United Maritime (NASDAQ: USEA) returns to profit and maintains $0.10 dividend
Rhea-AI Filing Summary
United Maritime Corporation reported stable Q2 2026 trading and a return to profitability for the first half of 2026. Q2 Net Revenues were $10.0 million, with Net Income of $1.2 million and Adjusted Net Income of $1.5 million. Adjusted EBITDA was $5.2 million, and the fleet achieved a TCE rate of $18,654 per day, up from $15,421 a year earlier.
For the six months ended June 30, 2026, Net Revenues were $17.9 million, down 11% year over year, but results improved to Net Income of $1.0 million from a $3.5 million loss, with Adjusted EBITDA rising to $8.4 million. The Company declared a $0.10 per-share quarterly dividend, its fifteenth consecutive cash dividend. United continued its strategic shift into Capesize vessels, selling Panamax M/V Exelixsea for $17.5 million (expected net cash proceeds about $8.5 million and a $1.8 million gain) and taking delivery of Capesize M/V Squireship via an assumed $15.6 million bareboat financing. As of June 30, 2026, cash was $12.1 million, stockholders’ equity $53.3 million, total bank debt and lease-type liabilities $94.2 million, and fleet book value $143.5 million. Approximately 75% of expected Q3 2026 operating days are fixed, underpinning TCE guidance of about $20,418 per day.
Positive
- $1.0 million net income in 6M 2026 versus a $(3.5) million loss in 6M 2025 marks a clear earnings turnaround.
- Adjusted EBITDA for 6M 2026 increased 42% to $8.4 million, indicating stronger underlying operating profitability despite lower revenues.
- Fleet TCE rate improved 35% year over year in 6M 2026 to $17,202 per day, reflecting better chartering performance and market conditions.
- The Board declared a $0.10 per-share Q2 2026 dividend, the Company’s fifteenth consecutive quarterly cash dividend, corresponding to a stated running yield of 16% on the July 27, 2026 closing share price.
Negative
- Net Revenues for 6M 2026 declined 11% to $17.9 million from $20.2 million, driven mainly by fewer operating days.
- Total bank debt, finance lease liabilities and other financial liabilities stood at $94.2 million versus stockholders’ equity of $53.3 million, indicating a leveraged capital structure.
Filing Explained
United completed the Squireship acquisition but assumed $15.6 million principal and an additional $8.5 million purchase obligation.
As a Form 6-K, this filing furnishes United Maritime’s interim information for the six months ended
The filing is incorporated by reference into United’s Form F-3 registration statements, so this interim disclosure is included in those registration-statement materials.
For Squireship, United assumed
The common-share count was
Key Figures
Net Revenues Q2 2026: $10.0 million
Net Revenues 6M 2026: $17.9 million
Net Income 6M 2026: $1.0 million
+5 more
8 metrics
Net Revenues Q2 2026
$10.0 million
Net Revenues for the quarter ended June 30, 2026
Net Revenues 6M 2026
$17.9 million
Six-month period ended June 30, 2026, down from $20.2 million in 2025
Net Income 6M 2026
$1.0 million
Six-month net income versus net loss of $3.5 million in 6M 2025
Adjusted EBITDA 6M 2026
$8.4 million
Adjusted EBITDA for the six months ended June 30, 2026, up from $6.0 million
Fleet TCE rate 6M 2026
$17,202 per day
Average Time Charter Equivalent rate for the first half of 2026
Q2 2026 Dividend per Share
$0.10 per share
Cash dividend declared for the second quarter of 2026
Debt and lease liabilities
$94.2 million
Bank debt, finance lease liabilities and other financial liabilities as of June 30, 2026
Cash and restricted cash
$12.1 million
Cash and cash equivalents and restricted cash as of June 30, 2026
Key Terms
Time charter equivalent, bareboat charter, sale and leaseback, finance lease liabilities, +1 more
5 terms
Time charter equivalent financial
"Time Charter Equivalent (“TCE”) rate is a non-GAAP measure."
Time charter equivalent (TCE) converts the money a ship earns on specific trips into a single daily rate, so different voyages and contract types can be compared on the same scale. Think of it as translating various one-off jobs into a common “daily wage,” which matters to investors because it reveals how much a vessel or fleet is earning per day, helping assess operating profitability, cash flow and valuation across companies and market conditions.
bareboat charter financial
"the acquisition of the Dukeship through an 18-month bareboat charter."
A bareboat charter is a leasing arrangement where one person or company rents a vessel without crew, equipment, or supplies, essentially taking full control of it as if they own it. It matters to investors because it can be used to generate income from the vessel’s use or to reduce ownership costs, influencing a company's revenue and asset management strategies.
sale and leaseback financial
"entered into an $18.3 million sale and leaseback agreement"
A sale and leaseback is a financing arrangement where a company sells an asset—often property or equipment—to a buyer and immediately rents it back under a long-term lease. Think of selling your house to free up cash but staying as a tenant; the company gets immediate funds while continuing to use the asset. Investors watch these deals because they change a firm’s cash position, debt or lease obligations, and ongoing costs, which can affect profitability and financial risk.
finance lease liabilities financial
"Finance lease liabilities, current and non-current are presented"
Finance lease liabilities are the long-term payment obligations a company records when it effectively finances the use of an asset through a lease rather than buying it outright. Think of it like taking a car on a long-term financed rental: you get the asset now but also take on a loan-like obligation. Investors watch these liabilities because they increase reported debt, affect interest and cash-flow commitments, and can change leverage and valuation assessments.
FFA curve financial
"based on the FFA curve of July 28, 2026"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did United Maritime (USEA) perform financially in Q2 2026?
United Maritime generated $10.0 million in Q2 2026 Net Revenues and $1.2 million Net Income. Adjusted Net Income was $1.5 million, Adjusted EBITDA $5.2 million, and the fleet achieved a TCE rate of $18,654 per day, up from $15,421 in Q2 2025.
What were United Maritime’s (USEA) results for the first half of 2026?
For 6M 2026, United Maritime reported $17.9 million Net Revenues and $1.0 million Net Income, versus a $(3.5) million loss a year earlier. Adjusted Net Income was $1.7 million, Adjusted EBITDA $8.4 million, and the fleet’s TCE rate averaged $17,202 per day.
What dividend did United Maritime (USEA) declare for Q2 2026?
United Maritime declared a $0.10 per common share cash dividend for Q2 2026, payable on or about October 9, 2026, to shareholders of record on September 25, 2026. This marks the Company’s fifteenth consecutive quarterly cash dividend and corresponds to a stated 16% running yield.
How is United Maritime (USEA) repositioning its fleet toward Capesize vessels?
Since early 2026, United has sold two Kamsarmax/Panamax vessels and acquired two Capesize vessels, including M/V Squireship. It agreed to sell Panamax M/V Exelixsea for $17.5 million, expecting about $8.5 million net cash and a $1.8 million gain, increasing exposure to the Capesize market.
What is United Maritime’s (USEA) liquidity and debt position as of June 30, 2026?
As of June 30, 2026, United Maritime held $12.1 million in cash and restricted cash, with stockholders’ equity of $53.3 million. Bank debt, finance lease liabilities and other financial liabilities totaled $94.2 million, while fleet book value was $143.5 million.
What TCE rate guidance has United Maritime (USEA) provided for Q3 2026?
United indicated about 75% of expected Q3 2026 operating days are fixed at an estimated TCE of $21,388 per day. Assuming a BPI‑82 index of $19,197 for remaining days, the Company estimates a blended Q3 TCE of approximately $20,418 per day.
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-41413
UNITED MARITIME CORPORATION
(Translation of registrant’s name into English)
154 Vouliagmenis Avenue
166 74 Glyfada
Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ⌧ Form 40-F ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release of United Maritime Corporation (the “Company”) dated July 30, 2026, titled “United
Maritime Reports Second Quarter and First Half 2026 Financial Results; Strategic Fleet Repositioning into Capesize Vessels; Declares Quarterly Cash Dividend of $0.10 Per Share”.
Attached to this report on Form 6-K as Exhibit 99.2 is Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Unaudited Interim
Condensed Consolidated Financial Statements of the Company as of and for the six-month period ended June 30, 2026.
This report on Form 6-K and Exhibit 99.2 hereto are hereby incorporated by reference into the Company’s Registration Statements
on Form F-3 (File Nos. 333-266099 and 333-297431).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Date: August 7, 2026
|
UNITED MARITIME CORPORATION
|
|||
|
By:
|
/s/ Stamatios Tsantanis
|
||
|
Name:
|
Stamatios Tsantanis
|
||
|
Title:
|
Chief Executive Officer
|
||
Exhibit 99.1
United Maritime Reports Second Quarter and First Half 2026 Financial Results
Strategic Fleet Repositioning into Capesize Vessels
Declares Quarterly Cash Dividend of $0.10 Per Share
|
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 Basic1 and Diluted1
|
|
$0.15
|
$0.02
|
$0.18
|
$(0.48)
|
|
|||||||||||||||
Other Highlights and Developments:
| ■ |
Net Revenues of $17.9 million for the first half and fleet TCE up 35% 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
|
| o |
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.
|
| o |
Sold the 2009-built Kamsarmax M/V Cretansea for $14.7 million, generating net cash proceeds of approximately $5.9 million following debt repayment.
|
| o |
Completed profitable exit from the Offshore Energy Construction Vessel investment, generating approximately $15.1 million of cash proceeds.
|
| ■ |
Continuing Capital Redeployment with Capesize Expansion and Fleet Rebalancing
|
| o |
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
|
| o |
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.
|
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.
