United Maritime Reports Third Quarter and Nine-Month 2026 Financial Results; Doubles Quarterly Cash Dividend to $0.20 Per Share
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
United Maritime (NASDAQ: USEA) doubled its quarterly cash dividend to $0.20 per share as third-quarter earnings improved year over year. Q3 2026 net income reached $3.2 million, versus $1.1 million, while net revenues rose to $12.0 million from $11.0 million. Diluted earnings per share increased to $0.31 from $0.12. Daily time charter equivalent earnings, a non-GAAP measure of revenue after voyage expenses, reached $20,737, versus $15,093.
Nine-month net income was $4.2 million versus a $2.4 million loss, but revenues fell to $29.9 million from $31.2 million. United agreed to acquire M/V Friendship, with delivery expected in early Q1 2027, and sold M/V Exelixsea for $8.7 million in net cash proceeds. The company expects Q4 daily charter-equivalent earnings of approximately $22,689. Its two operating Capesizes are fixed for all of 2027, representing approximately $23.1 million in contracted gross hire.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointM/V Exelixsea sale generated $8.7 million net cash proceeds and a $1.8 million gain. 37% of market cap
- Major pointTotal debt declined by $10.5 million during Q3, primarily through repayment associated with M/V Exelixsea. 45% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.Quarterly dividend doubled to $0.20 per common share, marking the 16th consecutive quarterly distribution.
- Moderate pointQ3 net income rose to $3.2 million from $1.1 million a year earlier.
- Moderate pointQ3 net revenues increased to $12.0 million from $11.0 million a year earlier.
- Moderate pointQ3 adjusted EBITDA, a non-GAAP earnings measure, increased to $8.0 million from $5.4 million.
- Moderate pointQ3 daily time charter equivalent earnings rose to $20,737 from $15,093 a year earlier.
- Moderate pointNine-month net income reached $4.2 million, versus a $2.4 million loss a year earlier.
- Moderate pointNine-month adjusted EBITDA increased 45% to $16.4 million year over year.
- Moderate pointNine-month daily time charter equivalent earnings increased 37% to $18,446 year over year.
- Moderate point. Forward-looking: it has not happened yet and may not happen.M/V Friendship acquisition agreed; delivery of the third Capesize is expected in early Q1 2027.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 daily time charter equivalent earnings are expected at approximately $22,689; four of five vessels are fixed.
- Moderate pointNine-month net interest and finance costs fell to $3.730 million from $5.129 million.
5 minor points
- Minor pointQ3 basic/diluted EPS increased to $0.34/$0.31, versus $0.12/$0.12 a year earlier.
- Minor pointNine-month basic/diluted EPS reached $0.46/$0.43, versus losses of $0.27/$0.27 a year earlier.
- Minor pointQ3 fleet utilization improved to 99.3% from 99.1%; nine-month utilization reached 98.3% versus 97.7%.
- Minor point. Forward-looking: it has not happened yet and may not happen.M/V Dukeship is fixed for all of 2027 at over $35,000 per day.
- Minor point. Forward-looking: it has not happened yet and may not happen.M/V Squireship is fixed for all of 2027 at over $29,100 per day.
Negative
- Moderate pointNine-month net revenues declined to $29.9 million from $31.2 million a year earlier.
- Moderate pointQ3 daily vessel operating expenses increased to $6,916 from $6,300 a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.M/V Friendship delivery remains expected; the company plans funding through debt and recent asset-sale proceeds.
- Moderate point. Forward-looking: it has not happened yet and may not happen.M/V Dukeship's 18-month bareboat charter includes a purchase obligation at its end.
- Minor pointNine-month daily vessel operating expenses increased to $6,607 from $6,323 a year earlier.
3 minor points
- Minor pointNine-month stock-based compensation increased to $796,000 from $427,000 a year earlier.
- Minor pointNine-month debt-extinguishment loss was $608,000, versus $640,000 a year earlier.
- Minor pointSubsidiary liquidation produced a $58,000 loss in Q3 2026.
