20, 2022 (date of inception) to December 31, 2022. [Non-GAAP Financial Measures Reconciliations](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliations) [EBITDA and Adjusted EBITDA Reconciliation](index=5&type=section&id=Net%20(loss)%20%2F%20income%20to%20EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) EBITDA and Adjusted EBITDA decreased significantly in Q4 and FY 2023 compared to the prior year, reflecting lower net income EBITDA and Adjusted EBITDA Reconciliation (in thousands of U.S. Dollars) | Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022¹ | | :-------------------------- | :------ | :------ | :------ | :------- | | Net (loss) / income | (726) | 36,462 | 221 | 37,490 | | Interest and finance costs, net | 2,007 | 1,491 | 6,753 | 2,439 | | Depreciation and amortization | 3,153 | 957 | 9,363 | 1,903 | | **EBITDA** | **4,434** | **38,910** | **16,337** | **41,832** | | Stock based compensation | 18 | 2,789 | 2,522 | 2,789 | | Loss on extinguishment of debt | 105 | 593 | 85 | 593 | | **Adjusted EBITDA** | **4,557** | **42,292** | **18,944** | **45,214** | ¹ From January 20, 2022 (date of inception) to December 31, 2022. [Adjusted Net (Loss) / Income and Adjusted (Loss) / Earnings Per Share Reconciliation](index=5&type=section&id=Net%20(Loss)%20%2F%20Income%20and%20Adjusted%20Net%20(Loss)%20%2F%20Income%20Reconciliation%20and%20calculation%20of%20Adjusted%20(Loss)%20%2F%20Earnings%20Per%20Share) Adjusted metrics, which exclude non-cash items, show a significant decline in profitability for Q4 and FY 2023 versus 2022 Adjusted Net (Loss) / Income and Adjusted (Loss) / Earnings Per Share Reconciliation (in thousands of U.S. Dollars) | Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022¹ | | :------------------------------------------ | :------ | :------ | :------ | :------- | | Net (loss) / income | (726) | 36,462 | 221 | 37,490 | | Stock based compensation | 18 | 2,789 | 2,522 | 2,789 | | Loss on extinguishment of debt | 105 | 593 | 85 | 593 | | **Adjusted net (loss) / income** | **(603)** | **39,844** | **2,828** | **40,872** | | Adjusted net (loss) / income-common stockholders, basic | (603) | 36,279 | 2,733 | 38,468 | | Adjusted net (loss) / income-common stockholders, diluted | (603) | 37,328 | 2,733 | 39,317 | | Adjusted (loss) / earnings per common share, basic | (0.07) | 5.36 | 0.33 | 8.54 | | Adjusted (loss) / earnings per common share, diluted | (0.07) | 3.90 | 0.33 | 5.39 | | Weighted average number of common shares outstanding, basic | 8,711,308 | 6,769,246 | 8,359,487 | 4,503,397 | | Weighted average number of common shares outstanding, diluted | 8,771,308 | 9,565,410 | 8,359,487 | 7,299,561 | ¹ From January 20, 2022 (date of inception) to December 31, 2022. [Cash Interest and Finance Costs Reconciliation](index=6&type=section&id=Interest%20and%20Finance%20Costs%20to%20Cash%20Interest%20and%20Finance%20Costs%20Reconciliation) Cash interest and finance costs increased in both Q4 and FY 2023 compared to the prior year periods Cash Interest and Finance Costs Reconciliation (in thousands of U.S. Dollars) | Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022¹ | | :------------------------------------------ | :------ | :------ | :------ | :------- | | Interest and finance costs | (2,119) | (1,504) | (7,183) | (2,452) | | Interest income | 112 | 13 | 430 | 13 | | Amortization of deferred finance charges and other discounts | 203 | 224 | 781 | 352 | | **Cash interest and finance costs** | **(1,804)** | **(1,267)** | **(5,972)** | **(2,087)** | ¹ From January 20, 2022 (date of inception) to December 31, 2022. [First Quarter 2024 TCE Rate Guidance](index=6&type=section&id=First%20Quarter%202024%20TCE%20Rate%20Guidance) [First Quarter 2024 TCE Rate Guidance](index=6&type=section&id=First%20Quarter%202024%20TCE%20Rate%20Guidance) The company projects a Q1 2024 TCE rate of approximately $14,157, with 78% of expected operating days already fixed - Approximately **78% of the Company's fleet expected operating days in Q1 2024** have been fixed at an estimated TCE rate of approximately **$13,797**[25](index=25&type=chunk) - Estimated TCE rate for Q1 2024 is approximately **$14,157**, assuming average FFA rates for the remaining index-linked operating days[25](index=25&type=chunk) Q1 2024 TCE Rate Breakdown | Charter Type | Operating Days | TCE Rate | | :---------------------------- | :------------- | :------- | | TCE - fixed rate (index-linked conversion) | 368 | $13,330 | | TCE – index-linked unhedged | 303 | $15,162 | | **Total / Average** | **671** | **$14,157** | [Recent Developments & Corporate Actions](index=6&type=section&id=Fourth%20Quarter%20and%20Recent%20Developments) [Dividend Distributions](index=6&type=section&id=Dividend%20Distribution%20for%20Q3%202023%20and%20Declaration%20of%20Dividend%20for%20Q4%202023) The company maintained its quarterly dividend, paying $0.075 per share for Q3 2023 and declaring the same for Q4 2023 - Paid quarterly cash dividend of **$0.075 per share** for Q3 2023 on January 10, 2024[27](index=27&type=chunk) - Declared a cash dividend of **$0.075 per share** for Q4 2023, payable on or about April 10, 2024[28](index=28&type=chunk) [Share Repurchase Program](index=7&type=section&id=Buyback%20of%20Common%20Shares%20%E2%80%93%203rd%20Repurchase%20Plan) The company continued its share buyback program, repurchasing 84,813 shares for $0.2 million since Q4 2023 - Repurchased **84,813 common shares** for approximately **$0.2 million** at an average price of **$2.41 per share** since Q4 2023[29](index=29&type=chunk) - All repurchased shares were cancelled and removed from share capital[29](index=29&type=chunk) - As of February 16, 2024, **8,677,456 common shares** were issued and outstanding[29](index=29&type=chunk) [Financing Updates](index=7&type=section&id=Financing%20Updates) The company executed $30.0 million in sale and leaseback agreements in Q4 2023 and an additional $13.8 million in Q1 2024 - Entered into three separate **$10.0 million sale and leaseback agreements** in November 2023 for M/Vs Gloriuship, Goodship, and Tradership, refinancing outstanding indebtedness[30](index=30&type=chunk) - Agreements bear interest of **3-month Term SOFR plus 3.30% per annum**, with continuous repurchase options and an obligation to repurchase each