3 The amounts include the 15th consecutive quarterly cash dividend declared but not yet paid.
1
July 30, 2026 - Glyfada, Greece – 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 $0.10 per common share for the second quarter of 2026.
For the quarter ended June 30, 2026, the Company generated Net Revenues of $10.0 million, broadly in line with the same period of 2025, despite fewer ownership days as a result of the Company’s ongoing fleet
repositioning strategy. Net Income and Adjusted Net Income for the quarter were $1.2 million and $1.5 million, respectively, compared to $1.0 million and $0.2 million, respectively, in the second quarter of 2025. Adjusted EBITDA remained stable at
$5.2 million, compared to $5.1 million for the same period of 2025. The TCE rate of the fleet was $18,654 per day, compared to $15,421 for the same period of 2025.
For the six-month period ended June 30, 2026, the Company generated Net Revenues of $17.9 million, compared to $20.2 million in the same period of 2025. Net Income and Adjusted Net Income for the period were $1.0
million and $1.7 million, respectively, compared to Net Loss of $3.5 million and Adjusted Net Loss of $4.2 million in the respective period of 2025. Adjusted EBITDA for the first half of 2026 was $8.4 million, compared to $6.0 million for the same
period of 2025. The TCE rate of the fleet for the first six months of 2026 was $17,202 per day, compared to $12,744 in the same period of 2025. The average daily OPEX was $6,442 compared to $6,332 for the same period of 2025.
Cash and cash equivalents and restricted cash as of June 30, 2026, stood at $12.1 million. Shareholders’ equity at the end of the second quarter was $53.3 million, while bank debt, finance lease liabilities and other
financial liabilities, net of deferred finance costs stood at $94.2 million as of June 30, 2026. The book value of the Company’s fleet as of June 30, 2026 stood at $143.5 million, reflecting the Company's strategic expansion into the Capesize
segment.
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 $1.2 million, Adjusted EPS of $0.15 and Adjusted EBITDA of $5.2 million.”
“Based on our strong performance, United will distribute a quarterly dividend of $0.10 per share, corresponding to a running yield of 16%4
on our last closing share price. Our fifteenth consecutive quarterly cash dividend reflects a sustainable distribution supported by contracted cash flows and highlights our continued focus on delivering strong capital returns to shareholders.
Supported by favorable dry bulk market conditions and our enhanced fleet earnings profile, we remain optimistic about our performance over the coming quarters and our ability to maintain strong capital returns.”
“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 $20,400 demonstrates a clear sequential improvement over the $18,654
achieved in the second quarter, reinforcing our expectation of sequential earnings growth.”
“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 6% over the same period in 2025. Second quarter Soybean imports into China were more than double the first quarter volume, while China’s Coal imports for the first half of 2026 also grew modestly. Looking ahead, the completion of additional
iron ore projects in Brazil, the continued ramp-up of Simandou exports and higher Coal demand driven by energy security factors should provide a positive demand backdrop during the seasonally stronger second half of the year. Vessel supply growth
remains low, as a result of limited ordering of newbuilds, slower sailing speeds and high dry-docking off-hires across the global fleet. Taken together, these market fundamentals continue to support a constructive outlook for freight rates throughout
the remainder of the year.”
“With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment.”
4 Based on the closing share price on July 27, 2026.
2
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.
|
3
(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.
4
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 75% of the Company fleet’s expected operating days in the third quarter of 2026 have been fixed at an estimated TCE rate of approximately $21,388 per day. Assuming that for the
remaining operating days of our index-linked T/Cs, the BPI-82 rate will be equal to an average of $19,197 per day (based on the FFA curve of July 28, 2026), our estimated TCE for the third quarter of 2026 is approximately $20,4185 per day. Our TCE rate guidance for the third quarter of 2026 includes the already performed conversions of index-linked charters to fixed for the period.
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
|
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 $19,197 per day (based on the FFA curve as of July 28, 2026). Spot estimates are provided using the
load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the
resulting TCE rate will be reduced accordingly.
5
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 $0.10 per common share, for the first quarter of 2026, to all shareholders of record as of June 29, 2026.
The Company has declared a cash dividend of $0.10 per common share for the second quarter of 2026 payable on or about October 9, 2026, to all shareholders of record as of September 25, 2026.
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 $17.5 million is expected to generate net cash proceeds of approximately $8.5 million following the repayment of the associated debt. In addition, the transaction is expected to
generate a gain of approximately $1.8 million, which will be recognized in the quarter of the vessel's delivery.
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 $28,246 until the end of 2026. The acquisition was completed together with the assumption of the vessel's existing sale and leaseback financing,
including all related rights and obligations, with the Company's subsidiary replacing the prior charterer and the Company assuming the role of guarantor.
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.
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 $15.1 million of cash proceeds and resulted in an
accounting gain of approximately $0.5 million.
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.
6
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
7
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
|
||||||||||||
8
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
|
)
|
||||
9
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
10
Exhibit 99.2
Forward-Looking Statements
This report contains certain forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies
regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may
identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Without limiting the generality of the foregoing, all statements in this report concerning or relating to estimated and projected
earnings, margins, costs, expenses, expenditures, cash flows, growth rates, future financial results and liquidity are forward-looking statements. In addition, we, through our senior management, from time to time may make forward-looking public
statements concerning our expected future operations and performance and other developments.
The forward-looking statements in this report are based upon various
assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that
we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.
Many of these statements are based on our assumptions about factors that
are beyond our ability to control or predict. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important
factors and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include,
among other things:
| • |
changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand;
|
| • |
changes in seaborne and other transportation patterns;
|
| • |
changes in the supply of or demand for dry bulk commodities, including dry bulk commodities carried by sea, generally or in particular regions;
|
| • |
changes in the number of newbuilding vessels under construction in the dry bulk industry;
|
| • |
the number of available slots in shipyards for newbuilding orders for the dry bulk sector;
|
| • |
changes in the useful lives and the value of our vessels and the related impact on our compliance with covenants under our financing arrangements;
|
| • |
the aging of our fleet and increases in operating costs;
|
| • |
changes in our ability to complete future, pending or recent acquisitions or dispositions;
|
| • |
our ability to achieve successful utilization of our fleet;
|
| • |
changes to our financial condition and liquidity, including our ability to pay amounts that we owe and obtain additional financing to fund capital expenditures,
acquisitions and other general corporate activities;
|
| • |
risks related to our business strategy, areas of possible expansion or expected capital spending or operating expenses;
|
1
| • |
our dependence on Seanergy Maritime Holdings Corp. (“Seanergy”), its subsidiaries and our third-party managers to partly operate our business;
|
| • |
changes in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for our vessels;
|
| • |
changes in our relationships with our contract counterparties, including the failure of any of our contract counterparties to comply with their agreements with us;
|
| • |
loss of our customers, charters or vessels;
|
| • |
damage to our vessels;
|
| • |
potential liability from future litigation and incidents involving our vessels;
|
| • |
our future operating or financial results;
|
| • |
changes in interest or inflation rates;
|
| • |
acts of terrorism, war, piracy and other hostilities;
|
| • |
public health threats, pandemics, epidemics, other disease outbreaks or calamities and governmental responses and other effects thereto;
|
| • |
changes in global and regional economic and political conditions, including the provision or removal of economic stimulus measures meant to counteract the effects of
sudden market disruptions due to financial, economic or health crises;
|
| • |
changes in tariffs, trade barriers, embargos and regulatory requirements;
|
| • |
general domestic and international political conditions or events, including trade wars, acts of hostility or potential, threatened, or ongoing war, including the war
including between Russia and Ukraine (and related sanctions), the war between Israel and Hamas, the Houthi attacks on merchant vessels in the region of the Red Sea and the Gulf of Aden, the war between the United States and Israel and Iran, and
China and Taiwan disputes, the tensions between the U.S. and China, the tensions between Panama and the U.S., the current instability in Venezuela and potential tensions between the U.S. and Greenland, Denmark, the European Union or Venezuela;
|
| • |
changes in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the marine transportation industry;
|
| • |
our ability to continue to implement and maintain adequate Environmental, Social and Governance (“ESG”) practices, policies, programs, goals and targets;
|
| • |
our ability to continue as going concern; and
|
| • |
other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the U.S. Securities and Exchange
Commission, including our most recent Annual Report on Form 20-F.
|
Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected
consequences to, or effects on, us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as
may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.
2
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following management’s discussion and analysis should be read in conjunction with our unaudited interim condensed consolidated financial statements of
United Maritime Corporation and related notes included herein. Unless the context indicates otherwise, references to the “Company”, “United”, “we” or “our” refer to United Maritime Corporation and its subsidiaries. This discussion contains
forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be
required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.
