United Maritime Reports Second Quarter and First Half 2026 Financial Results
Rhea-AI Summary
United Maritime (NASDAQ: USEA) reported Q2 2026 net revenues of $10.0 million, near Q2 2025 levels despite fewer ownership days from fleet repositioning. Q2 net income was $1.2 million and adjusted net income $1.5 million, versus $1.0 million and $0.2 million a year earlier. Q2 adjusted EBITDA was $5.2 million and fleet TCE $18,654/day, up from $15,421/day in Q2 2025.
For 6M 2026, net revenues were $17.9 million, with net income $1.0 million compared to a $3.5 million loss in 6M 2025, and adjusted EBITDA $8.4 million. The company generated about $29.5 million liquidity in 2026 from vessel sales and exiting an offshore investment, supporting a shift into Capesize vessels. United declared its 15th consecutive $0.10 quarterly dividend, bringing cumulative distributions to $2.04 per share (about $16.8 million). As of June 30, 2026, cash was $12.1 million, shareholders’ equity $53.3 million, bank and other financial liabilities $94.2 million, and fleet book value $143.5 million.
Positive
- Return to profitability in 6M 2026 with $1.0m net income vs $3.5m loss
- Adjusted EBITDA rose to $8.4m in 6M 2026 from $6.0m in 6M 2025
- TCE rate increased to $17,202/day in 6M 2026 from $12,744/day (+35%)
- Liquidity generation of approximately $29.5m from 2026 asset sales and investment exit
- Capesize-focused fleet supported by $143.5m fleet book value as of June 30, 2026
- 15th consecutive quarterly dividend of $0.10/share; cumulative $2.04/share (~$16.8m) since November 2022
Negative
- 6M 2026 net revenues declined to $17.9m from $20.2m in 6M 2025
- Vessel operating expenses per day increased to $6,620 in Q2 2026 from $6,173 in Q2 2025
- Bank debt and other financial liabilities of $94.2m vs shareholders’ equity of $53.3m as of June 30, 2026
- Ownership days fell to 1,023 in 6M 2026 from 1,427 in 6M 2025, reducing scale
News Explained
Exelixsea’s expected 8.5 million dollars of net proceeds are not yet realized, while three vessels have fixed-rate charters through 2026.
The fleet repositioning is partly completed: Squireship has been delivered, but Exelixsea remains under an agreement to sell, with delivery to new owners expected by
The company defines a time charter (“T/C”) as a charter agreement; under its index-linked T/Cs, it can convert the rate to fixed for at least two months based on prevailing FFA rates.
United says three of its six vessels have been converted to fixed-rate charters through the end of 2026, adding fixed-rate terms to part of the current fleet’s employment arrangements.
Squireship is technically and commercially operated under an 18-month bareboat charter-in that includes a purchase obligation at its end, so its delivery adds operating capacity without being described here as an outright vessel purchase.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 19 | Q1 results scheduling | Neutral | +1.3% | Announced the scheduled release date for first-quarter financial results. |
| Mar 12 | Q4 earnings report | Negative | -3.4% | Reported lower revenue and a wider full-year loss alongside continued capital repositioning. |
| Nov 11 | Q3 earnings report | Positive | +2.9% | Reported quarterly profitability, higher TCE, and proceeds from Capesize vessel sales. |
| Nov 06 | Q3 results scheduling | Neutral | -3.3% | Announced the scheduled release date for third-quarter and nine-month results. |
| Aug 06 | Q2 earnings report | Positive | +0.8% | Reported quarterly profit, higher TCE, and continued shareholder distributions. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-tagged events showed mixed reactions, with 3 aligned moves, 2 divergences, and an average move of -0.33%.
Key Terms
ebitda financial
non-gaap financial
bareboat charter technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Strategic Fleet Repositioning into Capesize Vessels
Declares Quarterly Cash Dividend of
| Highlights (in million USD, except EPS, LPS and TCE) | Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | 6M 2026 vs 6M 2025 | |||||||
| Net Revenues | $ | 10.0 | $ | 12.5 | $ | 17.9 | $ | 20.2 | ||||
| Net income / (loss) | $ | 1.2 | $ | 1.0 | $ | 1.0 | $ | (3.5 | ) | |||
| Adjusted net income / (loss)1 | $ | 1.5 | $ | 0.2 | $ | 1.7 | $ | (4.2 | ) | |||
| EBITDA1 | $ | 4.9 | $ | 5.9 | $ | 7.7 | $ | 6.6 | +17 | % | ||
| Adjusted EBITDA1 | $ | 5.2 | $ | 5.1 | $ | 8.4 | $ | 6.0 | +42 | % | ||
| TCE2 | $ | 18,654 | $ | 15,421 | $ | 17,202 | $ | 12,744 | +35 | % | ||
| Earnings / (loss) per share Basic and Diluted | $ | 0.11 | $ | 0.11 | $ | 0.10 | $ | (0.40 | ) | |||
| Adjusted earnings / (loss) per share Basic1and Diluted1 | $ | 0.15 | $ | 0.02 | $ | 0.18 | $ | (0.48 | ) | |||
_______________
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.