vessel for **$5.0 million** at the end of the 3-year bareboat period[30](index=30&type=chunk) - Executed a term sheet in February 2024 for a **$13.8 million Japanese sale and leaseback agreement** to refinance M/V Exelixsea, bearing an interest rate of **2.65% plus 3-month Term SOFR**[31](index=31&type=chunk) [Vessel Transactions and Commercial Updates](index=7&type=section&id=Vessel%20Transactions%20and%20Commercial%20Updates) The company secured a new Kamsarmax vessel via a bareboat charter and a new time-charter agreement for M/V Chrisea - Agreed to an 18-month bareboat charter for an 82,235 dwt Kamsarmax dry bulk carrier (Nisea), with a down payment of **$7.5 million**, a daily charter rate of **$8,000**, and a purchase option of **$16.6 million**[32](index=32&type=chunk) - The aggregate acquisition cost for the Nisea, upon exercise of the purchase option, will be approximately **$28.5 million**[32](index=32&type=chunk) - Entered into a new 12-15 month index-linked time-charter agreement for M/V Chrisea at an improved rate, commencing in June 2024[33](index=33&type=chunk) [Conference Call Information](index=8&type=section&id=Conference%20Call) A conference call was held on February 20, 2024, to discuss Q4 and FY 2023 financial results - Conference call held on Tuesday, February 20, 2024, at 10:00 a.m. Eastern Time[34](index=34&type=chunk) - Live and archived webcast available on the Company's website in the 'Investors' section[35](index=35&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=United%20Maritime%20Corporation%20Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) [Unaudited Condensed Consolidated Balance Sheets](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $174.8 million as of December 31, 2023, driven by fleet expansion and a corresponding rise in debt Unaudited Condensed Consolidated Balance Sheets (in thousands of U.S. Dollars) | ASSETS | December 31, 2023 | December 31, 2022* | | :------------------------------------------ | :------------------ | :----------------- | | Cash and cash equivalents and restricted cash | 14,501 | 69,932 | | Vessels and right-of-use assets, net and advances for vessels' acquisitions | 152,525 | 50,200 | | Other assets | 7,779 | 5,523 | | **TOTAL ASSETS** | **174,805** | **125,655** | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 95,954 | 42,606 | | Other liabilities | 12,982 | 18,481 | | Stockholders' equity | 65,869 | 64,568 | | **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | **174,805** | **125,655** | * Derived from the audited consolidated financial statements as of the period as of that date. [Unaudited Condensed Consolidated Statements of Operations](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of $0.7 million in Q4 2023, a sharp reversal from the $36.5 million net income in Q4 2022 Unaudited Condensed Consolidated Statements of Operations (in thousands of U.S. Dollars) | Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022¹ | | :------------------------------------------ | :------ | :------ | :------ | :------- | | Vessel Revenue, net | 11,553 | 14,932 | 36,067 | 22,784 | | Voyage expenses | (441) | (3,161) | (3,107) | (5,245) | | Vessel operating expenses | (5,209) | (3,000) | (20,338) | (5,179) | | Management fees | (589) | (295) | (1,966) | (526) | | General and administrative expenses | (734) | (5,082) | (6,018) | (5,524) | | Depreciation and amortization | (3,153) | (957) | (9,363) | (1,903) | | Gain on sale of vessels | - | 36,095 | 11,804 | 36,095 | | **Operating income** | **1,427** | **38,532** | **7,079** | **40,502** | | Interest and finance costs | (2,119) | (1,504) | (7,183) | (2,452) | | Interest and other income | 215 | 38 | 542 | 39 | | Loss on extinguishment of debt | (105) | (593) | (85) | (593) | | Other, net | (144) | (11) | (132) | (6) | | **Total other expenses, net** | **(2,153)** | **(2,070)** | **(6,858)** | **(3,012)** | | **Net (loss) / income** | **(726)** | **36,462** | **221** | **37,490** | | Net (loss) / income per common share, basic | (0.08) | 4.86 | 0.02 | 7.79 | | Net (loss) / income per common share, diluted | (0.08) | 3.55 | 0.02 | 4.92 | ¹ From January 20, 2022 (date of inception) to December 31, 2022. [Unaudited Condensed Consolidated Cash Flow Data](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Cash%20Flow%20Data) The company experienced negative cash flow from operations and investing activities for the full year 2023 Unaudited Condensed Consolidated Cash Flow Data (in thousands of U.S. Dollars) | Cash Flow Activity | FY 2023 | FY 2022¹ | | :------------------------------------------ | :------ | :------- | | Net cash (used in) / provided by operating activities | (6,228) | 7,875 | | Net cash (used in) / provided by investing activities | (59,138) | 6,488 | | Net cash provided by financing activities | 9,935 | 55,569 | ¹ From January 20, 2022 (date of inception) to December 31, 2022. [Company Overview](index=11&type=section&id=About%20United%20Maritime%20Corporation) United Maritime is an international shipping company operating a fleet of eight dry bulk vessels with a ninth on the way - United Maritime Corporation is an international shipping company providing worldwide seaborne transportation services[43](index=43&type=chunk) - Currently operates a fleet of eight dry bulk vessels with an aggregate cargo carrying capacity of **922,054 DWT**[43](index=43&type=chunk) - Upon delivery of a third Kamsarmax vessel, the operating fleet will consist of three Capesize, three Kamsarmax, and three Panamax vessels, with an aggregate capacity of **1,004,289 DWT**[43](index=43&type=chunk) [Forward-Looking Statements](index=11&type=section&id=Forward-Looking%20Statements) This section outlines risks and uncertainties that could cause actual results to differ from forward-looking statements - Statements are subject to significant uncertainties and contingencies, many beyond the Company's control, and actual results may differ materially[45](index=45&type=chunk) - Risk factors include shipping industry trends (charter rates, vessel values, supply/demand), regulatory changes, financial condition and liquidity, competitive factors, operating costs, vessel damage, acquisitions/dispositions, and geopolitical events (wars, pandemics)[45](index=45&type=chunk) [Contact Information](index=11&type=section&id=For%20further%20information%20please%20contact) Contact details are provided for investor relations inquiries - United Investor Relations contact: Tel: +30 213 0181 522, E-mail: ir@usea.gr[46](index=46&type=chunk) - Capital Link, Inc. contact: Paul Lampoutis, Tel: (212) 661-7566, E-mail: usea@capitallink.com[46](index=46&type=chunk)