Operating Results of United Maritime Corporation
Factors Affecting our Results of Operations Overview
We are an international shipping company specializing in the worldwide seaborne transportation services. As of the day of this report, the
company operates a fleet of six dry bulk vessels, comprising two Capesize, one Kamsarmax and three Panamax vessels with a cargo-carrying capacity of approximately 666,260 dwt and an age of 13.8 years. Upon the completion of the sale of the M/V
Exelixsea (expected in September 2026), our operating fleet will consist of five dry bulk vessels with an aggregate cargo-carrying capacity of approximately 589,899 dwt.
Important Measures for Analyzing Results of Operations
We use a variety of financial and operational terms and concepts. These include the following:
Ownership days. Ownership
days are the total number of calendar days in a period during which we owned or chartered in on a bareboat basis the vessels in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and
the amount of expenses recorded during that period.
Available days. 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. The shipping industry uses available days to measure the aggregate
number of days in a period during which vessels are available to generate revenues.
Operating days. Operating
days are the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. Operating days include the days that our vessels are in ballast voyages without having fixed their next
employment. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels could actually generate revenues.
Fleet utilization. Fleet
utilization is the percentage of time that our vessels were generating revenues and is determined by dividing operating days by ownership days for the relevant period.
Off-hire. The
period a vessel is not being chartered or is unable to perform the services for which it is required under a charter.
Dry-docking.
We periodically dry-dock each of our vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements.
3
Time charter. A
time charter is a contract for the use of a vessel for a specific period of time (period time charter) or for a specific voyage (trip time charter) during which the charterer pays substantially all of the voyage expenses, including port charges, bunker
expenses, canal charges and other commissions. The vessel owner pays the vessel operating expenses, which include crew costs, provisions, deck and engine stores and spares, lubricants, insurance, maintenance and repairs. The vessel owner is also
responsible for each vessel’s dry-docking and intermediate and special survey costs. Time charter rates are usually fixed during the term of the charter. Prevailing time charter rates do fluctuate on a seasonal and year-to-year basis and may be
substantially higher or lower from a prior time charter agreement when the subject vessel is seeking to renew the time charter agreement with the existing charterer or enter into a new time charter agreement with another charterer. Fluctuations in time
charter rates are influenced by changes in spot charter rates.
Voyage charter. A
voyage charter is generally a contract to carry a specific cargo from a load port to a discharge port for an agreed-upon total amount. Under voyage charters, voyage expenses, such as port charges, bunker expenses, canal charges and other commissions,
are paid by the vessel owner, who also pays vessel operating expenses.
TCE. Time
charter equivalent, or TCE, rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating days during the period. Voyage expenses include port charges, bunker expenses, canal charges and other
commissions.
Daily Vessel Operating
Expenses. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses less pre-delivery expenses by ownership days for the relevant time periods. Vessel operating expenses include crew costs, provisions, deck and
engine stores, lubricants, insurance, maintenance and repairs. Vessel operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated with initial crew manning and supply of stores of Company’s vessels
upon delivery.
Principal Factors Affecting Our Business
The principal factors that affect our financial position, results of operations and cash flows include the following:
| • |
number of vessels owned and operated;
|
| • |
voyage charter rates;
|
| • |
time charter trip rates;
|
| • |
period time charter rates;
|
| • |
the nature and duration of our voyage charters;
|
| • |
vessels repositioning;
|
| • |
vessel operating expenses and direct voyage costs;
|
| • |
maintenance and upgrade work;
|
| • |
the age, condition and specifications of our vessels and other vessels we may acquire;
|
| • |
issuance of our common shares and other securities;
|
| • |
amount of debt obligations; and
|
| • |
financing costs related to debt obligations.
|
4
We are also affected by the types of charters we enter into. Vessels operating on period time charters and bareboat time charters provide
more predictable cash flows, but can yield lower profit margins than vessels operating in the spot charter market, either on trip time charters or voyage charters, during periods characterized by favorable market conditions.
Vessels operating in the spot charter market or on index-linked time charters generate revenues that are less predictable but can yield
increased profit margins during periods of improvements in dry bulk rates. Spot charters also expose vessel owners to the risk of declining dry bulk rates and rising fuel costs in case of voyage charters.
Results of Operations of United Maritime Corporation
|
(In thousands of U.S. Dollars, except for share and per share data)
|
Six-month period ended
June 30,
|
Change
|
||||||||||||||
|
2026
|
2025
|
Amount
|
%
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Vessel revenue, net
|
17,937
|
20,227
|
(2,290
|
)
|
(11
|
)%
|
||||||||||
|
Expenses:
|
||||||||||||||||
|
Voyage expenses
|
(735
|
)
|
(2,576
|
)
|
1,841
|
(71
|
)%
|
|||||||||
|
Vessel operating expenses
|
(6,590
|
)
|
(9,036
|
)
|
2,446
|
(27
|
)%
|
|||||||||
|
Management fees
|
(134
|
)
|
(231
|
)
|
97
|
(42
|
)%
|
|||||||||
|
Management fees-related party
|
(721
|
)
|
(944
|
)
|
223
|
(24
|
)%
|
|||||||||
|
General and administration expenses
|
(2,629
|
)
|
(1,432
|
)
|
(1,197
|
)
|
84
|
%
|
||||||||
|
Depreciation and amortization
|
(4,283
|
)
|
(6,440
|
)
|
2,157
|
(33
|
)%
|
|||||||||
|
Gain on disposal of equity method investment
|
523
|
-
|
523
|
-
|
||||||||||||
|
Gain / (loss) on sale of vessel, net
|
156
|
(155
|
)
|
311
|
(201
|
)%
|
||||||||||
|
Operating income / (loss)
|
3,524
|
(587
|
)
|
4,111
|
(700
|
)%
|
||||||||||
|
Other expenses:
|
||||||||||||||||
|
Interest and finance costs
|
(2,242
|
)
|
(3,692
|
)
|
1,450
|
(39
|
)%
|
|||||||||
|
Interest and finance costs-related party
|
(282
|
)
|
(48
|
)
|
(234
|
)
|
488
|
%
|
||||||||
|
Interest income
|
99
|
40
|
59
|
148
|
%
|
|||||||||||
|
Other income
|
48
|
-
|
48
|
-
|
||||||||||||
|
Loss on equity method investment
|
(7
|
)
|
(44
|
)
|
37
|
(84
|
)%
|
|||||||||
|
Loss on extinguishment of debt
|
(113
|
)
|
(233
|
)
|
120
|
(52
|
)%
|
|||||||||
|
Gain on acquisition of RGI
|
-
|
1,268
|
(1,268)
|
(100
|
)%
|
|||||||||||
|
Foreign currency exchange loss, net
|
(6
|
)
|
(211
|
)
|
205
|
(97
|
)%
|
|||||||||
|
Total other expenses, net:
|
(2,503
|
)
|
(2,920
|
)
|
417
|
(14
|
)%
|
|||||||||
|
Net income / (loss)
|
1,021
|
(3,507
|
)
|
4,528
|
(129
|
)%
|
||||||||||
|
Net income / (loss) attributable to common stockholders
|
950
|
(3,501
|
)
|
4,451
|
(127
|
)%
|
||||||||||
|
Earnings / (loss) per common share, basic and diluted
|
0.10
|
(0.40
|
)
|
|||||||||||||
|
Weighted average number of common shares outstanding, basic
|
9,060,304
|
8,802,941
|
||||||||||||||
|
Weighted average number of common shares outstanding, diluted
|
9,508,453
|
8,802,941
|
||||||||||||||
5
Vessel Revenue, Net – Vessel
revenue, net decreased by $2.3 million or 11% and is mainly attributable to the decrease of operating days from 1,385 to 1,000 days and it is partially offset by the increase in TCE rate by 35% for the first half of 2026 compared to the first half of
2025. Please see below the reconciliation of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.
Voyage Expenses – Voyage expenses
amounted to $0.7 million for the six-month period ended June 30, 2026 and $2.6 million for the respective period in 2025. The decrease of $1.9 million is mainly attributable to the decreased bunkers consumption as there were 122 spot days in the
six-month period ended June 30, 2025 compared to NIL spot days for the respective period in 2026.
Vessel Operating Expenses – Vessel
operating expenses for the six-month period ended June 30, 2026 amounted to $6.6 million and $9.0 million for the respective period in 2025. The decrease is primarily attributable to the decrease in ownership days from 1,427 days during the first half
of 2025 to 1,023 days during the first half of 2026 which is partially offset by a slight increase in daily OPEX from $6,332 in the first half of 2025 to $6,442 for the same period in 2026.
Management Fees – Management fees amounted to $0.1 million for the six-month period ended June 30, 2026 and $0.2 million for the respective period in 2025.
Management Fees – related party – Management fees amounted to $0.7 million for the six-month period ended June 30, 2026 and $0.9 million for the respective period in
2025. The decrease in 2026 is due to decreased ownership days from 1,427 days during the first half of 2025 to 1,023 days during the first half of 2026.
General and Administrative Expenses –
General and administrative expenses amounted to $2.6 million for the six-month period ended June 30, 2026 and $1.4 million for the respective period in 2025. Our general and administrative expenses primarily include directors’ and executives’
compensation, share-based compensation, legal, audit and public relations expenses.
