United Maritime Reports Fourth Quarter and Full-Year 2025 Financial Results
Rhea-AI Summary
United Maritime (NASDAQ:USEA) reported Q4 2025 and full-year results, declaring its 13th consecutive quarterly dividend of $0.10 per share and total 2025 dividends of $0.23 per share. Net revenues fell to $6.6M in Q4 and $37.8M for 2025; adjusted EBITDA was $1.5M in Q4 and $12.9M for the year.
The company reallocated capital, selling assets to release approximately $21.0M, and is investing about $62.0M to add two Capesize vessels to strengthen earnings and free cash flow; cash stood at $14.6M and shareholders' equity was $56.5M as of Dec 31, 2025.
Positive
- Declared 13th consecutive quarterly dividend of $0.10 per share
- Allocated ~$62.0M to acquire two Capesize vessels to boost earnings
- Realized ~€1.7M profit and ~15% ROIC from offshore vessel investment exit
- Agreed sales releasing ~$21.0M in net liquidity
- Fleet utilization strong at 97.7% for 12M 2025
Negative
- Net revenues declined ~16.8% to $37.8M in 2025 from $45.4M in 2024
- Adjusted EBITDA fell to $12.9M in 2025 from $20.3M in 2024
- Net loss widened to $6.2M for 2025 versus $3.4M in 2024
- Long-term debt and finance liabilities of $64.8M exceed shareholders' equity of $56.5M
Key Figures
Market Reality Check
Peers on Argus
USEA was down 1.89% pre-release with mixed marine-shipping peers: CTRM (-0.44%), GLBS (-1.2%) softer, while PSHG (+1.74%), OP (+7.81%) and EDRY (+5.65%) gained, pointing to stock-specific rather than broad sector pressure.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 11 | Q3 2025 earnings | Positive | +2.9% | Reported Q3 profit, solid TCE and declared recurring quarterly dividend. |
| Nov 06 | Q3 results date | Neutral | -3.3% | Announcement of upcoming Q3 and nine‑month 2025 financial results release. |
| Aug 06 | Q2 2025 earnings | Positive | +0.8% | Q2 results with net income, higher TCE and ongoing quarterly dividend. |
| May 19 | Q1 results date | Neutral | +1.5% | Scheduled release date for Q1 2025 financial results. |
| Nov 21 | Q3 2024 results date | Neutral | -0.5% | Announcement of upcoming Q3 and nine‑month 2024 financial results. |
Earnings-related headlines have historically produced modest moves (average about 0.29), often slightly positive when full results and dividends are announced.
Over the last year, United Maritime has delivered a steady cadence of earnings updates and result-date announcements, often paired with recurring dividends. Prior reports showed positive net income in earlier 2025 quarters, solid TCE levels, and liquidity supported by vessel sales and portfolio rotation. Earnings-date notices alone sometimes saw small negative moves, while full-result releases with dividends skewed modestly positive. Today’s full-year and Q4 2025 report, highlighting continued dividends but weaker net revenues and wider losses, fits into this ongoing pattern of balancing capital returns with fleet repositioning.
Historical Comparison
Across the last five earnings-tagged releases, USEA’s average move was about 0.29, indicating typically modest price responses to financial updates and result-date news.
The company has provided sequential 2024–2025 earnings updates with recurring dividends, while using asset sales and fleet reshaping to support liquidity alongside reported TCE and EBITDA trends.
Market Pulse Summary
This announcement details softer Q4 and full‑year 2025 results, with net revenues of $6.6M for the quarter and a full‑year net loss of $6.2M, alongside continued quarterly dividends of $0.10. Management emphasizes capital reallocation into Capesize exposure, liquidity from asset sales, and controlled operating expenses. Investors may focus on how TCE rates, Adjusted EBITDA, cash of $14.6M, and long‑term debt of $64.8M progress against these strategic initiatives.
Key Terms
ebitda financial
adjusted ebitda financial
non-gaap financial
time charter equivalent financial
t/c technical
bareboat charter technical
sale and leaseback financial
time charter technical
AI-generated analysis. Not financial advice.
