Core Insights - United Maritime Corporation declared a quarterly cash dividend of $0.09 per share for Q3 2025, marking the 12th consecutive quarterly distribution, with total cash dividends of $1.74 per share since the capital return program began in November 2022 [4][11] - The company reported a net income of $1.1 million for Q3 2025, compared to a net loss of $0.9 million in Q3 2024, indicating a positive turnaround in profitability [3][7] - United made a strategic investment of $0.5 million in an AI-driven maritime technology platform aimed at optimizing ship management operations, reflecting the company's commitment to digital transformation [5][45] Financial Performance - For Q3 2025, net revenues were $11.0 million, down from $11.6 million in Q3 2024, while for the nine-month period, revenues decreased to $31.2 million from $34.6 million [3][8] - Adjusted net income for Q3 2025 was $1.6 million, compared to an adjusted net loss of $0.3 million in Q3 2024, showing significant improvement [3][26] - EBITDA for Q3 2025 was reported at $4.9 million, slightly up from $4.6 million in Q3 2024, while adjusted EBITDA was $5.4 million compared to $5.2 million in the same period [3][24] Operational Developments - The company completed the sale of two older Capesize vessels, generating approximately $18.8 million in liquidity after debt repayment, which bolstered cash reserves [4][14] - United increased its investment in an offshore energy construction vessel project to approximately $12.8 million, becoming the largest individual shareholder, indicating a strategic focus on high-potential segments [4][15] - The fleet's Time Charter Equivalent (TCE) rate for Q3 2025 was $15,093 per day, down from $16,365 in Q3 2024, reflecting changes in fleet composition following the divestment of older vessels [7][12] Shareholder Returns - The company repurchased approximately $0.2 million worth of shares during Q3 2025, demonstrating confidence in its future prospects [4][32] - The declared dividend of $0.09 per share represents an annual yield of approximately 9% based on recent trading levels, reinforcing the company's commitment to returning capital to shareholders [11][31] Market Outlook - The dry bulk market, particularly the Panamax segment, remains firm, supported by strong coal and grain flows, with expectations of continued strength into Q1 2026 [17] - The company anticipates an overall TCE of approximately $15,040 for Q4 2025, based on fixed and index-linked charters, indicating a positive outlook for the upcoming quarter [29][30]