Depreciation and Amortization – Depreciation and amortization amounted to $4.3 million for the six-month period ended June 30, 2026 and $6.4 million for the respective period in 2025. The decrease is mainly attributable
to the decreased ownership days from 1,427 days during the first half of 2025 to 1,023 days during the first half of 2026.
Gain
on disposal of equity method investment – Gain on disposal of equity method investment amounted to $0.5 million related to the disposal of 45% equity interest in Wind Energy Construction AS (“WEC”).
Gain / (loss) on sale of vessel, net –
The gain of $0.2 million for the six-month period ended June 30, 2026 is attributable to the sale of the M/V Cretansea. The loss of $0.2 million
for the six-month period ended June 30, 2025 is attributable to the sale of the M/V Gloriuship.
Interest and Finance Costs –
Interest and finance cost amounted to $2.2 million for the six-month period ended June 30, 2026 and $3.7 million for the respective period in 2025. The decrease is mainly attributable to the decreased weighted average interest rate. The weighted
average interest rate on our outstanding debt was approximately 6.42% and 7.44% for the six-month periods ended June 30, 2026 and 2025, respectively. The decrease is also attributed to the decrease of the weighted average outstanding debt from $77.2
million as of June 30, 2025 to $58.5 million as of June 30, 2026 (see below “Description of Indebtedness” for discussion on outstanding debt).
Interest and finance costs-related party
–Interest and finance costs of related party amounted to $0.3 million and related to interest on lease liability for the bareboat charter agreement with a subsidiary of Seanergy. Interest and finance costs of related party amounted to $0.05 million for
the first half of 2025 and related to interest expense of the Seanergy Loan Facility.
Loss on extinguishment of debt –
The loss of $0.1 million in 2026 is attributable to the early prepayment of the April 2023 Neptune Sale and Leaseback associated with the sale of the M/V Cretansea completed in May 2026. The loss of $0.2 million in 2025 is attributable to the early
prepayment of the Huarong Sale and Leaseback associated with the sale of the M/V Gloriuship completed in June 2025.
6
Performance Indicators
The figures shown below are non-GAAP statistical ratios used by management to measure performance of our vessels. For the “Fleet Data”
figures, there are no comparable U.S. GAAP measures.
|
Six-month period ended
June 30,
|
||||||||
|
Fleet Data:
|
2026
|
2025
|
||||||
|
Ownership days
|
1,023
|
1,427
|
||||||
|
Available days(1)
|
1,000
|
1,404
|
||||||
|
Operating days(2)
|
1,000
|
1,385
|
||||||
|
Fleet utilization
|
97.8
|
%
|
97.1
|
%
|
||||
|
Average Daily Results:
|
||||||||
|
TCE rate(3)
|
$
|
17,202
|
$
|
12,744
|
||||
|
Daily Vessel Operating Expenses(4)
|
$
|
6,442
|
$
|
6,332
|
||||
| (1) |
During the six-month period ended June 30, 2026, we incurred 23 off-hire days for scheduled dry-dockings. During the six-month period ended June 30, 2025, we incurred 23
off-hire days for scheduled dry-dockings.
|
| (2) |
During the six-month period ended June 30, 2026, there were no off-hire days due to other unforeseen circumstances. During the six-month period ended June 30, 2025, we
incurred 19 off-hire days due to other unforeseen circumstances.
|
| (3) |
We include TCE rate, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with net revenues from vessels, the most directly
comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and assists investors and our management in evaluating our financial performance. Our calculation of TCE rate
may not be comparable to that reported by other companies. The following table reconciles our net revenues from vessels to TCE rate.
|
|
Six-month period ended
June 30,
|
||||||||
|
(In thousands of US Dollars, except operating days and daily TCE rate)
|
2026
|
2025
|
||||||
|
Vessel revenue, net
|
$
|
17,937
|
$
|
20,227
|
||||
|
Voyage expenses
|
$
|
(735
|
)
|
$
|
(2,576
|
)
|
||
|
Time charter equivalent revenues
|
$
|
17,202
|
$
|
17,651
|
||||
|
Operating days
|
1,000
|
1,385
|
||||||
|
Daily time charter equivalent rate
|
$
|
17,202
|
$
|
12,744
|
||||
| (4) |
We include Daily Vessel Operating Expenses, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with vessel operating expenses,
the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of Daily Vessel Operating
Expenses may not be comparable to that reported by other companies. The following table reconciles our vessel operating expenses to Daily Vessel Operating Expenses.
|
|
Six-month period ended
June 30,
|
||||||||
|
(In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses)
|
2026
|
2025
|
||||||
|
Vessel operating expenses
|
$
|
6,590
|
$
|
9,036
|
||||
|
Ownership days
|
1,023
|
1,427
|
||||||
|
Daily Vessel Operating Expenses
|
$
|
6,442
|
$
|
6,332
|
||||
7
EBITDA and Adjusted EBITDA
|
Six-month period ended
June 30,
|
||||||||
|
(In thousands of US Dollars)
|
2026
|
2025
|
||||||
|
Net income / (loss)
|
$
|
1,021
|
$
|
(3,507
|
)
|
|||
|
Interest and finance cost, net
|
2,425
|
3,700
|
||||||
|
Depreciation and amortization
|
4,283
|
6,440
|
||||||
|
EBITDA(1)
|
$
|
7,729
|
$
|
6,633
|
||||
|
Stock based compensation
|
591
|
309
|
||||||
|
Loss on extinguishment of debt
|
113
|
233
|
||||||
|
Gain on acquisition of RGI
|
-
|
(1,268
|
)
|
|||||
|
Loss on equity method investment
|
7
|
44
|
||||||
|
Adjusted EBITDA(1)
|
$
|
8,440
|
$
|
5,951
|
||||
| (1) |
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum
of net income/(loss), 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, gain on acquisition of RGI Marine Holding AS “RGI” and loss on extinguishment of debt, if any, which is not indicative of the
Company’s 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.
|
Liquidity and Capital Resources
Our principal sources of funds have been our operating cash inflows, long-term borrowings from banks, sale and leaseback transactions,
bareboat charter agreements, vessels sales and equity provided by the capital markets. Our principal use of funds has primarily been capital expenditures to establish our fleet, maintain the quality of our vessels, comply with international shipping
standards and environmental laws and regulations, fund working capital requirements, dividend payments and make principal repayments and interest payments on our outstanding debt obligations, finance leases and other financial liabilities.
Our funding and treasury activities are conducted in accordance with corporate policies to maximize investment returns while maintaining
appropriate liquidity for both our short- and long-term needs. This includes arranging borrowing facilities on a cost-effective basis. Cash and cash equivalents are held primarily in U.S. dollars, with minimal amounts held in Euros.
As of June 30, 2026, we did not have any contractual obligations other than the loan agreements, finance leases, other financial
liabilities, capital expenditures for vessels acquisitions described below and an amount of $22.1 million for the purchase obligation of the M/V Dukeship in August 2027. During 2026, we distributed $1.8 million in aggregate as quarterly cash dividends
to our common shareholders. On July 28, 2026, we declared a cash dividend of $0.10 per share for the second quarter of 2026, payable on or about October 9, 2026, to all shareholders of record as of September 25, 2026.
On June 4, 2026, we entered into an agreement with an unaffiliated third party for the sale of the M/V Exelixsea for a gross sale price of $17.5 million. Delivery of the vessel to her new owners is expected to take place in September 2026. An amount of $8.5 million in respect with
the Village Seven Sale and Leaseback will be paid to exercise the relevant purchase option before delivering the vessel to her new owners.
We will require capital to fund ongoing operations and capital expenditures for our vessels’ scheduled surveys, vessel improvements to
meet new regulations, for any future vessel acquisitions and to pay dividends.
Our cash flow projections indicate that projected cash on hand and cash provided by operating activities, financing activities and
investing activities or a combination of any of those (i.e. debt agreements, vessels’ sales, sales and leaseback activities and finance leases), will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year
after the unaudited interim condensed consolidated financial statements’ issuance, including obligations arising from purchase options in finance lease agreements.
8
Cash Flows
|
Six month period ended
June 30,
|
||||||||
|
Cash Flow Data:
|
2026
|
2025
|
||||||
|
Net cash provided by operating activities
|
$
|
4,417
|
$
|
400
|
||||
|
Net cash provided by investing activities
|
$
|
13,655
|
|
$
|
11,218
|
|||
|
Net cash used in financing activities
|
$
|
(20,411
|
)
|
$
|
(14,932
|
)
|
||
Cash and cash equivalents, restricted cash as of June 30, 2026 were $12.1 million. We consider highly liquid investments such as time
deposits and certificates of deposit with an original maturity of around three months or less to be cash equivalents. Cash and cash equivalents are held in U.S. dollars, with minimal amounts held in Euros.
Operating Activities: Net cash provided by operating activities in the six-month period ended June 30, 2026 amounted to $4.4 million. Net cash provided by operating activities in the six-month period
ended June 30, 2025 amounted to $0.4 million. The increase is primarily attributed to the decrease in vessel operating expenses for first half of 2026 compared to first half of 2025.The increase is partially offset by the decrease in revenue for first
half of 2026 compared to the first half of 2025.
