Exhibit 99.1 United Maritime Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2023 and Declares Cash Dividend of $0.075 Per Share | Highlights | | | Quarterly | | | | Full Year | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (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 | | 2 Adjusted Net (Loss) / In ...

United Maritime Corporation (NASDAQ:USEA) Q4 2023 Earnings Conference Call February 20, 2024 10:00 AM ET Company Participants Stamatios Tsantanis - Chairman and Chief Executive Officer Stavros Gyftakis - Chief Financial Officer Conference Call Participants Tate Sullivan - Maxim Group Operator Thank you for standing by ladies and gentlemen. And welcome to the United Maritime Corporation Conference Call on the Fourth Quarter Year Ended December 31, 2023, Financial Results. We have with us Mr. Stamatios Tsanta ...

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 ...

Exhibit 99.1 United Maritime Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023 and Declares Dividend of $0.075 Per Share | Highlights | | | | | | --- | --- | --- | --- | --- | | (in million USD, except for per share data) | | Q2 2023 | | 6M 2023 | | Net Revenues | $ | 10.0 | $ | 12.8 | | Net loss | $ | (3.0) | $ | (7.9) | | Adjusted net loss1 | $ | (2.1) | $ | (5.7) | | EBITDA1 | $ | 1.0 | $ | (1.7) | | Adjusted EBITDA1 | $ | 2.0 | $ | 0.5 | | Loss per share Basic & Diluted ...

Exhibit 99.1 United Maritime Reports First Quarter 2023 Financial Results and Declares Quarterly Dividend of $0.075 Per Share Financial Highlights of the First Quarter of 2023: Other Highlights and Developments: May 18, 2023 - Glyfada, Greece – United Maritime Corporation ("United" or the "Company") (NASDAQ: USEA), announced today its financial results for the first quarter ended March 31, 2023 and declared a quarterly dividend of $0.075 per share for the first quarter of 2023. For the quarter ended March 3 ...

Exhibit 99.1 United Maritime Reports First Quarter 2023 Financial Results and Declares Quarterly Dividend of $0.075 Per Share Financial Highlights of the First Quarter of 2023: Other Highlights and Developments: May 18, 2023 - Glyfada, Greece – United Maritime Corporation ("United" or the "Company") (NASDAQ: USEA), announced today its financial results for the first quarter ended March 31, 2023 and declared a quarterly dividend of $0.075 per share for the first quarter of 2023. For the quarter ended March 3 ...

United Maritime Corporation (NASDAQ:USEA) Q1 2023 Earnings Conference Call May 17, 2023 10:00 AM ET Company Participants Stamatios Tsantanis - Chairman, CEO and Founder Stavros Gyftakis - CFO Conference Call Participants Operator Thank you for standing by ladies and gentlemen. And welcome to the United Maritime Corporation Conference Call on the First Quarter Ended March 31, 2023. Financial Results. We have with us Mr. Stamatios Tsantanis, Chairman and CEO and Mr. Stavros Gyftakis, Chief Financial Officer o ...

Market Volatility and Economic Impact - The Baltic Dry Index (BDI) has shown significant volatility, declining from an all-time high of 11,793 in May 2008 to a low of 290 in February 2016, representing a decline of approximately 98%[35] - In 2021, the BDI ranged from a low of 1,303 on February 10 to a high of 5,650 on October 7, while in 2022, it ranged from a low of 965 on August 31 to a high of 3,369 on May 23[35] - As of March 28, 2023, the BDI stood at 1,402, indicating ongoing volatility in the dry bulk charter market[35] - The dry bulk market remains significantly below historic highs, which may adversely affect the company's earnings, revenue, and profitability[35] - The cyclical nature of the international tanker industry may lead to volatility in charter rates and vessel values, impacting future earnings[27] - The ongoing geopolitical tensions, such as the war in Ukraine, have resulted in higher freight market volatility, affecting the dry bulk shipping market[37] - The ongoing war in Ukraine has disrupted supply chains and caused instability in energy markets, leading to volatility in shipping freight rates[76] Fleet and Charter Dependency - The company’s current fleet is mostly dependent on spot or index-linked charters, which are highly volatile and could negatively impact future earnings[27] - The company operates all dry bulk vessels on time charters linked to the Baltic Capesize Index and Baltic Panamax Index, making financial performance sensitive to these index rates[63] - The company’s revenues are subject to seasonal fluctuations, which could affect its ability to service debt or pay dividends[99] Supply and Demand Dynamics - An over-supply of tanker or dry bulk vessel capacity may depress current charter rates, adversely affecting profitability[27] - As of March 28, 2023, newbuilding orders accounted for approximately 3.92% of the existing global tanker fleet, indicating potential oversupply risks[51] - The current order book for tanker vessels represents a significant percentage of the existing fleet, but the percentage of the total tanker fleet on order declined from 20% in early 2016 to 4% in February 2023[53] - In 2022, China imported approximately 508 million tons of crude oil by sea, highlighting the significant demand for oil tankers and the potential impact of any decrease in China's imports on the company's financial performance[83] Regulatory and Compliance Challenges - The International Maritime Organization's low sulfur bunkering requirement, effective January 1, 2020, has influenced tanker market dynamics and demand[43] - Compliance with industry standards and the vetting process by Oil Majors is critical for the company's operations, and failure to meet these standards could lead to breaches of charter agreements[88] - The company is subject to various environmental regulations, including the U.S. Clean Air Act and the EU regulations, which could require significant expenditures and affect cash flows[115] - Compliance with the 0.5% sulfur cap may require significant investments in scrubbers or retrofitting vessels to use liquefied natural gas (LNG), which could adversely affect future performance and cash flows[114] Financial Risks and Economic Conditions - The company faces risks from rising fuel prices and inflation, which could adversely affect operating results and financial condition[27] - Inflation could increase operational costs and adversely impact profit margins, potentially affecting the company's financial condition[96] - The company faces risks from changes in interest rates and instability in banking and securities markets, which may impair borrowing capabilities[73] - The company may incur increased expenses due to crew rotation disruptions, including costs associated with testing, personal protective equipment, and travel expenses[61] Geopolitical and Environmental Factors - The ongoing war in Ukraine has led to sanctions that may adversely impact the company's business, including prohibitions on importing certain Russian energy products and new investments in Russia[77] - Rising fuel prices, influenced by geopolitical developments and regulations, may adversely affect the company's profitability and competitiveness[94] - The potential for trade protectionism, particularly from the U.S., could adversely impact global economic conditions and reduce shipping demand[72] Operational and Management Challenges - The company may encounter challenges in maintaining compliance with loan covenants due to fluctuations in vessel values and charter rates[30] - The company may face significant operating costs and vessel off-hire due to purchasing and operating secondhand vessels, which currently compose its entire fleet[155] - The company relies on third-party managers for fleet management, and any loss of these services could adversely impact operational results[174] Corporate Governance and Shareholder Issues - The company has substantial control by its Chairman and CEO, who can control 49.99% of the voting power despite owning less than 50% economically[201] - Anti-takeover provisions in the company's articles of incorporation may hinder shareholders' ability to change the board of directors or prevent favorable mergers or acquisitions[203] - The company is classified as a "foreign private issuer," which may result in less attractive stock for some investors due to reduced disclosure requirements compared to U.S. corporations[183] Future Outlook and Strategic Initiatives - The company has entered into a commitment letter with a European financial leasing institution for the acquisition of the Kamsarmax vessel[144] - The company is actively monitoring compliance with sanctions and embargo laws to mitigate risks associated with potential violations that could impact market access and investor interest[113] - The company estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard[160]