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]
United Maritime (USEA) - 2023 Q4 - Annual Report