Investing Activities: Net cash
provided by investing activities in the six-month period ended June 30, 2026 amounted to $13.7 million. The 2026 cash inflows is related to $15.2 million proceeds from sale of the M/V Cretansea and $18.0 million proceeds from the disposal of the equity method investment in WEC. The 2026 cash outflows are related mainly to the acquisition of the M/V Squireship and vessels’ and leasehold
improvements of $14.0 million, and the $5.5 million lease prepayment for the M/V Dukeship. Net cash provided by investing activities in the six-month period ended June 30, 2025 amounted to $11.2 million. The 2025 cash inflow is related to $16.0 million
proceeds from the sale of the M/V Gloriuship. The 2025 cash outflows are related mainly to the deployment of $4.1 million in capital to RGI and $0.6 million payments for vessels’ improvements.
Financing Activities: Net cash used in financing activities in the six-month period ended June 30, 2026 amounted to $20.4 million. The 2026 cash outflows resulted mainly from debt repayments of $12.3
million (including the full prepayment of the April 2023 Neptune Sale and Leaseback following the sale of the M/V Cretansea), lease liabilities payments of $18.1 million (including the $16.6 million purchase option cost of the M/V Nisea under
its previous bareboat charter), dividend payments of $1.8 million to the shareholders of United, dividends payments of $2.8 million to non-controlling interest of RGI
following the completion of the disposal of all equity shares of WEC, $0.5 million payments of financing costs and $3.1 million repayments to Seanergy. The 2026 cash outflow
was partially offset by the proceeds from other financial liabilities of $18.3 million. The 2025 cash outflow was partially offset by the $0.2 million related to
payments for working capital purposes from Seanergy. Net cash used in financing activities in the six-month period ended June 30, 2025 amounted to $14.9 million. The 2025 cash outflow resulted mainly from debt repayments of $13.4 million (including
the full prepayment of the Huarong Sale and Leaseback following the sale of the M/V Gloriuship), lease liabilities payments of $1.0 million, and dividend payments of $0.8 million.
9
Description of Indebtedness
Senior Loan Facilities
Sinopac Loan Facility
On August 5, 2024, the Company entered into a $16.5 million loan facility (the “Sinopac Loan Facility”) with Sinopac Capital International
(HK) Limited (“Sinopac”) for the purpose of financing the exercise of the purchase option of the M/V Chrisea under its previous bareboat charter. The facility was drawn on August 19, 2024 and bears interest of term SOFR plus a margin of 2.60% per
annum. The term of the facility is five years, and the repayment schedule comprises of 20 quarterly installments of $0.4 million, followed by a balloon installment of $8.5 million payable along with the final installment. An amount of $1.2 million was
withheld as a security deposit by Sinopac upon the drawdown of the facility to secure the Company’s due performance of its obligations and undertakings under the Sinopac Loan Facility. In addition, the Company is required to maintain a security cover
ratio not less than 110% for the first two years and 120% at all times thereafter until the maturity of the loan.
As of June 30, 2026, $13.7 million was outstanding under the facility.
Other Financial Liabilities:
Assumed Financial Obligations
Squireship Huarong bareboat charter arrangement
On May 29, 2026, in connection with the acquisition of the M/V Squireship, the Company entered into a novation agreement with China
Huarong Shipping Financial Leasing Company Co., Ltd., as financing lessor, and the seller of the vessel, pursuant to which, upon completion of the acquisition, a subsidiary of United, Squire Maritime Co., assuming all rights and outstanding obligations
under the existing bareboat arrangement. Accordingly, Squire Maritime Co. became the lessee and United became the guarantor under the arrangement. The outstanding charterhire principal amounted to $15.6 million and is repayable in 15 quarterly
installments of $0.5 million, together with a purchase obligation of $8.5 million upon expiration of the bareboat charter. The financing bears interest at a rate of three-month Term SOFR plus 2.15% per annum. The Company has the option to purchase the
vessel at any time during the term of the arrangement at predetermined prices specified therein. The bareboat arrangement does not contain any financial covenants or security value maintenance provisions.
As of June 30, 2026, the outstanding principal balance under the Squireship Huarong bareboat charter arrangement was $15.6 million.
Sale and Leaseback Transactions
New Sale and Leaseback Activities during the six-month period ended June 30, 2026
Nisea Huarong Sale and Leaseback
On March 5, 2026, the Company entered into an $18.3 million sale and leaseback agreement with an affiliate of China Huarong Shipping
Financial Leasing Company Co. Ltd. (“Huarong”) to finance the purchase option cost of the M/V Nisea under its previous bareboat charter. The Company sold and chartered back the vessel on a bareboat basis for a five-year period which commenced on March
10, 2026. The charterhire principal amortizes in 20 quarterly installments of $0.4 million along with a purchase obligation of $11.2 million at the expiry of the bareboat charter, bearing an interest rate of 3-month term SOFR plus 1.95% per annum. The
Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the first anniversary of the bareboat charter. The sale and leaseback agreement
does not include any financial covenants or security value maintenance provisions.
As of June 30, 2026, the amount outstanding under the Nisea Huarong Sale and Leaseback was $17.9 million.
10
Pre-Existing Sale and Leaseback
Activities
Village Seven Sale and Leaseback
On February 22, 2024, we entered into a $13.8 million sale and leaseback agreement with Village Seven Co., Ltd and V7 Fune Inc.
(collectively, “Village Seven”) in order to refinance the August 2022 EnTrust Facility. On March 27, 2024, the Company sold and chartered back the M/V Exelixsea from Village Seven on a bareboat basis for a period of four years, followed by an
additional two-year period at the Company’s option. The charterhire principal amortizes through forty-eight consecutive monthly installments of $0.2 million paid in advance, which could extend to seventy-two installments in case of exercise of the
two-year optional period. The Company has continuous options to repurchase the vessel at predetermined prices, following the second anniversary of the bareboat charter. At the end of the optional period, the Company has the option to take ownership of
the vessel at nominal additional cost. The applicable interest rate is 3-month Term SOFR plus 2.65% per annum.
As of June 30, 2026, the charterhire principal was $8.4 million.
On May 28, 2026, the Company notified Village Seven of its intention to exercise the purchase
option under the bareboat agreement. The Company entered into a purchase option memorandum of agreement on August 3, 2026 and the transaction is expected to be completed in early September 2026.
Onishi Sale and Leaseback
On July 24, 2024, the Company entered into a $18.0 million sale and leaseback agreement with Onishi Kaiun Co. and Ocean West Shipping S.A.
for the purpose of financing the purchase option of the M/V Synthesea under its previous bareboat charter. On August 1, 2024, the Company sold and chartered back the M/V Synthesea on a bareboat basis for a period of five years, followed by an
additional two-year period at the Company’s option. The charterhire principal amortizes through 60 consecutive monthly installments of $0.1 million paid in advance, which could extend to 84 installments in case of exercise of the two-year optional
period, at the same terms. The financing bears an interest rate of 3-month term SOFR plus 2.70% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as
set forth in the agreement. At the end of the optional period, the Company and the lessors have the option to repurchase and to sell the vessel, respectively, for $6.5 million.
As of June 30, 2026, the charterhire principal was $14.7 million.
Sale and leaseback transactions repaid during the six-month period ended June 30, 2026
April 2023 Neptune Sale and Leaseback
On April 26, 2023, following the delivery of the M/V Cretansea, we entered into a sale-and-leaseback agreement with a subsidiary of
Neptune Maritime Leasing Ltd. (“Neptune”) for the purpose of partly financing the acquisition cost of the M/V Cretansea. The Company sold and chartered back the vessel from Neptune on a bareboat basis for a five-year period. The applicable interest
rate was 3-month Term SOFR plus 4.25% per annum. The Company had continuous options to repurchase the vessel throughout the duration of the charter, while at the end of the five-year bareboat period, the Company had the obligation to repurchase the
vessel for $6.4 million. The charterhire principal was repayable in sixty consecutive monthly installments of approximately $0.1 million along with a balloon payment of $6.4 million in April 2028.
On May 19, 2026, the Company exercised its purchase option under the April 2023 Neptune Sale
and Leaseback in connection with the sale of the M/V Cretansea to her new owners and all securities created in favor of the lessor were irrevocably and unconditionally released.