Delivers 13th Consecutive Quarterly Dividend; Expands Capesize Exposure and Reallocates Capital to Strengthen Earnings and Free Cash Flow
| Highlights | |||||||||
| (in million USD, except LPS) | Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Net Revenues | |||||||||
| Net Loss | ( | ( | ( | ( | |||||
| Adjusted Net Loss1 | ( | ( | ( | ( | |||||
| EBITDA1 | ( | ||||||||
| Adjusted EBITDA1 | |||||||||
| Loss per share Basic & Diluted | ( | ( | ( | ( | |||||
| Adjusted loss per share Basic1 & Diluted1 | ( | ( | ( | ( | |||||
__________________
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.
Other Highlights and Developments:
- Strategic Fleet Expansion with Investment of Approximately
$62.0 Million to Acquire Two Capesizes Contributing to Enhanced Earnings and Free Cash Flow- Re-Initiates Capesize exposure through the delivery of the 2010-built Capesize M/V Dukeship under an 18-month bareboat charter, significantly enhancing earnings visibility.
- Expands further with the agreement to acquire the 2010-built scrubber-fitted Capesize M/V Squireship, from Seanergy Maritime Holdings Corp. (“Seanergy”), with expected delivery in April-June 2026.
- Portfolio Optimization and Capital Reallocation Releasing Approximately
$21.0 Million - Agreed to sell the 2009-built Kamsarmax M/V Cretansea for
$14.7 million , generating approximately$6.0 million in net cash proceeds after debt repayment. - Monetized investment in Offshore Energy Construction Vessel project for approximately
€13.0 million , realizing a profit of approximately€1.7 million and a return on invested capital of approximately15% .
- Agreed to sell the 2009-built Kamsarmax M/V Cretansea for
- Consistent Shareholder Returns:
- Declared 13th consecutive quarterly cash dividend of
$0.10 per share. - Since initiating our capital return program in November 2022, United has declared total cash dividends of approximately
$1.84 per share in cumulative distributions. - Repurchased 67,665 common shares from Q4 2025 to date at an average price of
$1.67 per share.
- Declared 13th consecutive quarterly cash dividend of
GLYFADA, Greece, March 12, 2026 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the fourth quarter and twelve months ended December 31, 2025. The Company also declared a quarterly dividend of
For the quarter ended December 31, 2025, the Company generated Net Revenues of
For the full year 2025, the Company generated Net Revenues of
Cash and cash-equivalents and restricted cash as of December 31, 2025, stood at
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“During the fourth quarter and into early 2026, United Maritime executed a series of strategic actions that meaningfully strengthened our earnings power, improved balance sheet flexibility, and positioned the Company for enhanced shareholder value creation.
“We are pleased to declare our 13th consecutive quarterly dividend, a milestone that reflects our commitment for capital returns. Since initiating our dividend program in November 2022, United has declared cumulative cash dividends of approximately
“A central pillar of our 2025–2026 strategy has been disciplined capital reallocation: divesting lower-returning assets and redeploying proceeds into higher-earning Capesize exposure. In early 2026, we agreed to sell the 2009-built Kamsarmax M/V Cretansea for
“In February, we took delivery of the 2010-built Capesize M/V Dukeship under an 18-month bareboat charter at a daily hire of
“Operationally, our fourth quarter TCE of
“On the financing front, we successfully completed a sale and leaseback agreement to fund the purchase option associated with the 2016 built Kamsarmax, M/V Nisea. The vessel has been sold and chartered back over a five-year period at terms that we believe reflect United Maritime’s strengthening credit profile and increasing institutional recognition, further evidencing our growing access to competitive capital.
“Market conditions in early 2026 have been constructive, with healthy cargo flows offsetting typical seasonal headwinds. Robust grain exports and resilient coal and iron ore volumes have supported rate levels across vessel classes. Supply-side dynamics remain favorable: the dry bulk orderbook is at historically low levels, and constrained global shipyard capacity continues to limit new vessel deliveries. While geopolitical uncertainties, including ongoing tensions in the Middle East, introduce some macro uncertainty, dry bulk trade flows have demonstrated resilience, and the sector’s underlying fundamentals remain supportive.
“With a strengthened fleet, improved earnings visibility, a proven track record of consistent capital returns, and growing financial flexibility, United Maritime is well positioned to capitalize on market opportunities and continue building per-share value for our shareholders. We approach 2026 with confidence and strategic clarity.”
