United Maritime Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024 and Declares Cash Dividend of $0.075 Per Share

Financial Performance - For Q3 2024, the company reported net revenues of $11.6 million, a slight decrease from $11.7 million in Q3 2023. The net loss was $0.9 million compared to a net income of $8.9 million in the same period last year [6][7] - Adjusted net loss for Q3 2024 was $0.3 million, down from an adjusted net income of $9.2 million in Q3 2023. Adjusted EBITDA for the quarter was $5.1 million, significantly lower than $13.8 million in Q3 2023 [6][7][12] - For the nine-month period ended September 30, 2024, net revenues increased to $34.6 million from $24.5 million in the same period of 2023. However, the net loss was $1.6 million compared to a net income of $0.9 million in 2023 [7][8] Shareholder Returns - The company declared a quarterly cash dividend of $0.075 per share for Q3 2024, marking the eighth consecutive quarterly distribution. Total cash dividends declared since November 2022 amount to $1.60 per share, totaling $12.7 million [2][10] - The annualized yield from the recent dividend is approximately 15% per share, reflecting the company's commitment to returning value to shareholders despite market challenges [10][12] Strategic Developments - The company acquired a 2016-built Kamsarmax dry bulk vessel under an 18-month bareboat charter agreement, which includes a purchase option, enhancing fleet modernization and operational flexibility [3][36] - Share buybacks worth approximately $0.4 million were completed during Q3 2024, with total buybacks of $0.5 million in 2024 to date, indicating confidence in the company's value [3][34] - The company secured $48.3 million in aggregate financings year-to-date, facilitating strategic initiatives including the exercise of purchase options for two Panamax vessels [4][40] Fleet and Operational Efficiency - The fleet utilization rate for Q3 2024 was 99.9%, up from 91.4% in Q3 2023, demonstrating operational efficiency [20][12] - The Time Charter Equivalent (TCE) rate for Q3 2024 was $16,365 per day, compared to $16,186 in Q3 2023, reflecting stable charter rates [20][6] Market Outlook - The dry bulk market conditions remain favorable, particularly in the Capesize sector, where projected ton-mile demand exceeds fleet supply growth. This positive outlook is supported by limited newbuilding orders due to strict environmental regulations [14][12] - The company anticipates a TCE of approximately $15,140 for Q4 2024, based on current Forward Freight Agreement (FFA) levels, with a significant portion of the fleet's expected operating days already fixed [31][13]