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $18.9 million and a net income of $0.2 million for the full year 2023, compared to $42.3 million and $36.5 million in 2022, primarily due to the sale of three tanker vessels [17][13] - For Q4 2023, net revenue was $11.6 million based on a time-shared equivalent of 15,900, down from $14.9 million and 32,200 in the same period last year [44][17] - The cash position at the end of 2023 was $14.5 million, with outstanding debt of $96 million, resulting in a loan-to-value ratio of approximately 60% [18] Business Line Data and Key Metrics Changes - The company transitioned to operating purely as a dry bulk company after the sale of its last tanker vessel in Q3 2023 [3] - The fleet was expanded with seven new vessels, increasing the fleet book value to $153 million from $50 million at the end of the previous year [18][40] Market Data and Key Metrics Changes - The dry bulk market is expected to see net fleet growth of less than 2% per year, with strong demand for iron ore, coal, grains, and bauxite continuing into 2024 [6] - The Panamax market faced challenges due to low water levels in the Panama Canal and increased congestion at Brazilian ports, while the Cape Side segment experienced high demand for iron ore and bauxite [15] Company Strategy and Development Direction - The company is focusing on improving its financing profile and has successfully refinanced three capes with a reputable state-owned Chinese lessor [9] - The strategy includes share buybacks to stabilize share prices and a commitment to shareholder rewards through cash dividends and share repurchases [4][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about profitability improving in the coming quarters due to a rebound in the market and full deployment of the dry bulk fleet [8] - The company is confident in navigating a strong dry bulk market environment and delivering robust total returns throughout the next shipping cycles [11][43] Other Important Information - The company has declared total cash dividends of $1.38 per share since November 2022, representing approximately 45% of its market capitalization [11][13] - The company has entered into three sale and leaseback agreements for three capes, enhancing liquidity by around $7 million [46] Q&A Session Summary Question: What will make the company decide to exercise the purchase option at the end of the charters? - The company expects to exercise the purchase option as it considers it an obligation and believes all deals will be excellent for the company [23] Question: What is the expected G&A run rate going forward? - The company targets G&A levels of around $2.5 million to $3 million going forward, with some fluctuations due to equity incentive plans [24] Question: Do the outstanding warrants adjust with dividends? - The warrants do not adjust for regular dividends, only for special dividends, and currently, there are about $6.9 million of those outstanding [25] Question: What is the freight strategy for the upcoming quarters? - The company decided to fix forward to cover Q1, which is traditionally strong, to minimize losses and reduce exposure [27] Question: What is the timeline for ordering new dry bulk ships? - The timeline for Cape size vessels is expected to be well into 2027, while there may be minimal opportunities for Kamsarmax or Panamax vessels in 2026 [34]

Financial Performance - For Q3 2023, United Maritime reported net revenues of $11.7 million, a 48.1% increase from $7.9 million in Q3 2022[1] - Net income for Q3 2023 was $8.9 million, compared to $1.0 million in Q3 2022, reflecting a significant growth of 790%[1] - Adjusted EBITDA for Q3 2023 reached $13.8 million, up from $2.9 million in the same period last year, marking a 376.2% increase[1] - In Q3 2023, the company reported a net income of $8,861,000, a significant increase from $1,028,000 in Q3 2022, representing a growth of 765%[21] - EBITDA for Q3 2023 was $13,503,000, compared to $2,922,000 in Q3 2022, marking an increase of 361%[21] - Adjusted earnings per common share for Q3 2023 were $1.03, up from $0.12 in Q3 2022, reflecting a growth of 758%[23] - Operating income for the nine months ended September 30, 2023, was $5.652 million, compared to $1.971 million for the same period in 2022, indicating a substantial increase[44] - Net income attributable to common stockholders for the three months ended September 30, 2023, was $8.628 million, up from $889,000 in the same period of 2022, reflecting a remarkable increase[44] - The net income per common share, basic, for the three months ended September 30, 2023, was $1.00, compared to $0.12 for the same period in 2022, showing a significant improvement[44] Cash and Dividends - The company declared a quarterly cash dividend of $0.075 per share for Q3 2023, contributing to total cash dividends of $10.0 million since November 2022[5] - As of September 30, 2023, cash and cash equivalents stood at $14.3 million, with shareholders' equity at $67.4 million and long-term debt at $94.3 million[7] - Net cash used in operating activities for the nine months ended September 30, 2023, was $(7.051) million, a decline from $1.893 million provided in the same period of 2022[46] - Net cash used in investing activities for the nine months ended September 30, 2023, was $(58.404) million, compared to $(19.604) million in the same period of 2022, indicating increased investment outflows[46] Fleet and Operations - The company operates a fleet of eight dry bulk vessels with a total cargo carrying capacity of 922,054 dwt[47] - The company has converted 75% of its ownership days from index-linked to fixed rates, estimating a daily net TCE of approximately $14,500 for Q4 2023[12] - The company has fixed approximately 87% of its fleet's expected operating days in Q4 2023 at an estimated TCE of $14,386[25] - The total average TCE for Q4 2023 is projected to be approximately $14,534, based on assumptions regarding the Baltic Capesize Index[25] Share Buybacks and Sales - Total buybacks since Q3 2022 amounted to approximately 3.5 million common shares at an average price of $1.87, totaling about $6.5 million[5] - The company repurchased 182,961 common shares at an average price of $2.4 per share, totaling $0.4 million, as part of a $3.0 million share repurchase program[28] - The company sold its LR2 product tanker for a gross sale price of $37.5 million, achieving a premium of over 85% compared to the acquisition price[29] Investments and Agreements - The company took delivery of the M/V Exelixsea for $17.8 million and has chartered it to Cargill for a minimum of 11 months[30][31] - The company entered into three $10.0 million sale and leaseback agreements for vessels, with a bareboat charter period of 3 years[37] Market Conditions and Risks - The dry bulk orderbook remains at historically low levels, which is expected to maintain high vessel utilization and healthy charter rates moving forward[14] - Forward-looking statements indicate potential risks including shipping industry trends, regulatory changes, and market competition that could impact future performance[50] - The company has experienced a significant increase in operating expenses, particularly in vessel operating expenses, which rose to $(15.129) million for the nine months ended September 30, 2023, from $(2.179) million in the same period of 2022[44] Summary of Nine-Month Performance - For the nine-month period ended September 30, 2023, net revenues totaled $24.5 million, with adjusted net income of $3.4 million[6]

Financial Data and Key Metrics Changes - In Q3 2023, the company reported a net profit of $8.9 million or $0.91 per share on revenue of $11.7 million, with a daily time charter equivalent rate of $16,200 [25][34] - Net revenue for the nine-month period was $24.5 million, with an adjusted EBITDA of $13.8 million, including an $11.8 million gain from the sale of the last tanker [11][4] - The company has paid out $1.30 per share in cash dividends during 2023, representing approximately 63% of the current trading price [5][41] Business Line Data and Key Metrics Changes - The company completed the delivery of all previously acquired dry bulk vessels, resulting in a fleet consisting of three Capesizes, two Kamsarmaxes, and three Panamax vessels [26] - The average daily charter rate for the fourth quarter is expected to improve slightly to $14,500 per day, with approximately 87% of operating days fixed at an estimated rate of $14,400 per day [32] Market Data and Key Metrics Changes - The dry bulk market in 2023 has not performed as anticipated, with historically low congestion levels despite strong demand for seaborne transportation of iron ore, coal, and bauxite [9] - Looking ahead, demand growth is expected to surpass fleet growth over the next two years, suggesting a strong market environment [10] Company Strategy and Development Direction - The company remains committed to its shareholder rewards program through dividends and share buybacks, having repurchased 3.5 million common shares at an average price of $1.87 since Q3 2022 [16][18] - The company has not engaged in any public equity offerings since its IPO in July 2022, financing its investments through cash on hand and debt [27][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market outlook for the sector, positioning the company to take advantage of rising market cycles driven by strong demand for raw materials [18][10] - The company noted that it will continue seeking growth through accretive transactions without resorting to dilutive capital raising [44] Other Important Information - The company has entered into a $30 million refinancing for its Capesize vessels, expecting to complete this transaction soon [15] - The cash position increased to $14.3 million during Q3, with a book value of the fleet raised to $155.5 million [36] Q&A Session Summary Question: Is there a share repurchase authorization in place? - Management confirmed that they are bound by the liquidity of the stock and are currently limited in the amount of shares they can repurchase [19][43] Question: What is the average diluted shares outstanding? - The average diluted shares are around 9.4 million, significantly below the current trading levels [21] Question: Will the company continue to seek acquisitions? - Management indicated that they will continue to seek growth on an accretive basis and are open to more bareboat deals [44]

United Maritime Corporation (NASDAQ:USEA) Q2 2023 Earnings Call Transcript August 3, 2023 10:00 AM ET Company Participants Stamatios Tsantanis - Chairman, CEO and Founder 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 Second Quarter Ended June 30, 2023, Financial Results. We have with us Mr. Stamatios Tsantanis, Chairman and CEO; and Mr. Stavros Gyft ...

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) [Q2 & 6M 2023 Financial Results](index=1&type=section&id=Q2%20%26%206M%202023%20Financial%20Results) United Maritime reported Q2 2023 Net Revenues of $10.0 million and a Net Loss of $3.0 million, also declaring a quarterly dividend Summary Financial Results | Metric | Q2 2023 | 6M 2023 | | :--- | :--- | :--- | | Net Revenues | $10.0 million | $12.8 million | | Net loss | $(3.0) million | $(7.9) million | | Adjusted net loss | $(2.1) million | $(5.7) million | | Adjusted EBITDA | $2.0 million | $0.5 million | | Loss per share (Basic & Diluted) | $(0.37) | $(1.00) | | Adjusted loss per share (Basic & Diluted) | $(0.25) | $(0.72) | - The Time Charter Equivalent (TCE) rate for the fleet was **$16,072 per day in Q2 2023** and **$14,335 per day for the first six months of 2023**[4](index=4&type=chunk)[5](index=5&type=chunk) - The company declared a quarterly cash dividend of **$0.075 per common share** for the second quarter of 2023[3](index=3&type=chunk) [Key Developments & Strategic Execution](index=1&type=section&id=Key%20Developments%20%26%20Strategic%20Execution) United Maritime completed its first tanker investment cycle, initiated a new dry bulk vessel investment cycle, and continued shareholder returns - Completed the first investment cycle with the sale of the remaining LR2 tanker, achieving a return on equity of **approximately 