2 Time Charter Equivalent (“TCE”) rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.
Other Highlights and Developments:
- Net Revenues of
$17.9 million for the first half and fleet TCE up35% year-over-year to$17,202 per day — reflecting the earnings uplift from the repositioned fleet - Approximately
$29.5 million of liquidity generated from asset sales and investment monetization during 2026, funding Capesize fleet growth, without shareholder dilution- Entered into an agreement to sell the 2011-built Panamax M/V Exelixsea for approximately
$17.5 million , with net cash proceeds expected to be approximately$8.5 million after repayment of the associated debt. - Sold the 2009-built Kamsarmax M/V Cretansea for
$14.7 million , generating net cash proceeds of approximately$5.9 million following debt repayment. - Completed profitable exit from the Offshore Energy Construction Vessel investment, generating approximately
$15.1 million of cash proceeds.
- Entered into an agreement to sell the 2011-built Panamax M/V Exelixsea for approximately
- Continuing Capital Redeployment with Capesize Expansion and Fleet Rebalancing
- Took delivery of the 2010-built, scrubber-fitted Capesize M/V Squireship, following the delivery of M/V Dukeship in the previous quarter, further strengthening the Company’s earnings power, cash flow generation and earnings visibility.
- Declared 15th Consecutive Quarterly Cash Dividend of
$0.10 Per Share- Continued the Company’s track record of shareholder distributions since November 2022, reaching
$2.04 per share in cumulative distributions, representing approximately$16.8 million in aggregate cash dividends3.
- Continued the Company’s track record of shareholder distributions since November 2022, reaching
GLYFADA, Greece, July 30, 2026 (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, 2026. The Company also declared a quarterly dividend of
For the quarter ended June 30, 2026, the Company generated Net Revenues of
For the six-month period ended June 30, 2026, the Company generated Net Revenues of
Cash and cash equivalents and restricted cash as of June 30, 2026, stood at
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“In the second quarter of 2026, United benefited from the strong dry bulk market, delivering Net Income of
“Based on our strong performance, United will distribute a quarterly dividend of
“Since our last update, we have agreed to sell the 2011-built Panamax M/V Exelixsea, which is expected to generate an expected gain on sale, with delivery to its new owners expected to take place towards the end of the third quarter, while we have also taken delivery of the Capesize M/V Squireship. Since the start of 2026, United has sold two vessels in the Kamsarmax/Panamax class while acquiring two Capesize vessels. This strategic repositioning has materially strengthened United's earnings profile and free cash flow generation potential by increasing our exposure to the structurally stronger Capesize market. Concurrently, the completion of our profitable exit from the offshore newbuilding project in June 2026 marked the culmination of our strategic capital redeployment cycle, enabling a full refocusing of capital on our core shipping operations.”
“As regards our commercial performance, the index-linked charter rates on three of our six vessels have been converted into fixed-rate charters at profitable rates through the end of 2026, providing a disciplined balance between earnings visibility and exposure to favorable market conditions upside participation. Based on the current FFA curve, our third quarter daily TCE guidance of about
“Dry bulk market conditions remain strong, driven by strong growth in all major dry bulk commodities. Second quarter China Iron Ore imports were at a record high while import growth in the first half of the year exceeded
“With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment.”
_______________
3 The amounts include the 15th consecutive quarterly cash dividend declared but not yet paid.
4 Based on the closing share price on July 27, 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) | Capesize | 181,453 | 2010 | Sasebo | T/C Index Linked(3) | Jan-27 | Mar-27 |
| Squireship | Capesize | 170,018 | 2010 | Sundong | T/C Index Linked(3) | Mar-27 | May-27 |
| Nisea | Kamsarmax | 82,235 | 2016 | Oshima | T/C Index Linked(3) | Jul-27 | Sep-27 |
| Chrisea | Panamax | 78,173 | 2013 | Shin Kurushima | T/C Index Linked(3) | Mar-27 | Jul-27 |
| Synthesea | Panamax | 78,020 | 2015 | Sasebo | T/C Index Linked(3) | Jan-28 | Apr-28 |
| Exelixsea(4) | Panamax | 76,361 | 2011 | Oshima | Spot | N/A | N/A |
| Total/Average age | 666,260 | 13.8 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 minimum period of 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 2026 TCE Rate Guidance”.
(4) The vessel is expected to be delivered to her new owners by October 1, 2026.
