United Maritime Reports Improved First Quarter 2026 Financial Results and Declares Quarterly Cash Dividend of $0.10 Per Share
Rhea-AI Summary
United Maritime (NASDAQ:USEA) reported Q1 2026 net revenues of $7.9 million, roughly flat year over year. Net loss narrowed to $0.1 million from $4.5 million, while adjusted net income reached $0.2 million and adjusted EBITDA rose to $3.2 million. The company declared its 14th consecutive quarterly cash dividend of $0.10 per share and highlighted fleet repositioning into higher-earning Capesize vessels, $21.0 million of portfolio optimization proceeds, and Q2 2026 TCE guidance of about $17,957 per day with roughly 92% of available days already fixed.
Positive
- Q1 2026 net loss reduced to $0.1 million from $4.5 million
- Q1 2026 adjusted EBITDA increased to $3.2 million from $0.9 million
- TCE rate improved to $15,591/day from $9,953/day year over year
- Daily vessel operating expenses decreased to $6,254 from $6,489
- 14th consecutive $0.10 per share quarterly dividend declared
- $21.0 million released via asset sales, including €1.7 million profit on exit
Negative
- Company still reported a GAAP net loss of $0.1 million in Q1 2026
- Long-term debt and related liabilities totaled $89.7 million vs. $55.5 million equity
- Fleet ownership days declined to 497 from 720 year over year
News Market Reaction – USEA
In the May 21 session, USEA declined 0.84%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Dividends,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 22 | Q1 2025 results | Negative | -2.8% | Weaker Q1 2025 results with higher loss and lower TCE but small dividend. |
| Mar 18 | Q4 2024 results | Neutral | -12.8% | Mixed Q4 and 2024 performance with small dividend and higher full-year revenues. |
| Nov 26 | Q3 2024 results | Neutral | -4.8% | Q3 loss with continued dividend and fleet optimization, modest operational changes. |
| Aug 06 | Q2 2024 results | Positive | +0.6% | Significant revenue and EBITDA improvement with ongoing dividend and new investments. |
| May 24 | Q1 2024 results | Positive | +3.3% | Higher revenues, reduced loss and stronger adjusted EBITDA with maintained dividend. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Dividend/earnings releases have often seen negative or muted reactions, even when fundamentals improved; only 3 of the last 5 similar events aligned positively with the news tone.
Over the past two years, United Maritime has regularly paired results with cash dividends, evolving from $0.075 to higher payouts such as the current $0.10 per share. Prior dividend/earnings releases frequently showed net losses but gradual improvement in adjusted EBITDA and TCE rates. Several of those announcements drew negative share-price reactions despite operational progress. Today’s Q1 2026 update continues the pattern of improving profitability and TCE, but the share price response contrasts with the historically negative average move on this tag.
Key Terms
ebitda financial
adjusted ebitda financial
time charter equivalent financial
forward freight agreement financial
bareboat charter-in technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
| Highlights | |||||
| (in million USD, except LPS) | Q1 2026 | Q1 2025 | |||
| Net Revenues | |||||
| Net Loss | ( | ( | |||
| Adjusted Net Income / (Loss)1 | ( | ||||
| EBITDA1 | |||||
| Adjusted EBITDA1 | |||||
| Net loss per share Basic and Diluted | ( | ( | |||
| Adjusted earnings / (loss) per share Basic1 and Diluted1 | ( | ||||
Other Highlights and Developments:
$62.2 million Expansion in Capesizes Enhances Earnings Visibility and Free Cash Flow- Took delivery of the 2010-built Capesize M/V Dukeship, employed at a fixed rate of approximately
$29,300 t hrough year-end 2026. - Acquired the 2010-built, scrubber-fitted Capesize M/V Squireship, with expected delivery in June 2026, meaningfully strengthening fleet earnings capacity.
- Took delivery of the 2010-built Capesize M/V Dukeship, employed at a fixed rate of approximately
$21.0 Million Released through Portfolio Optimization and Capital Recycling- Sold the 2009-built Kamsarmax M/V Cretansea for
$14.7 million , generating approximately$5.9 million in net cash proceeds after debt repayment. - Exited Offshore Energy Construction Vessel investment for approximately
€13.0 million , realizing a profit of approximately€1.7 million .
- Sold the 2009-built Kamsarmax M/V Cretansea for
- Declared 14th consecutive quarterly cash dividend of
$0.10 per share, reaching$1.94 per share in cumulative distributions since November 2022
____________________
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 loss, the most directly comparable U.S. GAAP measure.