400%** and a combined profit of **$48 million** from four tanker transactions in under a year[6](index=6&type=chunk) - Initiated a second investment cycle focused on larger dry bulk vessels, investing **$143.6 million** in **two Capesize, two Kamsarmax, and three Panamax vessels** without shareholder dilution[6](index=6&type=chunk) - Declared a quarterly cash dividend of **$0.075 per share** for Q2 2023, bringing total declared dividends to **$1.225 per share ($9.4 million)** since November 2022[6](index=6&type=chunk) - Executed common share buybacks of **approximately $0.2 million** in Q2 2023, totaling **$3.4 million** in repurchases over the last 12 months at an average price of **$1.84**[6](index=6&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) [CEO's Statement](index=2&type=section&id=CEO%27s%20Statement) CEO highlighted successful tanker investment cycle completion, reinvestment into dry bulk, and shareholder returns, noting Q2 results were impacted by fleet transition - The sale of the M/T Epanastasea for **$37.5 million** marks the end of a successful tanker investment cycle, generating a profit of **approximately $48 million**. Proceeds are being reinvested into dry bulk vessels[8](index=8&type=chunk) - The company has expanded its fleet by agreeing to add **two Japanese-built Panamax vessels**, increasing the fleet size to **eight dry bulk vessels** upon delivery. The total investment of **$143.6 million** has been funded without diluting shareholders[9](index=9&type=chunk) - **Q2 2023 results were impacted** by the fleet's transitional growth stage, **low utilization** due to a vessel's dry-docking, and **volatility in the dry bulk market**. However, management expects strong ton-mile demand to translate into higher charter rates in coming quarters[10](index=10&type=chunk) [Fleet Status](index=2&type=section&id=Fleet%20Status) [Current and Future Fleet Composition](index=2&type=section&id=Current%20and%20Future%20Fleet%20Composition) The company's fleet consists of eight dry bulk vessels and one LR2 tanker held for sale, with an additional Panamax vessel pending delivery Fleet Composition | Vessel Name | Sector | Capacity (DWT) | Year Built | | :--- | :--- | :--- | :--- | | Gloriuship | Dry Bulk / Capesize | 171,314 | 2004 | | Goodship | Dry Bulk / Capesize | 177,536 | 2005 | | Tradership | Dry Bulk / Capesize | 176,925 | 2006 | | Oasea | Dry Bulk / Kamsarmax | 82,217 | 2010 | | Cretansea | Dry Bulk / Kamsarmax | 81,508 | 2009 | | Chrisea | Dry Bulk / Panamax | 78,173 | 2013 | | Synthesea | Dry Bulk / Panamax | 78,020 | 2015 | | Epanastasea | Tanker / LR2 | 109,647 | 2008 | - **One Panamax dry bulk vessel**, the 'Santa Barbara' (to be renamed Exelixsea), built in **2011** with a capacity of **76,361 DWT**, is scheduled to be delivered[13](index=13&type=chunk) [Fleet Operational Data](index=3&type=section&id=Fleet%20Operational%20Data) In Q2 2023, the fleet achieved a 93.3% utilization rate and a TCE rate of $16,072 per day, with daily operating expenses averaging $6,714 Fleet Operational Metrics | Metric | Q2 2023 | 6M 2023 | | :--- | :--- | :--- | | Ownership days | 611 | 916 | | Operating days | 570 | 815 | | Fleet utilization | 93.3% | 89.0% | | TCE rate | $16,072 | $14,335 | | Daily Vessel Operating Expenses | $6,714 | $7,063 | [Financial Performance Analysis and Non-GAAP Reconciliations](index=3&type=section&id=Financial%20Performance%20Analysis%20and%20Non-GAAP%20Reconciliations) [Reconciliation of Net Revenues to TCE Rate](index=3&type=section&id=Reconciliation%20of%20Net%20Revenues%20to%20TCE%20Rate) The company reconciles vessel revenue to the non-GAAP TCE rate, showing Q2 2023 vessel revenue of $10.0 million yielded a TCE rate of $16,072 Time Charter Equivalent (TCE) Rate Reconciliation | (In thousands of U.S. Dollars) | Q2 2023 | 6M 2023 | | :--- | :--- | :--- | | Vessel revenue, net | 10,011 | 12,832 | | Less: Voyage expenses | 850 | 1,149 | | **Time charter equivalent revenues** | **9,161** | **11,683** | | Operating days | 570 | 815 | | **TCE rate** | **$16,072** | **$14,335** | [Reconciliation of Net Loss to EBITDA and Adjusted EBITDA](index=4&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20EBITDA%20and%20Adjusted%20EBITDA) For Q2 2023, the company reconciled its Net Loss of $3.0 million to an EBITDA of $1.0 million and an Adjusted EBITDA of $2.0 million, primarily adjusting for non-cash items EBITDA and Adjusted EBITDA Reconciliation | (In thousands of U.S. Dollars) | Q2 2023 | 6M 2023 | | :--- | :--- | :--- | | Net loss | (3,027) | (7,914) | | Add: Net interest and finance cost | 1,722 | 2,692 | | Add: Depreciation and amortization | 2,343 | 3,569 | | **EBITDA** | **1,038** | **(1,653)** | | Add: Stock based compensation | 957 | 2,175 | | **Adjusted EBITDA** | **1,995** | **522** | [Reconciliation of Net Loss to Adjusted Net Loss](index=5&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20Net%20Loss) The company's Q2 2023 Net Loss of $3.0 million was adjusted for stock-based compensation, resulting in an Adjusted Net Loss of $2.1 million and Adjusted Loss Per Share of ($0.25) Adjusted Net Loss Reconciliation | (In thousands of U.S. Dollars) | Q2 2023 | 6M 2023 | | :--- | :--- | :--- | | Net loss | (3,027) | (7,914) | | Add: Stock based compensation | 957 | 2,175 | | **Adjusted net loss** | **(2,070)** | **(5,739)** | | Adjusted loss per common share | (0.25) | (0.72) | [Outlook and Recent Developments](index=5&type=section&id=Outlook%20and%20Recent%20Developments) [Third Quarter 2023 TCE Rate Guidance](index=5&type=section&id=Third%20Quarter%202023%20TCE%20Rate%20Guidance) United Maritime projects an estimated Q3 2023 TCE rate of approximately $15,980, with 47% of operating days fixed and the remainder based on FFA rates - **Approximately 47%** of the fleet's expected operating days in **Q3 2023** are fixed at an estimated TCE rate of **$19,490**[23](index=23&type=chunk) - The overall estimated TCE for **Q3 2023** is **approximately $15,980**, assuming the remaining operating days achieve an average FFA rate of **$11,710 per day**[23](index=23&type=chunk) [Corporate Actions and Fleet Transactions](index=6&type=section&id=Corporate%20Actions%20and%20Fleet%20Transactions) The company declared a Q2 2023 dividend and continued share repurchases, while