Current Company Fleet:
| Vessel Name | Sector | Capacity (DWT) | Year Built | Yard | Employment Type | Minimum T/C expiration | Maximum T/C expiration(1) |
| Dukeship(3) | Dry Bulk / Capesize | 181,453 | 2010 | Sasebo | T/C Index Linked(2) | Jan-27 | Mar-27 |
| Nisea | Dry Bulk / Kamsarmax | 82,235 | 2016 | Oshima | T/C Index Linked(2) | Aug-26 | Oct-26 |
| Cretansea(4) | Dry Bulk / Kamsarmax | 81,508 | 2009 | Universal | T/C Index Linked(2) | Oct-26 | Feb-27 |
| 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) | Jul-26 | Oct-26 |
| Exelixsea | Dry Bulk / Panamax | 76,361 | 2011 | Oshima | T/C Index Linked(2) | Jun-26 | Sep-26 |
| Total/Average age | 577,750 | 13.6 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 “First Quarter 2026 TCE Rate Guidance”. |
| (3) | 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 obligation at the end of the bareboat charter. |
| (4) | The vessel is expected to be delivered to her new owners by May 25, 2026. |
Fleet Data:
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Ownership days (1) | 460 | 736 | 2,470 | 2,875 | ||||
| Operating days (2) | 449 | 733 | 2,412 | 2,778 | ||||
| Fleet utilization (3) | 97.6 | % | 99.6 | % | 97.7 | % | 96.6 | % |
| TCE rate (4) | ||||||||
| Daily Vessel Operating Expenses (5) |
| (1) | Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period. |
| (2) | Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are on ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies. |
| (3) | Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period. |
| (4) | TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate. |
(In thousands of U.S. Dollars, except operating days and TCE rate)
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |
| Vessel revenue, net | 6,592 | 10,832 | 37,785 | 45,439 |
| Less: Voyage expenses | 248 | 388 | 5,066 | 1,771 |
| Time charter equivalent revenues | 6,344 | 10,444 | 32,719 | 43,668 |
| Operating days | 449 | 733 | 2,412 | 2,778 |
| TCE rate |
| (5) | Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre-delivery costs of acquired vessels, if applicable, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses. |
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |
| Vessel operating expenses | 2,946 | 4,571 | 15,655 | 19,745 |
| Less: Pre-delivery expenses | - | 109 | - | 724 |
| Vessel operating expenses before pre-delivery expenses | 2,946 | 4,462 | 15,655 | 19,021 |
| Ownership days | 460 | 736 | 2,470 | 2,875 |
| Daily Vessel Operating Expenses | ||||
Net Loss to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Net loss | (3,773 | ) | (1,821 | ) | (6,214 | ) | (3,383 | ) |
| Interest and finance costs, net | 1,074 | 2,110 | 6,203 | 8,102 | ||||
| Depreciation and amortization | 1,999 | 3,715 | 10,816 | 13,430 | ||||
| EBITDA | (700 | ) | 4,004 | 10,805 | 18,149 | |||
| Stock based compensation | 56 | 111 | 483 | 779 | ||||
| Impairment loss | 2,142 | 828 | 2,142 | 828 | ||||
| Loss on extinguishment of debt | - | - | 640 | 397 | ||||
| Gain on consolidation | - | - | (1,268 | ) | - | |||
| Loss on equity method investment | 36 | 142 | 86 | 142 | ||||
| Adjusted EBITDA | 1,534 | 5,085 | 12,888 | 20,295 |
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income, net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, impairment loss, loss on extinguishment of debt, gain on consolidation and loss on equity method investment, which the Company believes are not indicative of the ongoing performance of its core operations.
EBITDA and Adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. EBITDA and Adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP.
