Financial Performance - Vessel revenue for June 2024 reached $23.0 million, an increase of 80% compared to $12.8 million in June 2023[37] - Operating income improved to $3.3 million in June 2024 from a loss of $5.2 million in June 2023, representing a turnaround of $8.4 million[37] - Net loss decreased significantly to $668,000 in June 2024 from $7.9 million in June 2023, a reduction of 92%[37] - EBITDA for the six-month period ended June 30, 2024, was $9.5 million, compared to a negative EBITDA of $1.6 million for the same period in 2023[54] - Vessel revenue, net, increased to $23.0 million for the six-month period ended June 30, 2024, compared to $12.8 million for the same period in 2023[68] - Operating income for the first half of 2024 was $3,256,000, compared to an operating loss of $5,174,000 in the first half of 2023, indicating a turnaround in operational performance[120] - Net loss for the six-month period ended June 30, 2024, was $668,000, a substantial improvement from a net loss of $7,914,000 in the same period of 2023[120] Expenses and Costs - Daily vessel operating expenses increased to $9.9 million in June 2024 from $9.1 million in June 2023, primarily due to an increase in ownership days from 916 to 1,456 days[38] - General and administrative expenses dropped to $1.5 million in June 2024 from $3.3 million in June 2023, a decrease of $1.8 million attributed to lower stock-based compensation[46] - Interest and finance costs rose to $4.1 million in June 2024, up 39% from $3.0 million in June 2023[37] - Voyage expenses decreased to $978,000 in June 2024 from $1.1 million in June 2023, attributed to reduced bunker consumption[37] - Interest and finance costs increased to $4.1 million for the six-month period ended June 30, 2024, compared to $3.0 million for the same period in 2023, due to an increase in weighted average outstanding debt from $53.3 million to $64.1 million[47] Fleet and Operations - The company operates a fleet of seven dry bulk vessels, with an expected increase to eight vessels by October 2024, raising total cargo capacity to approximately 922,072 dwt[24] - Operating days increased to 1,363 for the six-month period ended June 30, 2024, from 815 in the same period of 2023, reflecting fleet expansion[67] - The TCE rate improved to $16,187 for the six-month period ended June 30, 2024, compared to $14,335 for the same period in 2023[67] Cash Flow and Financing - Cash and cash equivalents as of June 30, 2024, were $7.7 million, with minimal amounts held in Euros[75] - Net cash used in financing activities for the six-month period ended June 30, 2024, was $7.6 million, primarily due to debt repayments of $17.4 million and dividend payments of $1.3 million[76] - Net cash provided by financing activities in the six-month period ended June 30, 2023, was $14.0 million, with inflows from secured long-term debt totaling $24.5 million[76] - Net cash used in investing activities for the six-month period ended June 30, 2024, amounted to $3.8 million, related to a finance lease prepayment for the Nisea[100] - The company entered into a $16.5 million loan facility on August 5, 2024, to finance the purchase option under the Chrisea Bareboat Agreement[62] Assets and Liabilities - Working capital deficit amounted to $34.6 million as of June 30, 2024, primarily due to repayment obligations related to sale and leaseback transactions[56] - Total stockholders' equity as of June 30, 2024, was $129.6 million, compared to $152.5 million as of December 31, 2023[93] - Total current liabilities increased to $64,972,000 as of June 30, 2024, from $53,093,000 as of December 31, 2023, representing a 22.2% increase[117] - Long-term debt and other financial liabilities decreased to $62,206 thousand as of June 30, 2024, from $65,842 thousand as of December 31, 2023[166] Shareholder Information - The average number of common shares outstanding increased to 8,716,477 in June 2024 from 8,030,666 in June 2023[37] - The weighted average number of common shares outstanding increased to 8,716,477 in 2024 from 8,030,666 in 2023, reflecting a 8.5% increase in shares[120] - The Company declared a dividend of $0.075 per common share for the first quarter of 2024, totaling $676, which was paid on July 10, 2024[200] - A regular cash dividend of $0.075 per common share was declared for the second quarter of 2024, payable on or about October 10, 2024[214] Future Outlook and Challenges - The company anticipates challenges from macroeconomic factors, including inflation and geopolitical tensions, which may impact future operations and financial performance[33][34] - Future minimum contractual charter revenue is based on vessels committed to non-cancelable time charter contracts as of June 30, 2024[219]
United Maritime (USEA) - 2024 Q2 - Quarterly Report