Key Figures
- Q3 net revenues
- $12.0 million
- Q3 2026; compared with $11.0 million in Q3 2025
- Q3 net income
- $3.2 million
- Q3 2026; compared with $1.1 million in Q3 2025
- Q3 adjusted EBITDA
- $8.0 million
- Q3 2026; compared with $5.4 million in Q3 2025
- Q3 fleet TCE
- $20,737 per day
- Q3 2026; up 37% year over year
- Nine-month adjusted EBITDA
- $16.4 million; up 45%
- Nine months ended September 30, 2026, year over year
- Quarterly cash dividend
- $0.20 per share
- Q3 2026; doubled from the Q2 2026 dividend
- 2027 charter rate
- Over $35,000 per day
- M/V Dukeship fixed for 2027
- 2027 charter rate
- Over $29,100 per day
- M/V Squireship fixed for 2027
Previous Dividends,earnings Reports
-
Reported improved quarterly earnings and continued its cash-dividend series.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial
ebitda financial
time charter equivalent technical
forward freight agreements financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Quarterly Net Income Triples to
Further Expands Capesize Fleet; Fixes M/V Dukeship and M/V Squireship for 2027 at Attractive Charter Rates
| Highlights (in million USD, except EPS, LPS and TCE) | Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | 9M 2026 vs 9M 2025 | ||||||
| Net Revenues | $ | 12.0 | $ | 11.0 | $ | 29.9 | $ | 31.2 | |||
| Net Income / (Loss) | $ | 3.2 | $ | 1.1 | $ | 4.2 | $ | (2.4 | ) | ||
| Adjusted Net Income / (Loss)1 | $ | 4.0 | $ | 1.6 | $ | 5.7 | $ | (2.6 | ) | ||
| EBITDA1 | $ | 7.2 | $ | 4.9 | $ | 15.0 | $ | 11.5 | +30 | % | |
| Adjusted EBITDA1 | $ | 8.0 | $ | 5.4 | $ | 16.4 | $ | 11.4 | +45 | % | |
| TCE2 | $ | 20,737 | $ | 15,093 | $ | 18,446 | $ | 13,436 | +37 | % | |
| Earnings / (Loss) per share Basic | $ | 0.34 | $ | 0.12 | $ | 0.46 | $ | (0.27 | ) | ||
| Earnings / (Loss) per share Diluted | $ | 0.31 | $ | 0.12 | $ | 0.43 | $ | (0.27 | ) | ||
| Adjusted Earnings / (Loss) per share Basic1 | $ | 0.43 | $ | 0.18 | $ | 0.62 | $ | (0.29 | ) | ||
| Adjusted Earnings / (Loss) per share Diluted1 | $ | 0.38 | $ | 0.18 | $ | 0.58 | $ | (0.29 | ) | ||
Other Highlights and Developments:
- Strong Third Quarter Financial Performance Reflecting Benefits of Strategic Fleet Repositioning
- Quarterly Net Income of
$3.2 million and Adjusted EBITDA of$8.0 million , with fleet TCE increasing37% year-over-year to$20,737 per day. - Nine-month Adjusted EBITDA increased
45% to$16.4 million , with fleet TCE up37% to$18,446 per day.
- Quarterly Net Income of
- Cash Dividend for the Third Quarter Doubled to
$0.20 Per Share- 16th consecutive quarterly dividend, bringing cumulative cash distributions since November 2022 to
$2.24 per share, or approximately$18.7 million .3
- 16th consecutive quarterly dividend, bringing cumulative cash distributions since November 2022 to
- Continued Capital Reallocation Through Further Capesize Expansion
- Agreed to acquire the 2009-built Capesize vessel M/V Friendship, with delivery expected in early Q1 2027.
- Completed the sale of the 2011-built Panamax M/V Exelixsea, generating
$8.7 million of net cash proceeds and a gain of$1.8 million .
_______________
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 / (Loss), 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.
GLYFADA, Greece, Nov. 12, 2026 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA) announced today its financial results for the third quarter and nine months ended September 30, 2026. The Company also declared a quarterly dividend of
For the quarter ended September 30, 2026, the Company generated Net Revenues of
For the first nine months of 2026, the Company generated Net Revenues of
As of September 30, 2026, United held
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Our capital reallocation is beginning to generate meaningful returns: third-quarter Net Income tripled to
Our board has declared a quarterly dividend of
Our third Capesize, the 2009-built M/V Friendship, is expected to be delivered in early Q1 2027, funded with debt and the proceeds of our recent asset sales. Capesizes will then represent approximately
Four of our five vessels are fixed for the fourth quarter, and we expect a Q4 TCE of approximately
The dry bulk sector performed very strongly in the third quarter, driven mainly by record bauxite volumes and continued ton-mile growth in iron ore, while grain and coal volumes have also remained supportive throughout the year. On the supply side, vessel routing inefficiencies, including those associated with the Panama Canal, and ongoing geopolitical disruptions have kept effective fleet growth limited. Looking ahead, market fundamentals remain constructive, with a relatively modest orderbook set against a rapidly aging fleet, which we believe should continue to support freight rates.
