United Maritime (US:USEA) Newsfilterยท2024-08-06 13:00Core Insights - United Maritime Corporation reported a return to profitability in Q2 2024, with net income of $0.7 million compared to a net loss of $3.0 million in Q2 2023, driven by positive momentum in the dry bulk market [7][4][5] - The company declared a quarterly cash dividend of $0.075 per share for Q2 2024, marking its seventh consecutive quarterly dividend [8][27] - The Time Charter Equivalent (TCE) rate for the fleet was $17,143 per day in Q2 2024, reflecting an increase from $16,072 in Q2 2023 [4][18] Financial Performance - For Q2 2024, net revenues were $12.4 million, up from $10.0 million in Q2 2023 [4][5] - Adjusted EBITDA for Q2 2024 was $6.3 million, compared to $2.0 million in Q2 2023 [4][21] - For the six-month period ended June 30, 2024, net revenues reached $23.0 million, compared to $12.8 million in the same period of 2023 [5][41] Dividend and Shareholder Returns - Total cash dividends declared since November 2022 amount to $1.525 per share, representing approximately 60% of United's market capitalization [2] - The annual yield from the declared dividend is approximately 13% [8] Fleet and Operational Updates - The company completed the sale of a 2010-built Chinese Kamsarmax vessel at a profit and is set to replace it with a 2016-built Japanese Kamsarmax vessel [10][35] - The fleet's average age is 15.2 years, with a total capacity of 839,837 DWT [13][44] Strategic Initiatives - United Maritime Corporation is diversifying its investments, including a minority stake in a newbuilding Energy Construction Vessel project and participation in a tanker time-charter agreement [11][30] - The company has secured aggregate financings of $48.3 million year-to-date [2] Market Outlook - The outlook for the dry bulk market remains positive, with low orderbook levels and strong demand from major miners [12] - The company expects its daily TCE to be around $17,500 for Q3 2024 based on current Forward Freight Agreement values [9][25]