GLYFADA, Greece, May 21, 2026 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the first quarter ended March 31, 2026. The Company also declared a quarterly dividend of
For the quarter ended March 31, 2026, the Company generated Net Revenues of
Cash and cash-equivalents and restricted cash as of March 31, 2026, stood at
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“United delivered a significantly improved financial performance, driven by stronger dry bulk market conditions and continued strategic execution.
“Our Board declared another cash dividend of
“The decisive repositioning of our fleet, acquiring two Capesize vessels while divesting the Kamsarmax M/V Cretansea, represents a deliberate reallocation of capital toward larger, higher-earning assets at an attractive point in the Capesize cycle. The imminent delivery of M/V Squireship and the near completion of our profitable exit from the Offshore newbuilding project mark the final steps of this process. The financial benefits of this repositioning have already begun to materialize and we expect the full earnings and cash flow contribution to build progressively through the year.
“On guidance, we have secured approximately
“Moving on to discuss market conditions, dry bulk has delivered a very strong start of the year, despite this period typically representing the seasonally weaker part of the year. Year to date, the Capesize-180 and Kamsarmax Baltic indexes have averaged daily rates of
____________________
2 The closing share price on May 20, 2026.
Current Company Fleet:
| Vessel Name | Sector | Capacity (DWT) | Year Built | Yard | Employment Type | Minimum T/C expiration | Maximum T/C expiration(1) |
| Dukeship(2) | Dry Bulk / Capesize | 181,453 | 2010 | Sasebo | T/C Index Linked(3) | Jan-27 | Mar-27 |
| Nisea | Dry Bulk / Kamsarmax | 82,235 | 2016 | Oshima | T/C Index Linked(3) | Aug-26 | Oct-26 |
| Chrisea | Dry Bulk / Panamax | 78,173 | 2013 | Shin Kurushima | T/C Index Linked(3) | Mar-27 | Jul-27 |
| Synthesea | Dry Bulk / Panamax | 78,020 | 2015 | Sasebo | T/C Index Linked(3) | Jul-26 | Oct-26 |
| Exelixsea | Dry Bulk / Panamax | 76,361 | 2011 | Oshima | T/C Index Linked(3) | Jun-26 | Sep-26 |
| Total/Average age | 496,242 | 13.1 years |
| (1) | The latest redelivery dates do not include any additional optional periods. |
| (2) | 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. |
| (3) | “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 “Second Quarter 2026 TCE Rate Guidance”. |
Fleet Data:
| Q1 2026 | Q1 2025 | |||||
| Ownership days (1) | 497 | 720 | ||||
| Operating days (2) | 474 | 678 | ||||
| Fleet utilization (3) | 95.4 | % | 94.2 | % | ||
| 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)
| Q1 2026 | Q1 2025 | |||||
| Vessel revenue, net | 7,945 | 7,754 | ||||
| Less: Voyage expenses | 555 | 1,006 | ||||
| Time charter equivalent revenues | 7,390 | 6,748 | ||||
| Operating days | 474 | 678 | ||||
| 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)
| Q1 2026 | Q1 2025 | |||||
| Vessel operating expenses | 3,108 | 4,672 | ||||
| Ownership days | 497 | 720 | ||||
| Daily Vessel Operating Expenses | ||||||
Net Loss to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
| Q1 2026 | Q1 2025 | |||
| Net loss | (139 | ) | (4,485 | ) |
| Interest and finance costs, net | 1,150 | 1,911 | ||
| Depreciation and amortization | 1,867 | 3,315 | ||
| EBITDA | 2,878 | 741 | ||
| Stock based compensation | 348 | 104 | ||
| (Gain) / loss on equity method investment | (11 | ) | 16 | |
| Adjusted EBITDA | 3,215 | 861 |
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 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 Income / (Loss) Reconciliation and calculation of Adjusted Earnings / (Loss) Per Share
(In thousands of U.S. Dollars)
| Q1 2026 | Q1 2025 | |||
| Net loss | (139 | ) | (4,485 | ) |
| Stock based compensation | 348 | 104 | ||
| (Gain) / loss on equity method investment | (11 | ) | 16 | |
| Adjusted net income / (loss) | 199 | (4,365 | ) | |
| Adjusted net income / (loss) – common stockholders | 223 | (4,365 | ) | |
| Adjusted earnings / (loss) per common share, basic and diluted | 0.02 | (0.50 | ) | |
| Weighted average number of common shares outstanding, basic and diluted | 8,941,203 | 8,686,073 |
To derive Adjusted Net Income / (Loss) and Adjusted Earnings / (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 Income / (Loss) and Earnings / (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, 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 Income / (Loss) and Adjusted Earnings / (Loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