Our priorities are clear: build on the earnings gains achieved to date, continue reallocating capital into higher-earning assets, and convert stronger performance into sustainable cash distributions. United is well positioned to deliver on all three.”
_______________
3 The amounts include the 16th consecutive quarterly cash dividend declared but not yet paid.
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-28 | Mar-28 |
| Squireship | Capesize | 170,018 | 2010 | Sungdong | T/C Index Linked(3) | Jan-28 | Mar-28 |
| 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 |
| Total/Average age | 589,899 | 13.8 years | |||||
| Vessel to be delivered | |||||||
| Friendship(4) | Capesize | 176,952 | 2009 | Namura | T/C Index Linked(3) | Apr-27 | Sep-27 |
(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 “Fourth Quarter 2026 TCE Rate Guidance”.
(4) The vessel is expected to be delivered in early Q1 2027.
Fleet Data:
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | |||||||||
| Ownership days (1) | 547 | 583 | 1,570 | 2,010 | ||||||||
| Operating days (2) | 543 | 578 | 1,543 | 1,963 | ||||||||
| Fleet utilization (3) | 99.3 | % | 99.1 | % | 98.3 | % | 97.7 | % | ||||
| TCE rate (4) | $ | 20,737 | $ | 15,093 | $ | 18,446 | $ | 13,436 | ||||
| Daily Vessel Operating Expenses (5) | $ | 6,916 | $ | 6,300 | $ | 6,607 | $ | 6,323 | ||||
(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)
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | |||||
| Vessel revenue, net | 11,970 | 10,966 | 29,907 | 31,193 | ||||
| Less: Voyage expenses | 710 | 2,242 | 1,445 | 4,818 | ||||
| Time charter equivalent revenues | 11,260 | 8,724 | 28,462 | 26,375 | ||||
| Operating days | 543 | 578 | 1,543 | 1,963 | ||||
| TCE rate | $ | 20,737 | $ | 15,093 | $ | 18,446 | $ | 13,436 |
(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)
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | |||||
| Vessel operating expenses | 3,783 | 3,673 | 10,373 | 12,709 | ||||
| Ownership days | 547 | 583 | 1,570 | 2,010 | ||||
| Daily Vessel Operating Expenses | $ | 6,916 | $ | 6,300 | $ | 6,607 | $ | 6,323 |
Net Income / (Loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | ||
| Net income / (loss) | 3,219 | 1,066 | 4,240 | (2,441 | ) |
| Interest and finance costs, net | 1,304 | 1,429 | 3,730 | 5,129 | |
| Depreciation and amortization | 2,703 | 2,377 | 6,986 | 8,817 | |
| EBITDA | 7,226 | 4,872 | 14,956 | 11,505 | |
| Stock based compensation | 205 | 118 | 796 | 427 | |
| Loss on extinguishment of debt | 495 | 407 | 608 | 640 | |
| Loss on liquidation of subsidiary | 58 | - | 58 | - | |
| Loss on forward freight agreements | 6 | - | 6 | - | |
| Gain on consolidation | - | - | - | (1,268 | ) |
| Loss on equity method investment | - | 6 | 7 | 50 | |
| Adjusted EBITDA | 7,990 | 5,403 | 16,431 | 11,354 |
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 and Adjusted EBITDA are not recognized measurements under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, loss on extinguishment of debt, loss on liquidation of subsidiary, loss on forward freight agreements, 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)
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | ||
| Net income / (loss) | 3,219 | 1,066 | 4,240 | (2,441 | ) |
| Stock based compensation | 205 | 118 | 796 | 427 | |
| Loss on extinguishment of debt | 495 | 407 | 608 | 640 | |
| Gain on consolidation | - | - | - | (1,268 | ) |
| Loss on equity method investment | - | 6 | 7 | 50 | |
| Loss on forward freight agreements | 6 | - | 6 | - | |
| Loss on liquidation of subsidiary | 58 | - | 58 | - | |
| Adjusted net income / (loss) | 3,983 | 1,597 | 5,715 | (2,592 | ) |
| Adjusted net income / (loss) – common stockholders, basic | 3,944 | 1,597 | 5,644 | (2,563 | ) |
| Adjusted net income / (loss) – common stockholders, diluted | 3,944 | 1,597 | 5,734 | (2,563 | ) |
| Adjusted earnings / (loss) per common share, basic | 0.43 | 0.18 | 0.62 | (0.29 | ) |
| Adjusted earnings / (loss) per common share, diluted | 0.38 | 0.18 | 0.58 | (0.29 | ) |
| Weighted average number of common shares outstanding, basic | 9,241,792 | 8,917,144 | 9,121,465 | 8,841,632 | |
| Weighted average number of common shares outstanding, diluted | 10,406,256 | 8,917,144 | 9,834,583 | 8,841,632 |
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, loss on forward freight agreements, loss on liquidation of subsidiary 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.