11
INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Page
|
|
|
Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025
|
F-2
|
|
Unaudited Interim Condensed Consolidated Statement of Operations for the six-month periods ended June 30, 2026 and 2025
|
F-3
|
| Unaudited Interim Condensed Consolidated Statement of Other Comprehensive Income / (Loss) for the six-month
periods June 30, 2026 and 2025 |
F-4 |
|
Unaudited Interim Condensed Consolidated Statement of Stockholders’ Equity for the six-month periods ended June 30, 2026 and 2025
|
F-5
|
|
Unaudited Interim Condensed Consolidated Statement of Cash Flows for the six-month periods ended June 30, 2026 and 2025
|
F-6
|
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements
|
F-7
|
F-1
United Maritime Corporation
Condensed Consolidated Balance Sheets
As of June 30, 2026 (unaudited) and December 31, 2025
(In thousands of US Dollars, except for share and per share data)
| Notes |
June 30, 2026
(Unaudited)
|
December 31,
2025
|
||||||||||
|
ASSETS
|
||||||||||||
|
Current assets:
|
||||||||||||
|
Cash and cash equivalents
|
4
|
|
|
|||||||||
|
Restricted cash
|
4 | |||||||||||
|
Accounts receivable trade
|
13
|
|
|
|||||||||
| 3 |
||||||||||||
| Inventories |
||||||||||||
| Prepaid expenses |
||||||||||||
|
Other current assets
|
|
|
||||||||||
|
Vessels held for sale
|
5
|
|
|
|||||||||
|
Total current assets
|
|
|
||||||||||
|
Fixed assets:
|
||||||||||||
|
Vessels, net
|
5
|
|
|
|||||||||
|
Right-of-use assets
|
6
|
|
|
|||||||||
|
Total fixed assets
|
|
|
||||||||||
|
Other non-current assets:
|
||||||||||||
|
Other non-current assets
|
||||||||||||
|
Equity method investment
|
8 | |||||||||||
|
Deferred charges and other investments, non-current
|
|
|
||||||||||
|
TOTAL ASSETS
|
|
|
||||||||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||
|
Current liabilities:
|
||||||||||||
|
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $
|
5,7
|
|
|
|||||||||
| Finance lease liabilities, current |
6 |
|||||||||||
|
Due to
|
3
|
|
|
|||||||||
|
Trade accounts and other payables
|
|
|
||||||||||
|
Accrued liabilities
|
|
|
||||||||||
|
Deferred revenue
|
13
|
|
|
|||||||||
|
Liabilities assumed from time charter attached
|
2,13
|
|
|
|||||||||
|
Dividends payable
|
12
|
|
|
|||||||||
|
Total current liabilities
|
|
|
||||||||||
|
Non-current liabilities:
|
||||||||||||
|
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $
|
7
|
|
|
|||||||||
|
Finance lease liabilities, non-current
|
6 |
|||||||||||
|
Other liabilities, non-current
|
||||||||||||
|
Total liabilities
|
|
|
||||||||||
|
Commitments and contingencies
|
11 |
|
|
|||||||||
|
STOCKHOLDERS’ EQUITY
|
||||||||||||
|
Preferred stock, $
|
12
|
|
|
|||||||||
|
Common stock, $
|
12 |
|
|
|||||||||
|
Additional paid-in capital
|
12 |
|
|
|||||||||
|
Accumulated other comprehensive (loss) / income
|
( |
) | ||||||||||
|
Retained earnings
|
|
|
||||||||||
|
Total United Maritime Corporation stockholders’ equity
|
|
|
||||||||||
|
Non-controlling interest
|
9 | |||||||||||
|
Total stockholders’ equity
|
||||||||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
||||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-2
United Maritime Corporation
Unaudited Interim Condensed Consolidated Statement of Operations
For the six-month periods ended June 30, 2026 and 2025
(In thousands of US Dollars, except for share and per share data)
| Notes |
2026
|
2025
|
||||||||||
|
Vessel revenue, net
|
2,13 |
|
|
|||||||||
|
Expenses:
|
||||||||||||
|
Voyage expenses
|
13 |
(
|
)
|
(
|
)
|
|||||||
|
Vessel operating expenses
|
(
|
)
|
(
|
)
|
||||||||
|
Management fees
|
(
|
)
|
(
|
)
|
||||||||
|
Management fees-related party
|
3
|
(
|
)
|
(
|
)
|
|||||||
|
General and administration expenses
|
16 |
(
|
)
|
(
|
)
|
|||||||
|
Depreciation and amortization
|
5,6
|
(
|
)
|
(
|
)
|
|||||||
|
Amortization of deferred dry-docking costs
|
(
|
)
|
(
|
)
|
||||||||
| Gain on disposal of equity method investment |
8 |
|||||||||||
|
Gain / (loss) on sale of vessel, net
|
5 | ( |
) | |||||||||
|
Operating income / (loss)
|
|
(
|
)
|
|||||||||
|
Other income / (expenses), net:
|
||||||||||||
|
Interest and finance costs
|
14
|
(
|
)
|
(
|
)
|
|||||||
|
Interest and finance costs-related party
|
6 |
( |
) | ( |
) | |||||||
|
Interest income
|
|
|
||||||||||
| Other income |
||||||||||||
|
Loss on equity method investment
|
8 | ( |
) | ( |
) | |||||||
|
Loss on extinguishment of debt
|
7 | ( |
) | ( |
) | |||||||
|
Gain on acquisition of RGI
|
||||||||||||
|
Foreign currency exchange loss, net
|
(
|
)
|
(
|
)
|
||||||||
|
Total other expenses, net
|
(
|
)
|
(
|
)
|
||||||||
|
Net income / (loss)
|
|
(
|
)
|
|||||||||
|
Less: Net income / (loss) attributable to non-controlling interest
|
9 | ( |
) | |||||||||
|
Net income / (loss) attributable to common stockholders of United Maritime Corporation
|
( |
) | ||||||||||
|
Earnings / (loss) per common share, basic and diluted
|
15 |
|
(
|
)
|
||||||||
| Weighted average number of common shares outstanding, basic |
15 | |||||||||||
|
Weighted average number of common shares outstanding, diluted
|
15 |
|
|
|||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-3
United Maritime Corporation
Unaudited Interim Condensed Consolidated Statement of Other Comprehensive Income / (Loss)
For the six-months periods ended June 30, 2026 and 2025
(In thousands of US Dollars, except for share and per share data)
| 2026 |
2025
|
|||||||
|
Net income / (loss)
|
|
(
|
)
|
|||||
|
Other comprehensive (loss) / income:
|
||||||||
|
Foreign currency translation differences
|
(
|
)
|
|
|||||
| Release of cumulative translation adjustment of equity method investment | ( |
) | ||||||
|
Other comprehensive (loss) / income
|
(
|
)
|
|
|||||
|
Total comprehensive income / (loss)
|
|
(
|
)
|
|||||
|
Less: Comprehensive income / (loss) attributable to non-controlling interest
|
|
(
|
)
|
|||||
|
Comprehensive income / (loss) attributable to United Maritime Corporation
|
|
(
|
)
|
|||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-4
United Maritime Corporation
Unaudited Interim Condensed Consolidated Statement of Stockholders’ Equity
For the six-month periods ended June 30, 2026 and 2025
(In thousands of US Dollars, except for share data)
|
Preferred stock Series B
|
Common stock
|
Additional |
Accumulated
other
|
United | Non- | Total | ||||||||||||||||||||||||||||||||||
|
# of
Shares
|
Par
Value
|
# of
Shares
|
Par
Value
|
paid-in
capital
|
comprehensive
loss
|
Retained
earnings
|
Maritime Corporation
|
controlling interest
|
stockholders’
equity
|
|||||||||||||||||||||||||||||||
|
Balance, December 31, 2024
|
|
|
|
|
|
( |
) |
|
|
|||||||||||||||||||||||||||||||
|
Dividends on common stock and participating non vested restricted stock awards (Note 12)
|
-
|
|
-
|
|
|
(
|
)
|
( |
) |
(
|
)
|
|||||||||||||||||||||||||||||
|
Stock based compensation (Note 16)
|
-
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Foreign currency translation differences
|
- | - | ||||||||||||||||||||||||||||||||||||||
|
Acquisition of RGI (Note 9)
|
- | - | ||||||||||||||||||||||||||||||||||||||
|
Net loss
|
-
|
|
-
|
|
|
(
|
)
|
( |
) | ( |
) |
(
|
)
|
|||||||||||||||||||||||||||
|
Balance, June 30, 2025
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Preferred stock Series B
|
Common stock
|
Additional |
Accumulated
other
|
United | Non- |
Total |
||||||||||||||||||||||||||||||||||
|
# of
Shares
|
Par
Value
|
# of
Shares
|
Par
Value
|
paid-in
capital
|
comprehensive
income
|
Retained
earnings
|
Maritime Corporation
|
controlling interest
|
stockholders’
equity
|
|||||||||||||||||||||||||||||||
|
Balance, December 31, 2025
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Repurchase of common stock (Note 12)
|
- | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
|
Dividends on common stock and participating non vested restricted stock awards (Note 12)
|
-
|
|
-
|
|
|
(
|
)
|
( |
) |
(
|
)
|
|||||||||||||||||||||||||||||
|
Dividends to non-controlling shareholders of subsidiary (Note 9)
|
- | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
|
Stock based compensation (Note 16)
|
-
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Foreign currency translation differences
|
- | - | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
|
Net income
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
Balance, June 30, 2026
|
|
|
|
|
|
( |
) |
|
|
|||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-5
United Maritime Corporation
Unaudited Interim Condensed Consolidated Statement of Cash Flows
For the six-month periods ended June 30, 2026 and 2025
(In thousands of US Dollars)
|
2026
|
2025
|
|||||||
|
Net cash provided by operating activities
|
|
|
||||||
|
Cash flows from investing activities:
|
||||||||
|
Vessels’ acquisition and improvements
|
(
|
)
|
(
|
)
|
||||
|
Leasehold improvements
|
( |
) | ||||||
| Acquisition of a subsidiary, net of cash acquired | ( |
) | ||||||
| Proceeds from sale of vessel | ||||||||
|
Proceeds from disposal of equity method investment
|
||||||||
|
Lease prepayments
|
(
|
)
|
|
|||||
| Net cash provided by investing activities |
|
|
||||||
|
Cash flows from financing activities:
|
||||||||
|
Payments for repurchase of common stock
|
(
|
)
|
|
|||||
|
Due to related parties
|
( |
) | ||||||
|
Proceeds from related party loan
|
||||||||
|
Proceeds from long-term debt and other financial liabilities
|
|
|
||||||
| Payments of related party loan |
( |
) | ||||||
|
Payments of financing and stock issuance costs
|
(
|
)
|
(
|
)
|
||||
|
Payments of finance lease liabilities
|
(
|
)
|
(
|
)
|
||||
| Dividends to non-controlling shareholders of subsidiary |
( |
) | ||||||
|
Dividends paid
|
(
|
)
|
(
|
)
|
||||
|
Repayments of long-term debt and other financial liabilities
|
(
|
)
|
(
|
)
|
||||
|
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
( |
) | ||||||
|
Net decrease in cash and cash equivalents and restricted cash
|
(
|
)
|
(
|
)
|
||||
|
Cash and cash equivalents and restricted cash at beginning of period
|
|
|
||||||
|
Cash and cash equivalents and restricted cash at end of period
|
|
|
||||||
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||
|
Cash paid during the period for:
|
||||||||
|
Interest paid
|
|
|
||||||
| Noncash investing activities: |
||||||||
| Vessels’ acquisition and improvements |
( |
) | ||||||
| Leasehold improvements |
( |
) | ||||||
| Right-of use assets |
( |
) | ||||||
|
Noncash financing activities:
|
||||||||
|
Dividends on common stock and participating non vested restricted stock awards declared but not paid
|
(
|
)
|
(
|
)
|
||||
| Assumed financial obligation (Note 7) | ||||||||
|
Financing and stock issuance stocks
|
(
|
)
|
|
|||||
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-6
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
| 1. |
Basis of Presentation and General Information:
|
United Maritime Corporation (the “Company” or “United”) was incorporated by Seanergy Maritime Holdings Corp. (“Seanergy” or “Parent”) on
January 20, 2022 under the laws of the Republic of the Marshall Islands, having an initial share capital of 500 registered shares,
of no par value, issued to the Parent. The Company completed the spin-off from Seanergy which became effective July 5, 2022. United’s common shares are listed on the Nasdaq Capital Market and began trading on July 6, 2022 under the symbol
“USEA”. The Company is engaged in the ocean transportation of cargoes worldwide through the ownership and operation of vessels.
