United Maritime (US:USEA)2025-03-18 20:15Financial Data and Key Metrics Changes - Net revenue for Q4 2024 was $10.8 million, down from $11.6 million in Q4 2023, with adjusted EBITDA increasing by 11% to $5.1 million [10][26] - Full year net revenue reached $45.4 million, significantly higher than the previous year, while adjusted EBITDA grew to $20.3 million compared to $18.9 million in 2023 [27] - The company recorded a net loss of $3.4 million for the year, compared to a net profit of $200,000 in 2023, largely due to a decrease in profits from vessel sales [27][28] Business Line Data and Key Metrics Changes - The company sold the Oasea and reinvested in the Nisea, which has been employed on a profitable fixed-rate charter [11] - The Gloriuship, the oldest vessel in the fleet, is scheduled for sale, expected to enhance cash position by approximately $7 million [29][50] Market Data and Key Metrics Changes - The dry bulk market experienced a temporary slowdown in coal and iron ore exports, impacting revenue [9] - Capesize and Panamax charter rates softened due to seasonal factors and high inventory levels in China [17][18] - The Capesize order book remains at historical low levels, indicating potential demand for new vessels in the future [21] Company Strategy and Development Direction - The company is focused on building a high-quality dry bulk fleet and has successfully completed its second investment cycle without diluting shareholders [6][36] - United Maritime is optimistic about the long-term fundamentals of the dry bulk market and is exploring opportunities in the offshore sector [15][24] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the company's ability to generate shareholder value despite current market volatility [9] - The company anticipates a rebound in the dry bulk market and expects higher time charter equivalent rates in the following quarters [14][24] Other Important Information - The company declared a total dividend of $0.235 per share for 2024, with a reduced dividend of $0.01 per share for Q4 2024 due to market conditions [7][10] - The company has extended its share repurchase program by 12 months, with $1.9 million remaining available for repurchases [8] Q&A Session Summary Question: What is the scheduled delivery of the offshore vessel and remaining capital commitments? - The scheduled delivery is in Q1 2027, with $3.5 million already paid and another $4.5 million committed to be called in two tranches within 2025 [42] Question: Can you review comments on the US missile strikes and their potential link to the dry bulk market? - The Red Sea remains closed, which disrupts trade routes, but a ceasefire in Ukraine could positively impact the Panamax/Kamsarmax segment [45][46] Question: Regarding the Capesize sale, does the $50 million sales price imply a gain of $7 million? - The net amount after the sale will be around $7 million, considering the outstanding loan and management agreements [50]