Fourth 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 fourth quarter of 2026:
| Operating Days | TCE Rate | ||
| TCE - fixed rate (including index-linked conversions) | 365 | $ | 23,715 |
| TCE – index-linked | 92 | $ | 18,624 |
| Total / Average | 457 | $ | 22,689 |
Third Quarter and Recent Developments:
Dividend Distribution for Q2 2026 and Declaration of Q3 2026 Dividend
On October 9, 2026, the Company paid a quarterly dividend of
The Company has declared a quarterly cash dividend of
Vessel transactions and commercial updates
Sale of M/V Exelixsea
In September 2026, the Company delivered the 76,361 dwt M/V Exelixsea, built in 2011, to her new owners. The vessel was sold for a gross consideration of approximately
Acquisition of M/V Friendship
In November 2026, the Company agreed main terms with Seanergy Maritime Holdings Corp. (“Seanergy”), for the acquisition of the 2009-built Capesize bulk carrier M/V Friendship, constructed in Japan, for an aggregate purchase price of
M/V Dukeship – Time charter extension
In August 2026, the charterer of the M/V Dukeship agreed to an extension of the time charter agreement, providing for a new redelivery window from January 2028 to March 2028. The daily hire is based on the 5 T/C routes of the BCI, and all other main terms of the time charter remain materially unchanged.
M/V Squireship – Time charter extension
In September 2026, the charterer of the M/V Squireship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence in January 2027, for a minimum of January 2028 and a maximum of March 2028. The daily hire is based on the 5 T/C routes of the BCI, and all other main terms of the time charter remain materially unchanged.
M/Vs Dukeship and Squireship – Hire Conversions
In September 2026, the Company converted the M/V Dukeship's charter hire to a fixed daily gross rate exceeding
In November 2026, the Company converted the M/V Squireship's charter hire to a fixed daily gross rate exceeding
Financing Updates
M/V Dukeship - Financing
In November 2026, the Company agreed main terms with a Japanese counterparty for a sale and leaseback agreement to fully finance the purchase obligation under the current bareboat charter of the M/V Dukeship, well in advance of its due date in the third quarter of 2027. The transaction remains subject to credit committee approval and definite documentation.