Second Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately
The following table provides the breakdown of index-linked charters and fixed-rate charters in the second quarter of 2026:
| Operating Days | TCE Rate | ||
| TCE - fixed rate (index-linked conversions) | 364 | ||
| TCE – index-linked | 140 | ||
| Total / Average | 504 | $17,957 | |
____________________
3 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
First Quarter and Recent Developments:
Dividend Distribution for Q4 2025 and Declaration of Q1 2026 Dividend
On April 10, 2026, the Company paid the previously announced quarterly dividend of
The Company also declared a cash dividend of
Vessel transactions and commercial updates
Sale of M/V Cretansea
In May 2026, the Company delivered to her new owners the 81,508 dwt M/V Cretansea, built in 2009. The aggregate net sale price was approximately
Acquisition of M/V Squireship
In March 2026, the Company agreed main terms with Seanergy Maritime Holdings Corp. (“Seanergy”), for the acquisition of the 2010-built Capesize bulk carrier M/V Squireship, constructed in South Korea, for a purchase price of
Financing Updates
Huarong Sale and Leaseback agreement
In May 2026, in connection with the M/V Squireship acquisition, the Company has received a credit committee approval from China Huarong Shipping Financial Leasing Company Co., Ltd. to enter into a novation agreement, pursuant to which the Company’s subsidiary shall assume the existing sale and leaseback arrangement, including all related rights and obligations. The obligations of the prior charterer and guarantor (Seanergy) shall be released and novated to the Company’s subsidiary and the Company as new guarantor, respectively. The transaction will become effective upon the satisfaction of customary closing conditions. The outstanding charterhire principal is approximately
| United Maritime Corporation Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) | ||||||
| March 31, 2026 | December 31, 2025* | |||||
| ASSETS | ||||||
| Cash and cash equivalents and restricted cash | 10,130 | 14,564 | ||||
| Vessels, net, Right-of-use assets and Vessel held for sale | 130,221 | 99,885 | ||||
| Other assets | 25,125 | 24,232 | ||||
| TOTAL ASSETS | 165,476 | 138,681 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 89,717 | 64,839 | ||||
| Other liabilities | 20,211 | 17,376 | ||||
| Stockholders’ equity | 55,548 | 56,466 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 165,476 | 138,681 | ||||
* 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 March 31, | |||||
| 2026 | 2025 | ||||
| Vessel Revenue, net | 7,945 | 7,754 | |||
| Expenses: | |||||
| Voyage expenses | (555 | ) | (1,006 | ) | |
| Vessel operating expenses | (3,108 | ) | (4,672 | ) | |
| Management fees | (415 | ) | (601 | ) | |
| General and administrative expenses | (1,034 | ) | (640 | ) | |
| Depreciation and amortization | (1,867 | ) | (3,315 | ) | |
| Operating income / (loss) | 966 | (2,480 | ) | ||
| Other income / (expenses): | |||||
| Interest and finance costs | (1,212 | ) | (1,929 | ) | |
| Interest income | 62 | 18 | |||
| Gain / (loss) on equity method investment | 11 | (16 | ) | ||
| Other income | 49 | - | |||
| Other, net | (15 | ) | (78 | ) | |
| Total other expenses, net: | (1,105 | ) | (2,005 | ) | |
| Net loss | (139 | ) | (4,485 | ) | |
| Net loss attributable to common stockholders | (114 | ) | (4,485 | ) | |
| Net loss per common share, basic and diluted | (0.01 | ) | (0.52 | ) | |
| Weighted average number of common shares outstanding, basic and diluted | 8,941,203 | 8,686,073 | |||
| United Maritime Corporation Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars) | |||||
| Three months ended March 31, | |||||
| 2026 | 2025 | ||||
| Net cash provided by operating activities | 2,104 | 1,147 | |||
| Net cash used in investing activities | (4,481 | ) | (359 | ) | |
| Net cash used in financing activities | (2,071 | ) | (4,158 | ) | |
About United Maritime Corporation
United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. The Company operates a fleet of five dry bulk vessels, comprising one Capesize, one Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 496,242 dwt. Upon completion of the aforementioned 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 Israel and Iran, the U.S. and Venezuela, China and Taiwan, 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/781968fb-2c4e-423c-a23b-f7f0bf2da5fa
