United Maritime Corporation Stock Price, News & Analysis

United Maritime Corporation (NASDAQ: USEA) has entered into agreements to acquire two Kamsarmax dry bulk vessels for a total price of $39.2 million, supported by cash reserves and new credit facilities. The vessel M/V Cretansea, built in 2009, is set for delivery by April 2023, while the M/V Oasea, built in 2010, is expected by mid-April. Additionally, United has a bareboat charter for a Japanese Panamax vessel with an option to purchase for $12.36 million. These strategic moves aim to expand their fleet and capitalize on favorable market conditions, with total investments in dry bulk exceeding $98 million.

United Maritime Corporation (NASDAQ: USEA) has announced its participation in Capital Link's Corporate Presentation Webinar Series set for January 19, 2023, at 10:00 AM ET. During the event, the company's senior management, including CEO Stamatis Tsantanis and CFO Stavros Gyftakis, will discuss the company's operations, business development, and growth prospects. Participants can register for the webinar through the provided link and submit questions during the live session. United Maritime operates a fleet that will expand to four vessels, increasing its capacity to 635,422 dwt after recent acquisitions.

United Maritime Corporation (NASDAQ: USEA) has successfully delivered the 2008-built LR2 product tanker, M/T Minoansea, to its new owners. The Company also announced agreements to acquire two Capesize vessels from Seanergy Maritime Holdings for a total of $36.25 million, based on independent broker valuations. The acquisitions are expected to be completed in Q1 2023. This strategic move is designed to enhance shareholder value, with the Chairman stating that cash equivalents will exceed $4.5 per share post-acquisition, aligning with their counter-cyclical investment strategy.

United Maritime Corporation (NASDAQ: USEA) announced the sale of its LR2 product tanker, the MT Minoansea, for a gross price of $39 million. The transaction is set to close by the end of December 2022, achieving a premium of over 100% of the vessel's acquisition price. The sale contributes to a cumulative profit of approximately $38 million from three tanker sales, representing 130% of the company's market capitalization. Following this sale, United will pay a special dividend of $1 per share and maintain cash equivalents estimated at $8.8 per share.

United Maritime Corporation (NASDAQ: USEA) has announced a special cash dividend of $1.00 per share, with the ex-dividend date set for January 11, 2023. Shareholders of record as of December 12, 2022, will receive this payment on January 10, 2023. The company emphasizes that the dividend is non-recurring and depends on several factors, including earnings and financial condition. United Maritime operates a fleet consisting of two tanker vessels and one dry bulk vessel, with a total cargo capacity of approximately 389,778 dwt.

United Maritime Corporation (NASDAQ: USEA) has declared a special cash dividend of $1.00 per common share, payable on January 10, 2023, to shareholders on record as of December 12, 2022. This dividend represents approximately 33% of the company's market cap as of November 28, 2022, following the profitable sale of the M/T Bluesea and M/T Parosea at a significant premium. The company maintains a strong cash position, exceeding $4.3 per share post-distribution. This strategic decision aligns with the company's policy to reward shareholders upon monetization of investments.

United Maritime Corporation (USEA) reported financial results for its initial operating period from July 6 to September 30, 2022. The company generated net revenues of $7.9 million and net income of $1.0 million, with an EBITDA of $2.9 million. They achieved a gain of $19 million from selling two Aframax vessels, significantly outpacing purchase costs. The cash reserves stood at $21.2 million, while debt totaled $76.3 million. The company initiated stock buybacks totaling $16 million, reducing share count by 24%. Looking ahead, they expect a TCE of $33,200 for Q4 2022.

United Maritime Corporation (NASDAQ: USEA) will announce its financial results for the period ending September 30, 2022, before the market opens on November 16, 2022. A conference call will follow at 10:00 a.m. ET to discuss these results. Post completion of an Aframax sale, the company will operate two tanker vessels and one dry bulk vessel, totaling approximately 389,778 dwt in cargo capacity. Investors can access the live audio webcast through the company's website.

United Maritime Corporation (NASDAQ: USEA) has successfully completed its second buyback program, repurchasing approximately 1.4 million shares at an average price of $2.08, utilizing its $6 million buyback plan. In total, around 3.3 million shares have been repurchased at an average price of $1.81. Additionally, a new buyback plan has been authorized, allowing up to $3 million in share repurchases. These initiatives aim to enhance shareholder value and reflect management's confidence in the company's future.