executing key fleet changes including vessel deliveries, charters, acquisitions, and a tanker sale - Declared a cash dividend of **$0.075 per common share** for **Q2 2023**, payable around **October 6, 2023**[25](index=25&type=chunk) - Repurchased **67,231 common shares** for **$0.2 million** in **Q2 2023** under its share repurchase program[26](index=26&type=chunk) - Agreed to sell its remaining LR2 tanker, M/T Epanastasea, for a gross price of **$37.5 million**, with an expected accounting profit of **approximately $12.0 million** to be realized in **Q3 2023**[30](index=30&type=chunk) - Expanded the dry bulk fleet by taking delivery of **M/V Cretansea**, entering a bareboat charter for **M/V Synthesea**, and agreeing to acquire **M/V Exelixsea**[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Unaudited Condensed Consolidated Balance Sheets](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2023, United Maritime reported total assets of $153.6 million, total liabilities of $94.4 million, and stockholders' equity of $59.2 million Condensed Consolidated Balance Sheets | (In thousands of U.S. Dollars) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | 7,282 | 69,932 | | Vessels and related assets, net | 138,437 | 50,200 | | **TOTAL ASSETS** | **153,580** | **125,655** | | **LIABILITIES & EQUITY** | | | | Long-term debt & liabilities, net | 78,248 | 42,606 | | Stockholders' equity | 59,176 | 64,568 | | **TOTAL LIABILITIES AND EQUITY** | **153,580** | **125,655** | [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2023, the company generated $10.0 million in vessel revenue, resulting in an operating loss of $1.3 million and a net loss of $3.0 million Condensed Consolidated Statements of Operations | (In thousands of U.S. Dollars) | Q2 2023 | 6M 2023 | | :--- | :--- | :--- | | Vessel revenue, net | 10,011 | 12,832 | | Operating loss | (1,308) | (5,174) | | Net loss | (3,027) | (7,914) | | Net loss per common share | (0.37) | (1.00) | [Unaudited Condensed Consolidated Cash Flow Data](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Cash%20Flow%20Data) For 6M 2023, net cash used in operating activities was $0.8 million, net cash used in investing activities was $75.8 million, and net cash provided by financing activities was $14.0 million Condensed Consolidated Cash Flow Data | (In thousands of U.S. Dollars) | Six months period ended June 30, 2023 | | :--- | :--- | | Net cash used in operating activities | (844) | | Net cash used in investing activities | (75,776) | | Net cash provided by financing activities | 13,970 | [Company Information](index=11&type=section&id=Company%20Information) [About United Maritime Corporation](index=11&type=section&id=About%20United%20Maritime%20Corporation) United Maritime Corporation is an international shipping company specializing in seaborne transportation, with a post-transaction fleet of eight dry bulk vessels trading on Nasdaq under "USEA" - The company specializes in **worldwide seaborne transportation services**[41](index=41&type=chunk) - Post-transactions, the operating fleet will comprise **eight dry bulk vessels** with an aggregate cargo carrying capacity of **922,054 dwt**[41](index=41&type=chunk) - The company's common shares are traded on the **Nasdaq Capital Market** under the ticker symbol **"USEA"**[42](index=42&type=chunk) [Forward-Looking Statements](index=11&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements subject to various risks and uncertainties, including shipping industry trends, regulatory changes, and market conditions - The press release contains **forward-looking statements** concerning future events, which are subject to **known and unknown risks**[44](index=44&type=chunk) - Key risk factors include **shipping industry trends** (charter rates, vessel values), **regulatory changes**, **operating costs**, and broader market impacts from **geopolitical events or pandemics**[44](index=44&type=chunk)

[Q1 2023 Financial Results](index=1&type=section&id=Q1%202023%20Financial%20Results) United Maritime Corporation reported a net loss of $4.9 million for Q1 2023, alongside negative Adjusted EBITDA, while also announcing a dividend and significant fleet expansion plans [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the first quarter of 2023, United Maritime Corporation reported net revenues of $2.8 million and a net loss of $4.9 million. The company's Adjusted EBITDA was negative at $1.5 million, with a Time Charter Equivalent (TCE) rate of $10,294 per day. Despite the loss, the company declared a quarterly cash dividend of $0.075 per share and highlighted agreements to acquire six new vessels Q1 2023 Key Financial Metrics | Metric | Value (USD) | | :--- | :--- | | Net Revenues | $2.8 million | | Net Loss | $4.9 million | | Adjusted Net Loss | $3.7 million | | Negative Adjusted EBITDA | $1.5 million | | Loss Per Share (basic & diluted) | $0.64 | | Adjusted Loss Per Share | $0.48 | | TCE Rate | $10,294 per day | Balance Sheet Position as of March 31, 2023 | Metric | Value (USD) | | :--- | :--- | | Cash and cash-equivalents | $20.0 million | | Shareholders' equity | $61.9 million | | Long-term debt, lease liability & other financial liabilities | $69.5 million | | Book value of fleet | $117.0 million | - The company declared a quarterly dividend of **$0.075 per share** for Q1 2023, bringing total declared dividends to **$1.15 per share** since November 2022[2](index=2&type=chunk)[7](index=7&type=chunk) - United entered into agreements to acquire **six vessels** for a total of **$126 million**, consisting of two Capesize, two Kamsarmax, and two Panamax vessels[7](index=7&type=chunk) [Management Commentary and Outlook](index=1&type=section&id=Management%20Commentary%20and%20Outlook) Management addressed Q1 performance, highlighted strategic fleet expansion and shareholder returns, and provided optimistic Q2 TCE guidance reflecting significant improvement [CEO Statement](index=1&type=section&id=CEO%20Statement) Chairman & CEO Stamatis Tsantanis acknowledged that Q1 2023 operating results were impacted by a reduced fleet size following profitable tanker sales and a vessel drydocking. He emphasized the company's swift execution of a fleet expansion strategy, acquiring six dry bulk vessels for approximately $126 million