Fleet Data:
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||||||||
| Ownership days (1) | 526 | 707 | 1,023 | 1,427 | ||||||||
| Operating days (2) | 526 | 707 | 1,000 | 1,385 | ||||||||
| Fleet utilization (3) | 100.0 | % | 100 | % | 97.8 | % | 97.1 | % | ||||
| TCE rate (4) | $ | 18,654 | $ | 15,421 | $ | 17,202 | $ | 12,744 | ||||
| Daily Vessel Operating Expenses (5) | $ | 6,620 | $ | 6,173 | $ | 6,442 | $ | 6,332 | ||||
(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)
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||||
| Vessel revenue, net | 9,992 | 12,473 | 17,937 | 20,227 | ||||
| Less: Voyage expenses | 180 | 1,570 | 735 | 2,576 | ||||
| Time charter equivalent revenues | 9,812 | 10,903 | 17,202 | 17,651 | ||||
| Operating days | 526 | 707 | 1,000 | 1,385 | ||||
| TCE rate | $ | 18,654 | $ | 15,421 | $ | 17,202 | $ | 12,744 |
(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)
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||||
| Vessel operating expenses | 3,482 | 4,364 | 6,590 | 9,036 | ||||
| Ownership days | 526 | 707 | 1,023 | 1,427 | ||||
| Daily Vessel Operating Expenses | $ | 6,620 | $ | 6,173 | $ | 6,442 | $ | 6,332 |
Net Income / (Loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||
| Net income / (loss) | 1,160 | 978 | 1,021 | (3,507 | ) | |
| Interest and finance costs, net | 1,275 | 1,789 | 2,425 | 3,700 | ||
| Depreciation and amortization | 2,416 | 3,125 | 4,283 | 6,440 | ||
| EBITDA | 4,851 | 5,892 | 7,729 | 6,633 | ||
| Stock based compensation | 243 | 205 | 591 | 309 | ||
| Loss on extinguishment of debt | 113 | 233 | 113 | 233 | ||
| Gain on consolidation | - | (1,268 | ) | - | (1,268 | ) |
| Loss on equity method investment | 18 | 28 | 7 | 44 | ||
| Adjusted EBITDA | 5,225 | 5,090 | 8,440 | 5,951 |
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, 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 Income / (Loss) and Adjusted Net Income / (Loss) Reconciliation and calculation of Adjusted Earnings / (Loss) Per Share
(In thousands of U.S. Dollars)
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||
| Net income / (loss) | 1,160 | 978 | 1,021 | (3,507 | ) | |
| Stock based compensation | 243 | 205 | 591 | 309 | ||
| Loss on extinguishment of debt | 113 | 233 | 113 | 233 | ||
| Gain on consolidation | - | (1,268 | ) | - | (1,268 | ) |
| Loss on equity method investment | 18 | 28 | 7 | 44 | ||
| Adjusted net income / (loss) | 1,534 | 176 | 1,732 | (4,189 | ) | |
| Adjusted net income / (loss) – common stockholders, basic and diluted | 1,397 | 160 | 1,661 | (4,183 | ) | |
| Adjusted earnings / (loss) per common share, basic and diluted | 0.15 | 0.02 | 0.18 | (0.48 | ) | |
| Weighted average number of common shares outstanding, basic | 9,178,095 | 8,918,525 | 9,060,304 | 8,802,941 | ||
| Weighted average number of common shares outstanding, diluted | 9,462,029 | 8,918,525 | 9,202,271 | 8,802,941 |
To derive Adjusted Net Income / (Loss) and Adjusted Earnings / (Loss) Per Share, both non-GAAP measures, from Net income / (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 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 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.
Third 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 third quarter of 2026:
| Operating Days | TCE Rate | ||
| TCE - fixed rate (including index-linked conversions) | 321 | $ | 22,123 |
| TCE – index-linked | 214 | $ | 17,844 |
| Total / Average | 535 | $ | 20,418 |
Second Quarter and Recent Developments:
Dividend Distribution for Q1 2026 and Declaration of Q2 2026 Dividend
On July 10, 2026, the Company paid the previously announced quarterly dividend of
The Company has declared a cash dividend of
Vessel transactions and commercial updates
Sale of M/V Exelixsea
In June 2026, the Company entered into an agreement with an unaffiliated third party for the sale of the 76,361 dwt Panamax vessel M/V Exelixsea, built in 2011. The vessel is expected to be delivered to her new owners in September 2026. The aggregate gross sale price of approximately
Delivery of M/V Squireship
In June 2026, the Company took delivery of the 170,018 dwt M/V Squireship, built in 2010. The vessel is currently employed on an index-linked time charter with a redelivery date between March and May 2027. The earnings under the time charter have been converted to an average fixed gross daily rate of approximately
M/V Synthesea – Time charter extension
In June 2026, the charterer of the M/V Synthesea agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence in September 2026, for a duration of about 16 to about 19 months. The daily hire is based on BPI-82, and all other main terms of the time charter remain materially unchanged.
