[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)

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 ...

Financial Data and Key Metrics Changes - For Q1 2023, the company reported net revenues of $2.8 million, an adjusted EBITDA of -$1.5 million, and an adjusted net loss of $3.7 million, reflecting a decrease in the average daily time charter equivalent (TCE) rate to $10,300 [7][20] - The company declared a dividend of $1.15 per share, representing a cash yield of about 40% based on the recent stock price, totaling $8.7 million in cash dividends and $6 million in share buybacks, amounting to $14.7 million or 62% of the market cap as of May 16, 2023 [8][9] Business Line Data and Key Metrics Changes - The average daily TCE for the fleet was $10,300 during Q1 2023, significantly impacted by the drydock survey of the tanker Epanastasea, which was out of service for approximately 50 days [20] - The company has resumed its tanker employment at a fixed rate of $40,000 per day, and the dry bulk market has shown recovery since March [7][21] Market Data and Key Metrics Changes - The capesize market averaged around $9,000 during the quarter, contributing to the soft performance [20] - The company achieved a 71% cover of its owners' days at an average TCE of $18,860 per day for the second quarter, indicating a recovery in market conditions [17] Company Strategy and Development Direction - The company aims to take advantage of market opportunities in mainstream shipping sectors and has successfully executed transactions to grow its fleet, acquiring six dry bulk vessels for approximately $126 million without diluting shareholders [9][19] - The company is positioned to benefit from a rising market cycle driven by strong demand for raw materials and historically low investment in new vessels [29] Management's Comments on Operating Environment and Future Outlook - Management anticipates returning to profitability in the next quarter due to improvements in the dry bulk market and the resumption of service for the Epanastasea [21] - The company maintains a prudent financing strategy, with a cash breakeven at moderate levels and a daily debt service rate estimated at approximately $1,000 [28] Other Important Information - The company ended Q1 2023 with $20 million in cash and cash equivalents, $69.5 million in senior debt, and shareholders' equity of $62 million [22][23] - The company has entered into a $24.5 million sale and leaseback transaction to finance part of the acquisition cost of two Kamsarmax vessels [25] Q&A Session Summary - No specific questions or answers were provided in the transcript, as the call concluded without a detailed Q&A segment [30][31]

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]

Financial Data and Key Metrics Changes - For Q4 2022, the company reported revenue of $14.9 million, with adjusted EBITDA of $42.3 million and adjusted net income of $39.8 million, primarily driven by the profitable sale of three tanker vessels [4][10] - The net profit for the period from July 6, 2022, to December 31, 2022, was $37.4 million, which is approximately 145% of the current market cap, indicating significant appreciation potential in the share price [4][10] - Cash and cash equivalents at the end of the period stood at approximately $70 million, or $8.50 per share, following debt repayments of $32.4 million [10][11] Business Line Data and Key Metrics Changes - The fleet's commercial performance achieved a net daily time charter equivalent rate of $28,750, with a time charter equivalent rate of $32,200 for Q4 2022 [5][9] - The company has successfully completed two buyback programs totaling $6 million, reducing shares outstanding by 25% [5][15] Market Data and Key Metrics Changes - The company anticipates a healthy rise in steel production and iron ore demand from China in the second half of 2023, following the exit from the zero COVID policy [16] - There is a stable demand outlook for dry bulk commodities, with limited fleet growth expected [17] Company Strategy and Development Direction - The company aims to capitalize on opportunities in the dry bulk sector, focusing on larger size bulkers and maintaining a flexible investment strategy to create shareholder value [3][16] - A five-vessel acquisition agreement exceeding $98 million has been initiated, which includes two capesize dry bulk vessels and two Kamsarmax vessels [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for thermal and metallurgical coal, with no expected slowdown in the coal trade for the next three to five years [19] - The company is optimistic about the economic recovery and expects aggregate demand to return, which is crucial for future growth [17] Other Important Information - The company initiated a regular quarterly cash dividend of $0.075 per share, with a 10% annualized dividend yield based on recent share prices [6][10] - The company redeemed $10 million of convertible preferred shares, reducing dilution risk for shareholders [6][15] Q&A Session Summary Question: Is the comment about no winding down referring to coal trade demand for the next 10 years? - Management clarified that the statement refers specifically to the coal trade, indicating no expected slowdown in the next three to five years [19] Question: Is the bareboat agreement a signal to conserve purchasing capacity for other ships? - Management confirmed that the decision is a combination of conserving purchasing capacity and fostering relationships with major foreign companies [20] Question: What is the outlook for capesize ships and opportunities in the dry bulk market? - Management noted that there are not many active opportunities for capesize ships currently, and the focus will be on Kamsarmax and Panamax vessels [21] Question: Is the strategy to buy older ships due to near-term contract opportunities? - Management indicated that purchasing older ships could provide strong potential returns with minimal risk, as they can acquire more ships for the same value [22][23] Question: What is the financing rate for the new acquisitions? - Management confirmed that the financing for the new acquisitions is expected to be priced at 4.25% over SOFR, which is competitive [24]

Financial Data and Key Metrics Changes - The company recorded a net income of $1 million for the period from July 6, 2022, to September 30, 2022, with net vessel revenue of $7.9 million and EBITDA of $2.9 million [15][4] - The average time charter equivalent rate was $23,639 per day, with expectations of an increase to $33,200 per day for Q4 [6][15] - Cash and cash equivalents at the end of the period stood at $21.2 million, with total debt of $76.3 million and shareholders' equity of $44.1 million [16] Business Line Data and Key Metrics Changes - The company successfully capitalized on the tanker sector's performance while maintaining exposure in the dry bulk market [3] - Three tankers were deployed in the spot market, while one was under a legacy time charter, which was recently extended at a gross daily rate of $43,500 [5][6] Market Data and Key Metrics Changes - The tanker market is expected to remain robust until at least the end of 2023, with a strong rebound anticipated in the dry bulk market due to improved raw material demand [18] - The company views the current market for secondhand Capesize vessels as presenting attractive investment opportunities [19] Company Strategy and Development Direction - The company aims to pursue value opportunities across various shipping sectors, focusing on disciplined capital structure and selective growth [3][28] - A stock buyback program of $6 million was completed, with an additional $3 million authorized, reflecting the belief that the stock is undervalued [7][8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the profitability for the next quarter, expecting to recognize an additional profit of over $90 million from the sale of two Aframax vessels [6] - The company plans to continue its flexible, sector-agnostic investment strategy, focusing on mainstream shipping sectors [10][28] Other Important Information - The company completed a $26 million public equity offering to fund fleet growth, with a significant premium compared to recent buyback prices [8][12] - The company has a moderate leverage ratio of slightly over 40%, with fixed-rate loans mitigating risks in the current inflationary environment [16][9] Q&A Session Summary Question: Financial analysis of deciding to sell ships versus continuing to hold - Management emphasized the strategy of quickly turning profits and not sacrificing substantial returns for growth, indicating a focus on selective asset acquisition and timely sales [21][24] Question: Evaluating opportunities across the shipping sector - Management confirmed intentions to maintain a disciplined share count and focus on mainstream tankers and bulkers, avoiding sectors where they lack experience [26][28] Question: Cash breakeven level for the fleet - The operating breakeven is around $12,000 to $12,500 per day, which will increase to approximately $21,000 to $22,000 per day once amortization begins [36][37] Question: Purchasing capacity for additional acquisitions - Management indicated flexibility in purchasing capacity based on cash reserves and equity, with no restrictions on acquiring additional vessels [38]