Net Loss and Adjusted Net Loss Reconciliation and calculation of Adjusted Loss Per Share
(In thousands of U.S. Dollars)
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Net loss | (3,773 | ) | (1,821 | ) | (6,214 | ) | (3,383 | ) |
| Stock based compensation | 56 | 111 | 483 | 779 | ||||
| Impairment loss | 2,142 | 828 | 2,142 | 828 | ||||
| Loss on extinguishment of debt | - | - | 640 | 397 | ||||
| Gain on consolidation | - | - | (1,268 | ) | - | |||
| Loss on equity method investment | 36 | 142 | 86 | 142 | ||||
| Adjusted net loss | (1,539 | ) | (740 | ) | (4,131 | ) | (1,237 | ) |
| Adjusted net loss – common stockholders | (1,542 | ) | (740 | ) | (4,105 | ) | (1,237 | ) |
| Adjusted loss per common share, basic and diluted | (0.17 | ) | (0.09 | ) | (0.46 | ) | (0.14 | ) |
| Weighted average number of common shares outstanding, basic and diluted | 8,940,385 | 8,676,767 | 8,866,523 | 8,711,951 |
To derive Adjusted Net Loss and Adjusted Net Loss Per Share, both non-GAAP measures, from Net loss, we exclude certain non-cash items, as provided in the table above. We believe that Adjusted Net Loss and Adjusted Net Loss Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as stock-based compensation, impairment loss, loss on extinguishment of debt, gain on consolidation, loss on equity method investment and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measures provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Loss and Adjusted Net Loss Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
First Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately
__________________
2 This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates or projected utilization rates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the TCE rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to FFA rate of
The following table provides the breakdown of index-linked charters and fixed-rate charters in the first quarter of 2026:
| Operating Days | TCE Rate | ||
| TCE - fixed rate (index-linked conversions) | 258 | ||
| TCE – index-linked | 216 | ||
| Total / Average | 474 | $15,230 | |
Fourth Quarter and Recent Developments:
Dividend Distribution for Q3 2025 and Declaration of Q4 2025 Dividend
On January 9, 2026, the Company paid a quarterly cash dividend of
The Company has declared a cash dividend of
Buyback of Common Shares – 3rd Repurchase Plan
During the fourth quarter of 2025 to date, the Company repurchased 67,665 common shares in open market transactions at an average price of
Vessel transactions and commercial updates
Sale of M/V Cretansea
In January 2026, the Company entered into a definitive agreement with an unaffiliated third party for the sale of its 81,508 dwt Kamsarmax vessel, the 2009-built MV Cretansea. The vessel is expected to be delivered to its new owners by May 25, 2026. The aggregate net sale price of
Acquisition of a Japanese Capesize Vessel through Bareboat Charter Agreement
In February 2026, the Company took delivery of the 2010-built Japanese Capesize dry-bulk vessel of 181,453 dwt, MV Dukeship, through an 18-month bareboat charter agreement with Seanergy Maritime Holdings Corp., a related party. Pursuant to the terms of the bareboat charter, United has advanced a down payment of
Acquisition of M/V Squireship
In March 2026, the Company agreed main terms with Seanergy Maritime Holdings Corp., for the acquisition of the 2010-built Capesize bulk carrier M/V Squireship, constructed in South Korea, for a purchase price of
The acquisition will be financed through a combination of debt financing and proceeds generated from recent asset monetization initiatives, including the agreed sale of the M/V Cretansea and the divestment of the Company’s equity interest in the offshore energy construction vessel project.
Investing & Financing Updates
Offshore Sector
In July 2024, United entered the ECV newbuilding project at an early stage, gaining exposure to the rapidly expanding offshore energy market serving both subsea oil & gas and renewable infrastructure. As the project progressed and market valuations strengthened, United increased its participation and ultimately became the largest individual shareholder. Consistent with its stated investment strategy which focuses on early entry, value creation and timely exit, in February 2026, the Company agreed to sell its equity interest for approximately
Huarong Sale and Leaseback agreement
In March 2026, the Company entered into an
Conference Call:
The Company’s management will host a conference call to discuss the financial results today, Thursday, March 12, 2026 at 10:00 a.m. Eastern Time.
Audio Webcast:
There will be a live, and then archived, webcast of the conference call on the Company’s website. To listen to the archived audio file, visit our website, in the “Investors” section. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast, following this link.
Conference Call Details:
Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.