The accompanying unaudited interim condensed consolidated financial statements include the accounts of United Maritime Corporation and its
subsidiaries (collectively, the “Company” or “United”).
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted
accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated
financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2025 included in the Company’s Annual Report on Form 20-F filed with the Securities and
Exchange Commission on April 8, 2026 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of
operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2026 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2026.
The unaudited interim condensed consolidated financial statements have been prepared assuming that the Company will continue as a going
concern. Accordingly, they do not include any adjustments that might result in the event that the Company is unable to continue as a going concern.
F-7
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
| a. |
Subsidiaries in Consolidation:
|
United’s subsidiaries included in these unaudited interim condensed consolidated financial statements as of June 30, 2026:
|
Company
|
Country of
Incorporation
|
Vessel name
|
Date of Delivery
|
Date of
Sale/Disposal
|
||||
|
United Management Corp. (1)(2)
|
|
N/A
|
N/A
|
N/A
|
||||
|
Sea Glorius Shipping Co. (1)(3)
|
|
|
|
|
||||
|
Minoansea Maritime Co. (1)(3)
|
|
|
|
|
||||
|
Good Maritime Co. (1)(3)
|
|
|
|
|
||||
|
Traders Maritime Co. (1)(3)
|
|
|
|
|
||||
|
Chrisea Maritime Co. (1)
|
|
|
|
N/A
|
||||
|
Oasea Maritime Co. (1)(3)
|
|
|
|
|
||||
|
Cretansea Maritime Co. (1)(3)
|
|
|
|
|
||||
|
Synthesea Maritime Co. (1)(4)
|
|
|
|
|
||||
|
Exelixsea Maritime Co. (1)(4)
|
|
|
|
|
||||
| Nisea Maritime Co. (1)(4) | ||||||||
| RGI Marine Holdings AS (5) |
N/A
|
N/A
|
N/A |
|||||
| Duke Maritime Co. (1)(4) | N/A | |||||||
| Squire Maritime Co. (1)(4) |
| (1) |
Subsidiaries wholly owned
|
| (2) |
Management company
|
| (3) |
Dormant companies
|
| (4) |
Bareboat charterers
|
| (5) |
Majority owned subsidiary (Note 9)
|
F-8
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
| 2. |
Significant Accounting Policies:
|
United has determined that it operates under one reportable segment, that of operating bulker vessels, and the
assets of such segment are presented under the caption “Total assets” in the accompanying unaudited interim condensed consolidated balance sheets. The accounting policies applied to the reportable segment are the same as those used in the
preparation of the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on April 8, 2026.
A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the
Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on April 8, 2026. There have been no material changes to these policies in the six-month period ended June 30, 2026, except as discussed below:
|
(a)
|
Fair value of below market acquired time charters:
|
The Company values any liability arising from the market value of the time charters assumed when a vessel is acquired or contributed. Where vessels
are acquired or contributed with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the market rate for a charter of equivalent duration prevailing at the time
the vessels are delivered. In discounting the charter rate differences in future periods, the Company uses its cost of capital for each vessel. The cost of the acquisition is allocated to the vessel and the in-place time charter attached on
the basis of their relative fair values. Such intangible liability is recognized ratably as an adjustment to revenues over the remaining term of the assumed time charter.
Recent Accounting Pronouncements – Not Yet Adopted
Τhere are no recent accounting pronouncements the adoption of
which is expected to have a material effect on the Company’s unaudited interim condensed consolidated financial statements for the six-month period ended
June 30, 2026.
| 3. |
Transactions with Related Parties:
|
Details of the Company’s transactions with related parties are discussed in Note 3 of the consolidated financial statements for the year ended December 31, 2025,
included in the Company’s 2025 Annual Report on Form 20-F filed with the SEC on April 8, 2026, and are supplemented by the below new activities within the period.
Related party transactions incurred during the six-month period ended June 30, 2026
Transactions with Seanergy
Rights of First Offer
On May 29, 2026, following United exercising its right of first offer, the
Company entered into a charter acquisition agreement with Seanergy for the acquisition, acceptance and assumption of all the bareboat charter rights and obligations under the existing bareboat charter arrangement for the Squireship for an aggregate purchase price of $29,500 (Note 5 and Note 7). A special committee of disinterested members of the Company’s Board of Directors negotiated the terms and approved the agreement.
On February 6, 2026, following United exercising its right of first offer, the
Company entered into an agreement with Seanergy for the acquisition of the Dukeship through an 18 -month bareboat charter (Note
6). A special committee of disinterested members of the Company’s Board of Directors negotiated the terms and approved the agreement.
Management Agreements:
Master Management Agreement
During the six-month periods ended June 30, 2026 and 2025, an amount of $3,144 and $188 related to repayments to Seanergy and payments
for working capital purposes from Seanergy funds, respectively, and is presented under “Cash flows from financing activities” in the unaudited interim condensed consolidated statements of cash flows.
F-9
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
Technical Management Agreements
In relation to the technical management, Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”) is responsible for arranging the day-to-day operations,
inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling. Since December 31, 2025, Synthesea, Chrisea, Nisea, Cretansea (up to her sale on May 19, 2026), Dukeship as of February 12, 2026 and Squireship with effect as of the commencement of the novated bareboat charter period, on June 8, 2026, are under technical
management agreements with Seanergy Shipmanagement for a fixed management fee of $14 per month per vessel. Since January 1, 2026, the
Company pays V. Ships fixed management fees of $11.5 for the Exelixsea.
The below table presents the analysis of “Management fees – related party” charged from Seanergy and Seanergy Shipmanagement in connection with the above agreements as
presented in the accompanying unaudited interim condensed consolidated statement of operations:
|
|
June 30, 2026 |
June 30,
2025
|
||||||
| Fees charged in relation to: |
||||||||
|
Management services-Seanergy
|
|
|
||||||
|
Management services-Seanergy Shipmanagement
|
|
|
||||||
|
Management fees-related party
|
|
|
||||||
The below table presents the fees charged from
Seanergy Management in connection with the above agreements:
|
|
June 30,
2026
|
June 30,
2025
|
||||||
| Fees charged in relation to: |
||||||||
|
Commercial services (1)
|
|
|
||||||
| Sale of vessel services (2) |
||||||||
| Total |
|
|
||||||
| (1) |
| (2) |
The below table presents the analysis of “Due to Related
Parties” as presented in the accompanying condensed consolidated balance sheets:
|
|
June 30,
2026
|
December 31,
2025
|
||||||
|
Balance due to Seanergy
|
|
|
||||||
|
Balance due to Seanergy Shipmanagement
|
|
|
||||||
|
Balance due to Seanergy Management
|
|
|
||||||
|
Due to Related Parties
|
|
|
||||||
F-10
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
The below table presents the analysis of “Due from Related Parties” as presented in the accompanying condensed consolidated
balance sheets:
|
|
June 30,
2026
|
December 31,
2025
|
||||||
|
Balance due from Seanergy Management
|
|
|
||||||
|
Due from Related Parties
|
|
|
||||||
On March 9, 2026, the Compensation Committee of the Company granted 114,000 shares to certain
employees of the Company’s service providers (Note 16).
| 4. |
Cash and Cash Equivalents and Restricted Cash:
|
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated
balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statement of cash flows:
|
June 30,
2026
|
December 31,
2025
|
|||||||
|
Cash and cash equivalents
|
|
|
||||||
| Restricted cash |
||||||||
|
Cash and Cash equivalents and restricted cash
|
|
|
||||||
Restricted cash as of June 30, 2026 includes $50 of restricted deposits pledged as collateral for credit cards balances with one
of the Company’s financial institutions.