M/V Nisea – Time charter extension
In July 2026, the charterer of the M/V Nisea agreed to extend the existing time charter agreement, with the extension commencing from the mean redelivery date under the current charter. The extension period will commence in September 2026, for a duration of minimum 10 to maximum 12 months. The daily hire is based on BPI-82, and all other main terms of the time charter remain materially unchanged.
_______________
5 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 BPI-82 rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to an average of
Investing Updates
Offshore Energy Construction Vessel Investment Monetization
In June 2026, the Company completed a profitable exit from its investment in an Offshore Energy Construction Vessel project. The transaction generated approximately
Conference Call:
The Company’s management will host a conference call to discuss the financial results today, Thursday, July 30, 2026 at 12:00 p.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) | ||||||
| June 30, 2026 | December 31, 2025* | |||||
| ASSETS | ||||||
| Cash and cash equivalents and restricted cash | 12,140 | 14,564 | ||||
| Vessels, net, Right-of-use assets and Vessel held for sale | 143,495 | 99,885 | ||||
| Other assets | 7,353 | 24,232 | ||||
| TOTAL ASSETS | 162,988 | 138,681 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 94,224 | 64,839 | ||||
| Other liabilities | 15,495 | 17,376 | ||||
| Stockholders’ equity | 53,269 | 56,466 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 162,988 | 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 June 30, | Six months ended June 30, | |||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||
| Vessel revenue, net | 9,992 | 12,473 | 17,937 | 20,227 | ||||||
| Expenses: | ||||||||||
| Voyage expenses | (180 | ) | (1,570 | ) | (735 | ) | (2,576 | ) | ||
| Vessel operating expenses | (3,482 | ) | (4,364 | ) | (6,590 | ) | (9,036 | ) | ||
| Management fees | (440 | ) | (574 | ) | (855 | ) | (1,175 | ) | ||
| General and administration expenses | (1,595 | ) | (792 | ) | (2,629 | ) | (1,432 | ) | ||
| Depreciation and amortization | (2,416 | ) | (3,125 | ) | (4,283 | ) | (6,440 | ) | ||
| Gain on disposal of equity method investment | 523 | - | 523 | - | ||||||
| Gain / (loss) on sale of vessel | 156 | (155 | ) | 156 | (155 | ) | ||||
| Operating income / (loss) | 2,558 | 1,893 | 3,524 | (587 | ) | |||||
| Other income / (expenses): | ||||||||||
| Interest and finance costs | (1,030 | ) | (1,763 | ) | (2,242 | ) | (3,692 | ) | ||
| Interest and finance costs – related party | (282 | ) | (48 | ) | (282 | ) | (48 | ) | ||
| Interest income | 37 | 22 | 99 | 40 | ||||||
| Loss on extinguishment of debt | (113 | ) | (233 | ) | (113 | ) | (233 | ) | ||
| Gain on consolidation | - | 1,268 | - | 1,268 | ||||||
| Loss on equity method investment | (18 | ) | (28 | ) | (7 | ) | (44 | ) | ||
| Other income | - | - | 47 | - | ||||||
| Other, net | 8 | (133 | ) | (5 | ) | (211 | ) | |||
| Total other expenses, net: | (1,398 | ) | (915 | ) | (2,503 | ) | (2,920 | ) | ||
| Net income / (loss) | 1,160 | 978 | 1,021 | (3,507 | ) | |||||
| Net income / (loss) attributable to common shareholders | 1,023 | 962 | 950 | (3,501 | ) | |||||
| Earnings / (loss) per common share, basic and diluted | 0.11 | 0.11 | 0.10 | (0.40 | ) | |||||
| Weighted average number of common shares outstanding, basic | 9,178,095 | 8,918,525 | 9,060,304 | 8,802,941 | ||||||
| Weighted average number of common shares outstanding, diluted | 9,462,029 | 8,918,525 | 9,202,271 | 8,802,941 | ||||||
United Maritime Corporation
Unaudited Condensed Consolidated Cash Flow Data
(In thousands of U.S. Dollars)
| Six months ended June 30, | |||||
| 2026 | 2025 | ||||
| Net cash provided by operating activities | 4,417 | 400 | |||
| Net cash (used in) / provided by investing activities | (2,032 | ) | 11,218 | ||
| Net cash used in financing activities | (4,724 | ) | (14,932 | ) | |
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 two Capesize, one Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 666,260 dwt. Upon completion of the aforementioned sale of the M/V Exelixsea, the Company’s operating fleet will consist of five vessels (two Capesize, one Kamsarmax and two Panamax vessels), with an aggregate cargo carrying capacity of 589,899 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 declaration of dividends, 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: +1 212 661 7566
E-mail: usea@capitallink.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c7207a28-8495-41ab-bee4-e70c3fa32a45
