United Maritime Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2024 and Declares Quarterly Cash Dividend of $0.01 Per Share

Core Insights - United Maritime Corporation reported a net loss of $1.8 million for Q4 2024, compared to a loss of $0.7 million in Q4 2023, indicating a decline in profitability despite an increase in net revenues [4][6][7] - The company declared a quarterly dividend of $0.01 per share for Q4 2024, marking the ninth consecutive quarterly distribution, with total cash dividends of $1.61 per share since November 2022 [5][10] - The fleet's Time Charter Equivalent (TCE) rate decreased to $14,248 per day in Q4 2024 from $15,874 in Q4 2023, reflecting market conditions [6][21] Financial Performance - Q4 2024 net revenues were $10.8 million, down from $11.6 million in Q4 2023, while total revenues for 12M 2024 reached $45.4 million, up from $36.1 million in 12M 2023 [6][7] - Adjusted EBITDA for Q4 2024 was $5.1 million, an increase from $4.6 million in Q4 2023, and for the full year, it rose to $20.3 million from $18.9 million [6][7][23] - The company reported a basic loss per share of $0.21 for Q4 2024, compared to a loss of $0.08 in Q4 2023, and a diluted loss per share of $0.21, compared to a loss of $0.08 in the prior year [6][25] Strategic Developments - The company enhanced its fleet by acquiring a 2016-built Kamsarmax dry bulk vessel and selling its oldest Capesize vessel, the M/V Gloriuship, for approximately $15 million [5][12][33] - United secured $48.3 million in financing during 2024, which supported strategic initiatives and eliminated near-term debt maturities until Q4 2026 [5][13] - The integration of AI-driven solutions into the fleet aims to optimize energy consumption and operational efficiency [34] Market Conditions - The fourth-quarter results were impacted by a seasonal slowdown in coal and iron ore trade, which is typical following strong export volumes earlier in the year [14][15] - Long-term fundamentals of the dry bulk market remain strong, driven by structural shifts in global trade and fleet supply constraints [15][16] - Potential geopolitical developments and trade tariff discussions could create new shipping routes, increasing demand for ton-miles [16][17]