United Maritime Reports Second Quarter and First Half Financial Results for the Periods Ended June 30, 2025
Declares Quarterly Cash Dividend of $0.03 Per Share
Highlights
(in million USD, except EPS & LPS)
Q2 2025
Q2 2024
6M 2025
6M 2024
Net Revenues
$12.5
$12.4
$20.2
$23.0
Net income / (loss)
$1.0
$0.7
($3.5)
($0.7)
Adjusted net income / (loss)1
$0.2
$0.9
($4.2)
($0.2)
EBITDA1
$5.9
$6.0
$6.6
$9.5
Adjusted EBITDA1
$5.1
$6.3
$6.0
$10.0
Earnings / (loss) per share Basic
$0.11
$0.08
($0.40)
($0.08)
Earnings / (loss) per share Diluted
$0.11
$0.07
($0.40)
($0.08)
Adjusted earnings / (loss) per share Basic1
$0.02
$0.10
($0.48)
($0.02)
Adjusted earnings / (loss) per share Diluted1
$0.02
$0.09
($0.48)
($0.02)
Other Highlights and Developments:
Consistent Shareholder Returns: Declared a quarterly cash dividend of $0.03 per share for Q2 2025, marking the 11th consecutive quarterly distribution. Since initiating our capital return program in November 2022, United has declared total cash dividends of $1.65 per share, or $13.1 million in aggregate distributions.
Increased Equity Stake in Offshore Investment: Profitable consolidation of the joint venture controlling 45% of the newbuilding Energy Construction Vessel ("ECV"), advancing our broader strategy to diversify earnings and risk exposure.
Ongoing Fleet Optimization through Strategic Divestment from Older Vessels: Completed sale of our oldest Capesize vessel (M/V Gloriuship) and agreed to sell the 2006-built M/V Tradership. These sales are expected to release approximately $17.9 million in liquidity after debt repayment, strengthening our reserves.
___________________1 Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.
GLYFADA, Greece, Aug. 06, 2025 (GLOBE NEWSWIRE) -- United Maritime Corporation ("United" or the "Company") (NASDAQ:USEA), announced today its financial results for the second quarter and six months ended June 30, 2025. The Company also declared a quarterly dividend of $0.03 per common share for the second quarter of 2025.
For the quarter ended June 30, 2025, the Company generated Net Revenues of $12.5 million compared to $12.4 million in the second quarter of 2024. Net Income and Adjusted Net Income for the quarter were $1.0 million and $0.2 million, respectively, compared to Net Income of $0.7 million and Adjusted Net Income of $0.9 million in the second quarter of 2024. Adjusted EBITDA for the quarter was $5.1 million, compared to $6.3 million for the same period of 2024. The Time Charter Equivalent ("TCE") rate of the fleet for the second quarter of 2025 was $15,421 per day, compared to $17,143 in the same period of 2024.
For the six-month period ended June 30, 2025, the Company generated Net Revenues of $20.2 million, compared to $23.0 million in the same period of 2024. Net Loss and Adjusted Net Loss for the period were $3.5 million and $4.2 million, respectively, compared to Net Loss of $0.7 million and Adjusted Net Loss of $0.2 million in the respective period of 2024. Adjusted EBITDA for the first half of 2025 was $6.0 million, compared to $10.0 million for the same period of 2024. The TCE rate of the fleet for the first six months of 2025 was $12,744 per day compared to $16,187 in the same period of 2024. The average daily OPEX was $6,332 compared to $6,812 of the respective period of 2024.
Cash and cash-equivalents and restricted cash as of June 30, 2025, stood at $3.4 million. Shareholders' equity at the end of the second quarter was $60.3 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $83.8 million as of June 30, 2025. The book value of our fleet as of June 30, 2025, stood at $134.6 million, including one chartered-in Kamsarmax vessel and one Capesize vessel held for sale.
Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"In the second quarter of 2025 United Maritime achieved a daily TCE of $15,421, up 55% from Q1. This sharp recovery in our daily earnings confirms the strength of the dry bulk rebound and our ability to capture the upside.
"Our fleet modernization strategy continues with the divestment of older vessels, capitalizing on strong second-hand values. The sale of the 2004-built M/V Gloriuship was completed in June, and we recently agreed to sell the 2006-built M/V Tradership. These two sales have an aggregate net price of $32.8 million, which is expected to release approximately $17.9 million in liquidity after debt repayments. This strengthens our position to pursue new opportunities. We expect to deliver the M/V Tradership to its new owners within August and to record a book profit of approximately $1.5 million in the third quarter of 2025.