_______________
4 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
| United Maritime Corporation Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) | ||||||
| September 30, 2026 | December 31, 2025* | |||||
| ASSETS | ||||||
| Cash and cash equivalents and restricted cash | 24,410 | 14,564 | ||||
| Vessels, net, Right-of-use assets and Vessel held for sale | 126,206 | 99,885 | ||||
| Other assets | 6,531 | 24,232 | ||||
| TOTAL ASSETS | 157,147 | 138,681 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 83,736 | 64,839 | ||||
| Other liabilities | 17,287 | 17,376 | ||||
| Stockholders’ equity | 56,124 | 56,466 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 157,147 | 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 September 30, | Nine months ended September 30, | |||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||
| Vessel revenue, net | 11,970 | 10,966 | 29,907 | 31,193 | ||||||
| Expenses: | ||||||||||
| Voyage expenses | (710 | ) | (2,242 | ) | (1,445 | ) | (4,818 | ) | ||
| Vessel operating expenses | (3,783 | ) | (3,673 | ) | (10,373 | ) | (12,709 | ) | ||
| Management fees | (456 | ) | (477 | ) | (1,311 | ) | (1,652 | ) | ||
| General and administration expenses | (1,111 | ) | (1,196 | ) | (3,740 | ) | (2,628 | ) | ||
| Depreciation and amortization | (2,703 | ) | (2,377 | ) | (6,986 | ) | (8,817 | ) | ||
| Loss on forward freight agreements | (6 | ) | - | (6 | ) | - | ||||
| Gain on disposal of equity method investment | - | - | 523 | - | ||||||
| Gain on sale of vessels | 1,811 | 1,928 | 1,967 | 1,773 | ||||||
| Operating income | 5,012 | 2,929 | 8,536 | 2,342 | ||||||
| Other income / (expenses): | ||||||||||
| Interest and finance costs | (1,159 | ) | (1,494 | ) | (3,401 | ) | (5,186 | ) | ||
| Interest and finance costs – related party | (182 | ) | - | (464 | ) | (48 | ) | |||
| Interest income | 36 | 65 | 135 | 105 | ||||||
| Loss on extinguishment of debt | (495 | ) | (407 | ) | (608 | ) | (640 | ) | ||
| Gain on consolidation | - | - | - | 1,268 | ||||||
| Loss on liquidation of subsidiary | (58 | ) | - | (58 | ) | - | ||||
| Loss on equity method investment | - | (6 | ) | (7 | ) | (50 | ) | |||
| Other income | 15 | - | 63 | - | ||||||
| Other, net | 50 | (21 | ) | 44 | (232 | ) | ||||
| Total other expenses, net: | (1,793 | ) | (1,863 | ) | (4,296 | ) | (4,783 | ) | ||
| Net income / (loss) | 3,219 | 1,066 | 4,240 | (2,441 | ) | |||||
| Net income / (loss) attributable to common shareholders, basic | 3,180 | 1,066 | 4,169 | (2,412 | ) | |||||
| Net income / (loss) attributable to common shareholders, diluted | 3,180 | 1,066 | 4,259 | (2,412 | ) | |||||
| Earnings / (loss) per common share, basic | 0.34 | 0.12 | 0.46 | (0.27 | ) | |||||
| Earnings / (loss) per common shares, diluted | 0.31 | 0.12 | 0.43 | (0.27 | ) | |||||
| Weighted average number of common shares outstanding, basic | 9,241,792 | 8,917,144 | 9,121,465 | 8,841,632 | ||||||
| Weighted average number of common shares outstanding, diluted | 10,406,256 | 8,917,144 | 9,834,583 | 8,841,632 | ||||||
| United Maritime Corporation Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars) | |||||
| Nine months ended September 30, | |||||
| 2026 | 2025 | ||||
| Net cash provided by / (used in) operating activities | 9,959 | (44 | ) | ||
| Net cash provided by investing activities | 31,101 | 45,737 | |||
| Net cash used in financing activities | (31,130 | ) | (32,333 | ) | |
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 two Capesize, one Kamsarmax and two Panamax vessels, with an aggregate cargo carrying capacity of 589,899 dwt. Upon completion of the aforementioned acquisition of the M/V Friendship, the Company’s operating fleet will consist of six vessels (three Capesize, one Kamsarmax and two Panamax vessels), with an aggregate cargo carrying capacity of 766,851 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 cash distributions. 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 U.S. Securities and Exchange Commission (“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/a4bd94b7-a49d-4554-83dc-59ec22ba3cb6
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much is United Maritime's Q3 2026 dividend?
United Maritime declared a $0.20 quarterly dividend per common share, double the dividend declared for the second quarter. This is its 16th consecutive quarterly cash distribution.
What were United Maritime's Q3 2026 earnings?
United Maritime earned $3.2 million in net income in Q3 2026, compared with $1.1 million a year earlier. Basic earnings per share were $0.34 and diluted earnings per share were $0.31, compared with $0.12 for both measures in Q3 2025.
How does United Maritime fix rates under its index-linked vessel charters?
United Maritime can convert index-linked charter rates to fixed rates for a minimum of two months, using prevailing forward freight agreement rates for the selected period. It has exercised that option for certain vessels as part of its freight hedging strategy.