without shareholder dilution. He expressed strong optimism for the future, citing favorable dry bulk market fundamentals and a significant projected increase in Q2 TCE rates - Q1 2023 operating results, with a TCE of **$10,294**, were affected by a reduced average fleet size of less than **3 ships** due to profitable tanker sales in late 2022 and one tanker being in drydock[5](index=5&type=chunk) - The company swiftly executed a fleet regrowth plan, acquiring **six dry bulk vessels** for approximately **$126 million**, funded without diluting shareholders[5](index=5&type=chunk) - The company has returned **$14.7 million** to shareholders in the past nine months through **$8.7 million** in cash dividends and **$6 million** in share buybacks, representing **62% of its market cap** as of May 16, 2023[10](index=10&type=chunk) - Looking forward, the company will operate a fleet of **seven dry bulk vessels** and **one tanker** with moderate leverage, focusing on further growth and shareholder rewards[9](index=9&type=chunk) [Q2 2023 Outlook](index=2&type=section&id=Q2%202023%20Outlook) For the second quarter to date, United has secured coverage for 71% of its ownership days at an average TCE rate of $18,856 per day. The company estimates the full quarter's TCE to average approximately $18,000, which is a 75% improvement over Q1, on a fleet that will be double in size and operating days - As of the report date, **71% of Q2 ownership days** are covered at an average TCE of **$18,856 per day**[8](index=8&type=chunk) - The estimated daily net TCE for Q2 is expected to average approximately **$18,000**, a **75% increase** over Q1, with a fleet double in size and operating days[8](index=8&type=chunk) [Fleet Status](index=2&type=section&id=Fleet%20Status) The company's current operating fleet comprises seven vessels with 877,320 DWT, with an additional Panamax vessel expected to expand the fleet to eight [Current and Future Fleet Composition](index=2&type=section&id=Current%20and%20Future%20Fleet%20Composition) As of the report, United's operating fleet consists of seven vessels with a total capacity of 877,320 DWT and an average age of 15.2 years. The fleet includes Capesize, Kamsarmax, and Panamax dry bulk vessels, plus one LR2 tanker. An additional Panamax vessel, M/V Synthesea, is expected to be delivered between July and October 2023, expanding the fleet to eight vessels Current Company Fleet | Vessel Name | Sector | Capacity (DWT) | Year Built | | :--- | :--- | :--- | :--- | | Gloriuship | Dry Bulk / Capesize | 171,314 | 2004 | | Goodship | Dry Bulk / Capesize | 177,536 | 2005 | | Tradership | Dry Bulk / Capesize | 176,925 | 2006 | | Chrisea | Dry Bulk / Panamax | 78,173 | 2013 | | Oasea | Dry Bulk / Kamsarmax | 82,217 | 2010 | | Cretansea | Dry Bulk / Kamsarmax | 81,508 | 2009 | | Epanastasea | Tanker / LR2 | 109,647 | 2008 | | **Total/Average** | | **877,320** | **15.2 years** | - The Panamax vessel M/V Synthesea (**78,020 DWT**, built 2015) is expected to be delivered between July and October 2023 under a **12-month bareboat charter** with a purchase option[12](index=12&type=chunk) [Financial Performance Analysis](index=4&type=section&id=Financial%20Performance%20Analysis) Detailed Q1 2023 operational metrics, including 80.3% fleet utilization and $10,294 TCE, are presented alongside non-GAAP reconciliations and Q2 TCE guidance [Q1 2023 Operational and Financial Metrics](index=4&type=section&id=Q1%202023%20Operational%20and%20Financial%20Metrics) In Q1 2023, the company achieved a fleet utilization of 80.3% across 305 ownership days. The Time Charter Equivalent (TCE) rate was $10,294 per day, derived from $2.5 million in TCE revenues over 245 operating days. Daily vessel operating expenses averaged $7,764 Q1 2023 Fleet Data | Metric | Value | | :--- | :--- | | Ownership days | 305 | | Operating days | 245 | | Fleet utilization | 80.3% | | TCE rate | $10,294 | | Daily Vessel Operating Expenses | $7,764 | TCE Rate Reconciliation (Q1 2023) | Item | Amount (in thousands USD) | | :--- | :--- | | Vessel revenue, net | 2,821 | | Less: Voyage expenses | 299 | | **Time charter equivalent revenues** | **2,522** | [Non-GAAP Reconciliations](index=5&type=section&id=Non-GAAP%20Reconciliations) The company provided reconciliations for non-GAAP measures. The Q1 2023 net loss of $4.9 million was reconciled to an Adjusted EBITDA of -$1.5 million and an Adjusted Net Loss of $3.7 million. The primary adjustment was for $1.2 million in stock-based compensation. Net interest and finance costs of $970k were reconciled to cash interest and finance costs of $796k Net Loss to Adjusted EBITDA Reconciliation (Q1 2023) | Item | Amount (in thousands USD) | | :--- | :--- | | Net loss | (4,887) | | Add: Interest and finance costs, net | 970 | | Add: Depreciation and amortization | 1,226 | | **EBITDA** | **(2,691)** | | Add: Stock based compensation | 1,218 | | **Adjusted EBITDA** | **(1,473)** | Net Loss to Adjusted Net Loss Reconciliation (Q1 2023) | Item | Amount (in thousands USD) | | :--- | :--- | | Net loss | (4,887) | | Add: Stock based compensation | 1,218 | | **Adjusted net loss** | **(3,669)** | Interest and Finance Costs Reconciliation (Q1 2023) | Item | Amount (in thousands USD) | | :--- | :--- | | Interest and finance costs, net | (970) | | Add: Amortization of deferred finance charges | 174 | | **Cash interest and finance costs** | **(796)** | [Q2 2023 TCE Guidance](index=6&type=section&id=Q2%202023%20TCE%20Guidance) United Maritime provides detailed guidance for its Q2 2023 Time Charter Equivalent (TCE) rate. Approximately 71% of operating days are already fixed at an average TCE of $18,856. Based on current FFA rates for the remaining days, the company projects a blended TCE for the entire quarter of approximately $17,923 Q2 2023 TCE Guidance Breakdown | Charter Type | Operating Days | TCE (USD) | | :--- | :--- | :--- | | TCE - fixed rate (index-linked conversion) | 182 | 16,115.45 | | TCE - fixed rate | 87 | 38,284.78 | | TCE – index-linked unhedged (projected) | 336 | 13,617.62 | | **Total / Average** | **605** | **17,922.61** | - The guidance assumes that for unhedged index-linked days, the TCE will equal the average Forward Freight Agreement (FFA) rate of **$16,376 per day** as of May 12, 2023[23](index=23&type=chunk) [Recent