"Beyond our dry bulk operations, we have increased our equity stake in our newbuilding offshore ECV project to approximately 32%. This increase resulted in the full consolidation of the investment vehicle controlling 45% of the ECV, following which we recorded an accounting profit of $1.3 million. This strategic investment aligns with our objective to diversify into segments with strong market fundamentals, supported by ongoing investment in oil and gas infrastructure. Concerning the commercial prospects of this vessel, we are seeing healthy interest from charterers with more meaningful developments expected as we get closer to the delivery. The current market value of the vessel is estimated to be higher than the contract price, positioning us for a positive outcome regardless of the timing or structure of the chartering arrangements.
"Considering the positive momentum in the dry bulk market, the well-timed increase of our equity stake in the offshore project and the successful execution of our recent vessel sales, the board of directors has declared a $0.03 per share dividend, marking our 11th consecutive quarterly distribution, a clear signal of confidence in the outlook and our consistent return policy.
"Turning to our third quarter outlook, we have fixed approximately 68% of our available operating days at a daily rate of about $15,495. Based on the current FFA curve, we anticipate an overall Q3 TCE of approximately $14,707. This guidance reflects one Capesize and one Kamsarmax vessel earning fixed rates during the period. For the fourth quarter, 100% of our operating days remain open on index-linked rates.
"As regards the dry bulk market, both the Capesize and Panamax segments have rebounded sharply from the seasonal weakness of the first quarter. Panamax rates were driven by a surge in grain and coal cargoes after a period of slow demand, along with a reduction of vessel availability due to an increase in port days and congestion levels. In the Capesize market, the sharp rise in June iron ore exports significantly boosted spot rates, while Guinean bauxite exports remained robust throughout the first half of the year. On the supply side, the Capesize and Panamax orderbooks remain modest at approximately 8% and 14% of the existing fleet. Notably, around 7% and 16% of the respective fleets are over 20 years old. In the face of ever stricter environmental regulations effectively tightening vessel supply, this tight supply picture, combined with robust cargo flows, underpins our conviction that dry bulk markets are structurally positioned for strength into 2026. While dry bulk markets are always subject to high volatility, the resiliency displayed during a period of high macroeconomic uncertainty is very encouraging to see.
"United is executing on two fronts: generating strong near-term cash flows and unlocking long-term value through disciplined capital allocation across dry bulk and offshore sectors. At the same time, having declared about $1.65 per share in dividends since inception, our commitment to returning available capital to shareholders is well proven."
Current Company Fleet:
Vessel Name
Sector
Capacity (DWT)
Year Built
Yard
Employment Type
Minimum T/C expiration
Maximum T/C expiration(1)
Goodship
Dry Bulk / Capesize
177,536
2005
Mitsui
T/C Index Linked(2)
Oct-25
Dec-25
Tradership(3)
Dry Bulk / Capesize
176,925
2006
Namura
Spot Employment
N/A
N/A
Nisea(4)
Dry Bulk / Kamsarmax
82,235
2016
Oshima
T/C Index Linked(2)
Oct-25
Oct-25
Cretansea
Dry Bulk / Kamsarmax
81,508
2009
Universal
T/C Index Linked(2)
Sep-25
Dec-25
Chrisea
Dry Bulk / Panamax
78,173
2013
Shin Kurushima
T/C Index Linked(2)
Mar-27
Jul-27
Synthesea
Dry Bulk / Panamax
78,020
2015
Sasebo
T/C Index Linked(2)
Aug-25
Dec-25
Exelixsea
Dry Bulk / Panamax
76,361
2011
Oshima
T/C Index Linked(2)
Jun-25
Oct-25
Total/Average age
750,758
14.5 years
(1)
The latest redelivery dates do not include any additional optional periods.
(2)
"T/C" refers to a time charter agreement. Under these index-linked T/Cs, the Company has the option to convert the index-linked rate to fixed for a period of minimum two months, based on the prevailing FFA Rates for the selected period, and has done so for certain vessels as part of its freight hedging strategy, as described below under "Third Quarter 2025 TCE Rate Guidance".
(3)
The vessel is expected to be delivered to her new owners in August 2025.
(4)
The vessel is technically and commercially operated by the Company on the basis of an 18-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter in favour of the Company.
Fleet Data:
Q2 2025
Q2 2024
6M 2025
6M 2024
Ownership days (1)
707
728
1,427
1,456
Operating days (2)
707
704
1,385
1,363
Fleet utilization (3)
100.0%
96.7%
97.1%
93.6%
TCE rate (4)
$15,421
$17,143
