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

 
Highlights 
(in million USD, except LPS & 
 EPS)                           Q4 2024  Q4 2023  12M 2024  12M 2023 
------------------------------  -------  -------  --------  -------- 
Net Revenues                     $10.8    $11.6    $45.4     $36.1 
Net (loss) / income             ($1.8)   ($0.7)    ($3.4)     $0.2 
Adjusted net (loss) / income 
 (1)                            ($0.7)   ($0.6)    ($1.2)     $2.8 
EBITDA(1)                        $4.0     $4.4     $18.1     $16.3 
Adjusted EBITDA(1)               $5.1     $4.6     $20.3     $18.9 
------------------------------  -------  -------  --------  -------- 
 
(Loss) / Earnings per share 
 Basic                          ($0.21)  ($0.08)  ($0.39)    $0.02 
(Loss) / Earnings per share 
 Diluted                        ($0.21)  ($0.08)  ($0.38)    $0.02 
Adjusted (loss) / earnings per 
 share Basic(1)                 ($0.09)  ($0.07)  ($0.14)    $0.33 
Adjusted (loss) / earnings per 
 share Diluted(1)               ($0.08)  ($0.07)  ($0.14)    $0.33 
------------------------------  -------  -------  --------  -------- 
 

Other Highlights and Developments:

   -- Focus on Shareholder Returns: Declared a quarterly cash dividend of $0.01 
      per share for Q4 2024, marking the ninth consecutive quarterly 
      distribution. Since November 2022, the Company has declared total cash 
      dividends of $1.61 per share, amounting to $12.8 million, representing a 
      substantial portion of United's market capitalization. 
 
   -- Strategic Fleet Enhancement: Following the acquisition of a 2016-built 
      Kamsarmax dry bulk vessel, the Company proceeded with the sale of its 
      oldest Capesize vessel, built in 2004. 
   -- Strong Financing Milestones: Secured a total of $48.3 million in 
      financing during 2024, supporting key strategic initiatives--including 
      the successful exercise of favorable purchase options for two Panamax 
      vessels. No debt maturities until Q4 2026. 

________________

(1) Adjusted (loss) / earnings per share, Adjusted Net (loss) / income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted (loss) / earnings per share, Adjusted Net (loss) / Income, EBITDA and Adjusted EBITDA to net (loss)/ income, the most directly comparable U.S. GAAP measure.

GLYFADA, Greece, March 18, 2025 (GLOBE NEWSWIRE) -- United Maritime Corporation ("United" or the "Company") $(USEA)$, announced today its financial results for the fourth quarter and twelve months ended December 31, 2024. The Company also declared a quarterly dividend of $0.01 per common share for the fourth quarter of 2024.

For the quarter ended December 31, 2024, the Company generated Net Revenues of $10.8 million compared to $11.6 million in the fourth quarter of 2023. Adjusted EBITDA for the quarter was $5.1 million, compared to $4.6 million for the same period of 2023. Net Loss and Adjusted Net Loss for the quarter were $1.8 million and $0.7 million, respectively, compared to Net Loss and Adjusted Net Loss of $0.7 million and $0.6 million in the fourth quarter of 2023. The Time Charter Equivalent ("TCE") rate of the fleet for the fourth quarter of 2024 was $14,248 per day, compared to $15,874 in the same period of 2023.

For the twelve-month period ended December 31, 2024, the Company generated Net Revenues of $45.4 million, compared to $36.1 million in the same period of 2023. Net Loss and Adjusted Net Loss for the period were $3.4 million and $1.2 million, respectively, compared to Net Income of $0.2 million and Adjusted Net Income of $2.8 million in the respective period of 2023. Adjusted EBITDA for the twelve-month period of 2024 was $20.3 million, compared to $18.9 million for the same period of 2023. The TCE rate of the fleet for the twelve-month period of 2024 was $15,719 per day, compared to $15,380 earned in 2023.

Cash and cash-equivalents and restricted cash as of December 31, 2024, stood at $6.8 million. Shareholders' equity at the end of the fourth quarter was $60.1 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $97.7 million as of December 31, 2024. The book value of our fleet as of December 31, 2024, stood at $153.0 million, including one chartered-in Kamsarmax vessel and one vessel held for sale.

Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:

"United achieved significant progress in 2024, successfully executing our strategic plan to build and operate a high-quality dry bulk fleet amid a positive sector outlook. Following our 2023 acquisitions, which were structured either through bareboat-in agreements with favorable purchase options or efficient bridge financing, our focus in 2024 shifted toward securing long-term financing under improved terms to optimize our balance sheet and fleet operations.

"As part of our commitment to maximizing shareholder value, we declared total dividends for 2024 of $0.235 per share and repurchased approximately $0.5 million in shares throughout the year. Considering the performance of the Panamax market in the recent months, our board of directors has approved a reduced dividend of $0.01 per share for the fourth quarter of 2024. At the same time, given our shares' current undervalued market price, we extended our share repurchase program by 12 months, with $1.9 million remaining from an initial $3.0 million authorization. We are actively evaluating opportunities to enhance returns and optimize capital allocation based always on the underlying market conditions.

"We also remain optimistic about our offshore investment, which is progressing in line with expectations. In July 2024, we acquired an equity stake in a newbuilding project for a cutting-edge Energy Construction Vessel, designed to support both the Oil & Gas and renewable energy sectors in a broad range of construction and maintenance projects. The market for such technologically advanced vessels is expected to see strong demand, particularly amid a supply shortage of specialized offshore assets.

"On the fleet development front, we have continued optimizing our fleet composition. In recent months, we acquired a 2016-built Panamax bulk carrier while strategically divesting two older vessels: the 2010-built Kamsarmax M/V Oasea and the 2004-built Capesize M/V Gloriuship which is expected to be delivered to her new owners in the third quarter of 2025. These moves enhance our fleet's efficiency and competitiveness, ensuring that upon completion of the M/V Gloriuship sale, we will operate a younger, more modern fleet that better meets market conditions and charterer requirements. Furthermore, the integration of two additional Panamax vessels into our AI-powered operating platform enhances monitoring, fuel efficiency, and operational optimization. Post-sale of the M/V Gloriuship, our fleet will consist of seven vessels: two Capesize and five Panamax/Kamsarmax bulk carriers.

"In terms of financing, in 2024, we secured two sale-and-leaseback agreements and a new loan facility totaling $48.3 million. These funds were used to refinance a short-term bridge loan and exercise the purchase options for two Panamax vessels. As a result, we have eliminated all near-term debt maturities, ensuring no major obligations until the fourth quarter of 2026, while simplifying our capital structure and reinforcing our financial flexibility.

"Regarding market conditions, our fourth-quarter results were impacted by a seasonal slowdown in coal and iron ore trade, which we view as part of typical seasonality following robust export volumes in the first three quarters of the year. Despite this, the long-term fundamentals of the dry bulk market remain strong, supported by structural shifts in global trade and fleet supply constraints.

"Ongoing discussions on trade tariffs could lead to material shifts in global trade flows, potentially creating alternative shipping routes that would increase ton-mile demand. Additionally, the potential resolution of geopolitical conflicts may lead to the reopening of key trading corridors, facilitating the reconstruction and economic revival of regions previously affected by war. This could generate substantial demand for raw materials, further strengthening the dry bulk shipping sector.

"Given United's fleet composition and strategic positioning, we are well-placed to capitalize on these evolving trade dynamics. As these potential positive macroeconomic and geopolitical developments unfold, our shareholders stand to benefit from enhanced fleet utilization, improving market conditions, and our commitment to financial strength and operational excellence."

Current Company Fleet:

 
  Vessel Name      Sector    Capacity  Year     Yard     Employment   Minimum     Maximum T/C 
                               $(DWT)$   Built                Type        T/C      expiration((1) 
                                                                     expiration 
----------------  ---------  --------  -----  ---------  ----------  ----------  -------------- 
  Goodship        Dry Bulk   177,536   2005    Mitsui    T/C Index     Oct-25        Dec-25 
                      /                                  Linked(2) 
                  Capesize 
----------------  ---------  --------  -----  ---------  ----------  ----------  -------------- 
  Tradership      Dry Bulk   176,925   2006    Namura    T/C Index     Jan-25        Jun-25 
                      /                                  Linked((2) 
                  Capesize 
----------------  ---------  --------  -----  ---------  ----------  ----------  -------------- 
  Gloriuship((3)  Dry Bulk   171,314   2004    Hyundai      Spot        N/A           N/A 
  ()                  /                                  Employment 
                  Capesize 

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March 18, 2025 07:30 ET (11:30 GMT)