Corporate Developments](index=6&type=section&id=Recent%20Corporate%20Developments) Recent corporate activities include the declaration of Q1 2023 dividends, updates on share capital, and strategic vessel acquisitions supported by new financing facilities [Dividends and Share Capital](index=6&type=section&id=Dividends%20and%20Share%20Capital) The company maintained its shareholder return policy by paying a Q4 2022 dividend of $0.075 per share in April 2023 and declaring an identical dividend for Q1 2023, payable in July 2023. As of May 17, 2023, the company had 8,959,443 common shares outstanding, reflecting shares issued from warrant exercises - A cash dividend of **$0.075 per share** for Q1 2023 was declared, payable on or about July 6, 2023, to shareholders of record as of June 22, 2023[24](index=24&type=chunk) - As of May 17, 2023, the Company has **8,959,443 common shares** issued and outstanding, which includes **1,037,230 shares** issued from warrant exercises for proceeds of **$2.7 million**[33](index=33&type=chunk) [Vessel Transactions and Financing](index=6&type=section&id=Vessel%20Transactions%20and%20Financing) During Q1 and early Q2 2023, United significantly expanded its dry bulk fleet by taking delivery of four vessels (two Capesize, two Kamsarmax) and securing two Panamax vessels via bareboat charters with purchase options. To support this expansion, the company entered into a $24.5 million sale-and-leaseback facility for two of the newly acquired Kamsarmax vessels. Additionally, the company's tanker, M/T Epanastasea, completed its dry-docking and is now being considered for sale - Took delivery of two Capesize vessels, M/V Goodship and M/V Tradership, in February 2023 for an aggregate price of **$36.25 million**[25](index=25&type=chunk) - Took delivery of two Kamsarmax vessels, M/V Oasea (March 2023) and M/V Cretansea (April 2023), for a combined price of **$39.2 million**[27](index=27&type=chunk)[28](index=28&type=chunk) - Entered into bareboat charter agreements with purchase options for two Panamax vessels, M/V Chrisea and M/V Synthesea[29](index=29&type=chunk)[30](index=30&type=chunk) - Secured a **$24.5 million sale-and-leaseback facility** to finance the acquisition of M/V Oasea and M/V Cretansea, with an interest rate of **4.25% plus 3-month Term SOFR**[32](index=32&type=chunk) - The tanker M/T Epanastasea completed its dry-docking and is currently being considered for sale, with the company in advanced discussions with prospective buyers[31](index=31&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for Q1 2023 present the balance sheet, statements of operations, and cash flow data [Unaudited Condensed Consolidated Balance Sheets](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, United Maritime reported total assets of $142.4 million, a notable increase from $125.7 million at year-end 2022, primarily due to vessel acquisitions. Total liabilities increased to $80.4 million from $61.1 million, while stockholders' equity slightly decreased to $61.9 million. Cash and cash equivalents stood at $20.0 million, down from $69.9 million at the end of 2022 Condensed Consolidated Balance Sheets (in thousands USD) | | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | 20,001 | 69,932 | | Vessels and right-of-use assets, net | 117,028 | 50,200 | | **TOTAL ASSETS** | **142,361** | **125,655** | | **LIABILITIES & EQUITY** | | | | Long-term debt, lease liability, etc. | 69,455 | 42,606 | | Other liabilities | 10,963 | 18,481 | | Stockholders' equity | 61,943 | 64,568 | | **TOTAL LIABILITIES & EQUITY** | **142,361** | **125,655** | [Unaudited Condensed Consolidated Statements of Operations](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For the three-month period ending March 31, 2023, the company generated $2.8 million in vessel revenue. After accounting for all expenses, including operating, administrative, and interest costs, the company recorded a net loss of $4.9 million, or a loss of $0.64 per basic and diluted share Condensed Consolidated Statements of Operations (Q1 2023, in thousands USD) | Item | Amount | | :--- | :--- | | Vessel revenue, net | 2,821 | | Vessel operating expenses | (3,111) | | General and administrative expenses | (1,819) | | Depreciation and amortization | (1,226) | | **Operating loss** | **(3,866)** | | Interest and finance costs, net | (970) | | **Net loss** | **(4,887)** | | **Net loss per common share** | **(0.64)** | [Unaudited Condensed Consolidated Cash Flow Data](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Cash%20Flow%20Data) For the first quarter of 2023, cash flow from operating activities was negative $4.1 million. Investing activities used $52.1 million, primarily for vessel acquisitions. Financing activities provided $6.3 million in cash Condensed Consolidated Cash Flow Data (Q1 2023, in thousands USD) | Activity | Net Cash Flow | | :--- | :--- | | Net cash used in operating activities | (4,060) | | Net cash used in investing activities | (52,135) | | Net cash provided by financing activities | 6,264 | [Company Overview](index=11&type=section&id=Company%20Overview) United Maritime Corporation is an international shipping company operating a fleet of dry bulk vessels and one tanker, listed on Nasdaq under 'USEA' [About United Maritime Corporation](index=11&type=section&id=About%20United%20Maritime%20Corporation) United Maritime Corporation is an international shipping company focused on worldwide seaborne transportation. Its current fleet includes one LR2 tanker and seven dry bulk vessels. Following a pending delivery, the fleet will grow to eight vessels with a combined cargo capacity of 955,340 DWT. The company is incorporated in the Marshall Islands, has executive offices in Greece, and its common shares are listed on the Nasdaq Capital Market under the ticker "USEA" - The company operates a fleet of **one LR2 tanker** and **seven dry bulk vessels** (one Panamax, three Capesize, and two Kamsarmax)[42](index=42&type=chunk) - Upon the delivery of one more Panamax vessel, the fleet will consist of **eight vessels** with an aggregate cargo carrying capacity of **955,340 DWT**[42](index=42&type=chunk) - The company's common shares trade on the Nasdaq Capital Market under the symbol **"USEA"**[43](index=43&type=chunk)