| United Maritime Corporation Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) | ||||||
| December 31, 2025 | December 31, 2024* | |||||
| ASSETS | ||||||
| Cash and cash equivalents and restricted cash | 14,564 | 6,762 | ||||
| Vessels, net, Right-of-use assets and Vessel held for sale | 99,885 | 153,029 | ||||
| Other assets | 24,232 | 12,282 | ||||
| TOTAL ASSETS | 138,681 | 172,073 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 64,839 | 97,723 | ||||
| Other liabilities | 17,376 | 14,262 | ||||
| Stockholders’ equity | 56,466 | 60,088 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 138,681 | 172,073 | ||||
* Derived from the audited consolidated financial statements as of the period as of that date
| United Maritime Corporation Unaudited Condensed Consolidated Statements of Operations (In thousands of U.S. Dollars, except for share and per share data) | ||||||||||
| Three months ended December 31, | Twelve months ended December 31, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||
| Vessel revenue, net | 6,592 | 10,832 | 37,785 | 45,439 | ||||||
| Expenses: | ||||||||||
| Voyage expenses | (248 | ) | (388 | ) | (5,066 | ) | (1,771 | ) | ||
| Vessel operating expenses | (2,946 | ) | (4,571 | ) | (15,655 | ) | (19,745 | ) | ||
| Management fees | (376 | ) | (572 | ) | (2,028 | ) | (2,263 | ) | ||
| General and administration expenses | (1,678 | ) | (745 | ) | (4,306 | ) | (4,010 | ) | ||
| Depreciation and amortization | (1,999 | ) | (3,715 | ) | (10,816 | ) | (13,430 | ) | ||
| Impairment loss for vessels | (2,142 | ) | (828 | ) | (2,142 | ) | (828 | ) | ||
| Gain on sale of vessels | - | - | 1,773 | 1,426 | ||||||
| Operating (loss) / income | (2,797 | ) | 13 | (455 | ) | 4,818 | ||||
| Other income / (expenses): | ||||||||||
| Interest and finance costs | (1,187 | ) | (2,168 | ) | (6,373 | ) | (8,416 | ) | ||
| Interest and finance costs – related party | - | - | (48 | ) | - | |||||
| Interest income | 113 | 58 | 218 | 314 | ||||||
| Loss on extinguishment of debt | - | - | (640 | ) | (397 | ) | ||||
| Gain on consolidation | - | - | 1,268 | - | ||||||
| Loss on equity method investment | (36 | ) | (142 | ) | (86 | ) | (142 | ) | ||
| Other income | 151 | 309 | 151 | 311 | ||||||
| Other, net | (17 | ) | 109 | (249 | ) | 129 | ||||
| Total other expenses, net: | (976 | ) | (1,834 | ) | (5,759 | ) | (8,201 | ) | ||
| Net loss | (3,773 | ) | (1,821 | ) | (6,214 | ) | (3,383 | ) | ||
| Net loss attributable to common shareholders | (3,776 | ) | (1,821 | ) | (6,188 | ) | (3,383 | ) | ||
| Net loss per common share, basic and diluted | (0.42 | ) | (0.21 | ) | (0.70 | ) | (0.39 | ) | ||
| Weighted average number of common shares outstanding, basic and diluted | 8,940,385 | 8,676,767 | 8,866,523 | 8,711,951 | ||||||
| United Maritime Corporation Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars) | |||||
| Twelve months ended December 31, | |||||
| 2025 | 2024 | ||||
| Net cash provided by operating activities | 2,212 | 3,264 | |||
| Net cash provided by investing activities | 40,431 | 7,949 | |||
| Net cash used in financing activities | (34,841 | ) | (18,952 | ) | |
About United Maritime Corporation
United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. The Company operates a fleet of six dry bulk vessels, comprising one Capesize, two Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 577,750 dwt. Upon completion of the aforementioned sale of the M/V Cretansea and the acquisition of the M/V Squireship, the Company’s operating fleet will consist of six vessels (two Capesize, one Kamsarmax and three Panamax), with an aggregate cargo carrying capacity of 666,260 dwt.
The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “USEA”.
Please visit the Company’s website at: www.unitedmaritime.gr.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to the share repurchases, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks arising from trade disputes between the U.S. and China, including the re-imposition of reciprocal port fees; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between the U.S. and Venezuela, China and Taiwan, Israel and Hamas or Iran and Russia and Ukraine; risks associated with the length and severity of pandemics; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
United Investor Relations
Tel: +30 213 0181 522
E-mail: ir@usea.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: usea@capitallink.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f2240e3d-6bda-4c2e-a79a-02abc474cb51
FAQ
What did United Maritime (USEA) report for Q4 2025 revenue and adjusted EBITDA?
How will United Maritime's ~ $62.0M Capesize investment affect USEA earnings?
What assets did United Maritime sell to free up about $21.0M of liquidity?
What dividend did United Maritime declare for Q4 2025 and cumulative payouts since 2022?
What is United Maritime's cash, equity and leverage position as of Dec 31, 2025?
What fleet and utilization metrics did USEA report for 2025 and Q4 2025?
