Financial Performance - For Q3 2024, the company reported net revenues of $11.6 million, a slight decrease of 0.9% from $11.7 million in Q3 2023[2] - The net loss for Q3 2024 was $0.9 million, compared to a net income of $8.9 million in Q3 2023, reflecting a significant decline[6] - Adjusted EBITDA for Q3 2024 was $5.1 million, down from $13.8 million in Q3 2023, indicating a decrease of approximately 63.0%[2] - For the nine-month period ended September 30, 2024, net revenues increased to $34.6 million, up 41.2% from $24.5 million in the same period of 2023[7] - The adjusted net loss for the nine-month period was $0.5 million, compared to an adjusted net income of $3.4 million in the same period of 2023[7] - EBITDA for Q3 2024 was $4.478 million, down from $13.503 million in Q3 2023, while Adjusted EBITDA decreased to $5.091 million from $13.812 million[23] Dividends and Shareholder Returns - The company declared a quarterly cash dividend of $0.075 per share for Q3 2024, marking the eighth consecutive quarterly distribution[4] - The company declared a cash dividend of $0.075 per common share for Q3 2024, payable on or about January 10, 2025[29] - The company completed share buybacks worth approximately $0.4 million during Q3 2024, demonstrating confidence in its value[13] - The company repurchased 168,189 common shares at an average price of $2.54 per share during Q3 2024, totaling $0.4 million[30] Operational Metrics - The Time Charter Equivalent (TCE) rate for Q3 2024 was $16,365 per day, compared to $16,186 per day in Q3 2023, reflecting a 1.1% increase[17] - Vessel operating expenses before pre-delivery expenses increased slightly to $4.641 million in Q3 2024 from $4.581 million in Q3 2023, with daily vessel operating expenses averaging $6,795[22] - The estimated TCE rate for the fourth quarter of 2024 is approximately $15,140, based on 87% of the fleet's expected operating days being fixed[27] Asset and Cash Position - Cash and cash equivalents as of September 30, 2024, stood at $11.4 million, with shareholders' equity at $62.5 million[8] - As of September 30, 2024, total assets increased to $179.527 million from $174.805 million as of December 31, 2023[39] - The company reported net cash provided by operating activities of $6.321 million for the nine months ended September 30, 2024, compared to a net cash used of $7.051 million in the same period of 2023[43] Fleet and Modernization - The company is focusing on fleet modernization, having acquired a 2016-built Kamsarmax dry bulk vessel under an 18-month bareboat charter agreement[4] - The company took delivery of the M/V Nisea in September 2024 under an 18-month bareboat charter agreement with a daily rate of $8,000[31] - The M/V Oasea was sold for a gross price of $20.2 million, resulting in an accounting profit of $1.4 million recognized in Q3 2024[35] Risks and Forward-Looking Statements - The company acknowledges the presence of forward-looking statements regarding future events, including dividends and market trends[47] - Actual results may differ materially from forward-looking statements due to various risks, including financial results and liquidity issues[47] - Factors affecting actual results include competitive market conditions, shipping industry trends, and potential acquisitions[47] - The company highlights risks associated with international operations and broader market impacts from geopolitical tensions[47] - The impact of pandemics, such as COVID-19, on demand for dry bulk products is noted as a significant risk factor[47] - The company disclaims any obligation to publicly update forward-looking statements unless required by law[47]
United Maritime (USEA) - 2024 Q3 - Quarterly Report