United Maritime (US:USEA)2023-05-18 18:25Financial Data and Key Metrics Changes - For Q1 2023, the company reported net revenues of $2.8 million, an adjusted EBITDA of -$1.5 million, and an adjusted net loss of $3.7 million, reflecting a decrease in the average daily time charter equivalent (TCE) rate to $10,300 [7][20] - The company declared a dividend of $1.15 per share, representing a cash yield of about 40% based on the recent stock price, totaling $8.7 million in cash dividends and $6 million in share buybacks, amounting to $14.7 million or 62% of the market cap as of May 16, 2023 [8][9] Business Line Data and Key Metrics Changes - The average daily TCE for the fleet was $10,300 during Q1 2023, significantly impacted by the drydock survey of the tanker Epanastasea, which was out of service for approximately 50 days [20] - The company has resumed its tanker employment at a fixed rate of $40,000 per day, and the dry bulk market has shown recovery since March [7][21] Market Data and Key Metrics Changes - The capesize market averaged around $9,000 during the quarter, contributing to the soft performance [20] - The company achieved a 71% cover of its owners' days at an average TCE of $18,860 per day for the second quarter, indicating a recovery in market conditions [17] Company Strategy and Development Direction - The company aims to take advantage of market opportunities in mainstream shipping sectors and has successfully executed transactions to grow its fleet, acquiring six dry bulk vessels for approximately $126 million without diluting shareholders [9][19] - The company is positioned to benefit from a rising market cycle driven by strong demand for raw materials and historically low investment in new vessels [29] Management's Comments on Operating Environment and Future Outlook - Management anticipates returning to profitability in the next quarter due to improvements in the dry bulk market and the resumption of service for the Epanastasea [21] - The company maintains a prudent financing strategy, with a cash breakeven at moderate levels and a daily debt service rate estimated at approximately $1,000 [28] Other Important Information - The company ended Q1 2023 with $20 million in cash and cash equivalents, $69.5 million in senior debt, and shareholders' equity of $62 million [22][23] - The company has entered into a $24.5 million sale and leaseback transaction to finance part of the acquisition cost of two Kamsarmax vessels [25] Q&A Session Summary - No specific questions or answers were provided in the transcript, as the call concluded without a detailed Q&A segment [30][31]