Restricted cash as of December 31, 2025 includes $50 of restricted deposits pledged as collateral for credit cards balances with one of the Company’s financial institutions and $350 of minimum liquidity requirements as per the
April 2023 Neptune Sale and Leaseback (Note 5 and Note 7).
| 5. |
Vessels, Net:
|
The amounts in the accompanying condensed consolidated balance sheets are analyzed as follows:
|
June 30,
2026
|
December 31,
2025
|
|||||||
|
Cost:
|
||||||||
|
Beginning balance:
|
|
|
||||||
|
- Additions
|
|
|
||||||
|
- Disposals
|
|
(
|
)
|
|||||
|
- Transfer to “Vessels held for sale”
|
(
|
)
|
(
|
)
|
||||
|
Ending balance:
|
|
|
||||||
|
Accumulated depreciation:
|
||||||||
|
Beginning balance:
|
(
|
)
|
(
|
)
|
||||
|
- Depreciation for the period
|
(
|
)
|
(
|
)
|
||||
|
- Disposals
|
|
|
||||||
|
- Transfer to “Vessels held for sale”
|
|
|
||||||
|
Ending balance:
|
(
|
)
|
(
|
)
|
||||
|
Net book value
|
|
|
||||||
F-11
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
Details of the Company’s vessels, net are discussed in
Note 5 of the consolidated financial statements for the year ended December 31, 2025, included in the Company’s 2025 Annual Report on Form 20-F filed with the SEC on April 8, 2026, and are supplemented by the below new activities within the
period.
Acquisitions
On May 29, 2026, the Company entered into a charter acquisition agreement with
Seanergy to acquire, accept and assume all rights and (purchase and other) obligations under the existing bareboat charter arrangement relating to the secondhand Capesize vessel Squireship. The aggregate purchase price was $29,500 , which was the market value of the vessel, with the Company assuming all rights and outstanding obligations under the bareboat charter arrangement (Note 7). The effective date of delivery
of the vessel took place on June 8, 2026.
The Squireship was acquired with a below-market time charter. The value of the below-market time charter of $421
(Note 10) was recognized as an addition to “Vessels, net” in the condensed consolidated balance sheets.
On
March 10, 2026, the Company exercised its purchase option for Nisea bareboat charter, an amount of $26,287
was derecognized from “Right-of-use assets” (Note 6) and recognized as “Vessels, net” in the accompanying condensed consolidated balance sheets. The purchase option amount was financed through the Nisea Huarong Sale and Leaseback (Note 7).
Vessel Held for Sale
On June 4, 2026, the Company entered into a definitive agreement with an
unaffiliated third party for the sale of the Exelixsea for an aggregate gross sale price of $17,500 .
The vessel is expected to be delivered to her new owners by October 1, 2026. On June 4, 2026, the Exelixsea was classified as vessel held for sale according to the provisions of ASC 360, as all the
criteria for classification were met. Accordingly, the outstanding amount of $8,433 under the Village Seven Sale and Leaseback
for Exelixsea was classified in current liabilities in the accompanying condensed consolidated balance sheets (Note 7). The specific vessel was not impaired as of date that it was classified as
vessel held for sale, since its carrying amount was lower than its fair value less cost to sell. The fair value of the vessel was determined based on the agreed sale price. As of June 30, 2026, the carrying amount of the vessel includes the
unamortized balance of vessel cost of $14,975 and the unamortized balance of drydocking cost of $66 and it is included in “Vessels held for sale” in the accompanying condensed consolidated balance sheets.
Sale of vessels
On December 22, 2025, the Cretansea was classified as vessel held for sale according to the
provisions of ASC 360, as all the criteria for classification were met. As of December 31, 2025, “Vessel held for sale” in the accompanying consolidated balance sheet is measured at fair value less cost to sell which was $14,744 . On January 27, 2026, the Company entered into agreement with an unaffiliated party for the sale of Cretansea
for a gross sale price of $15,200 . The vessel was delivered to her new owners on May 19, 2026. As of June 30, 2026, an amount
of $15,200 was recorded as “Proceeds from sale of vessels” in the accompanying consolidated statement of cash flow based on the
agreed gross price. A gain on sale of vessel, net of sale expenses, amounting to $156 was recognized and is presented as “Gain /
(loss) on sale of vessels, net” in the accompanying unaudited interim condensed consolidated statement of operations.
During the six-month period ended June 30, 2026, an amount of $28 of expenditures were capitalized that concern improvements on vessels performance and meeting environmental standards. The cost of these additions was accounted as
major improvement and were capitalized over the vessels’ cost and will be depreciated over the remaining useful life of each vessel. Amounts paid for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from
investing activities” in the unaudited interim condensed consolidated statement of cash flows.
F-12
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
| 6. |
Right-of-use assets and Finance Lease Liabilities:
|
Details of the Company’s right-of-use assets and finance lease liabilities are discussed
in Note 6 of the consolidated financial statements for the year ended December 31, 2025, included in the Company’s 2025 Annual Report on Form 20-F filed with the SEC on April 8, 2026, and are supplemented by the below new activities within
the period.
On March 10, 2026, the Company exercised its purchase option for Nisea bareboat charter, an amount of $26,287 was derecognized from “Right-of-use assets” and
recognized as “Vessels, net” in the accompanying condensed consolidated balance sheets (Note 5). During the six-month periods ended June 30, 2026 and 2025, the amortization of the right-of-use asset for Nisea
amounted to $272 and $716
and is presented in the Company’s unaudited interim condensed consolidated statement of operations under “Depreciation and amortization”. Interest expense on the finance lease liabilities for Nisea
for the same period for 2026 and 2025 amounted to $154 and $453 (Note 14). As of June 30, 2026 and December 31, 2025, the right-of-use amounted to $
and $26,314 and is presented under “Right-of-use assets” in the accompanying condensed consolidated balance sheets.
On February 6, 2026, following United exercising its right of first offer, the Company
entered into an agreement with Seanergy for the acquisition of the Dukeship through an 18-month
bareboat charter. The charter period commenced following the delivery of the vessel on February 12, 2026. United has advanced a downpayment of $5,500
and will pay a daily charter rate of $9.5 , with a purchase obligation of $22,050 at the end of the bareboat charter (Note 3). The Company has classified the above transaction as a finance lease. At the commencement date, the Company recognized a finance
lease liability equal to the present value of lease payments during the bareboat charter period using an implicit rate of 2.96 %.
The Company recognized a finance lease liability of $26,163 and a corresponding right-of-use asset of $31,663 .
During the six-month periods ended June 30, 2026 and 2025, the
amortization of the right-of-use assets for Dukeship amounted to $926 and $, respectively, and is presented in the Company’s unaudited interim condensed consolidated statement of operations under “Depreciation and
amortization”. Interest expense on the finance lease liabilities for the same period for 2026 and 2025 amounted to $282 and $, respectively, and is presented under “Interest and finance costs-related party”. As of June 30, 2026 and December 31, 2025, the right-of-use
amounted to $30,737 and $, respectively, and is presented under “Right-of-use assets” in the accompanying condensed consolidated balance sheets.
The weighted average remaining lease term for the bareboat charters was 1.12 years as of June 30, 2026. The weighted average implicit rate for the bareboat charters was 2.96 % as of June 30, 2026.
The annual lease payments under the bareboat charter agreement are as follows:
|
Twelve-month periods ending June 30,
|
Amount
|
|||
|
2027
|
|
|||
| 2028 |
||||
|
Total undiscounted lease payments
|
|
|||
|
Less: Discount based on implicit rate
|
(
|
)
|
||
|
Present value of finance lease liabilities
|
|
|||
|
Finance lease liabilities, current
|
|
|||
|
Finance lease liabilities, non-current
|
|
|||
|
Present value of finance lease liabilities
|
|
|||
F-13
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
| 7. |
Long-Term Debt and Other Financial Liabilities:
|
The amounts in the accompanying condensed consolidated balance sheets are analyzed as follows:
|
June 30,
2026
|
December 31,
2025
|
|||||||
|
Long-term debt and other financial liabilities
|
|
|
||||||
|
Less: Deferred financing costs and debt discounts
|
(
|
)
|
(
|
)
|
||||
|
Total
|
|
|
||||||
|
Less – current portion
|
(
|
)
|
(
|
)
|
||||
|
Long-term portion
|
|
|
||||||
Details of the Company’s secured credit and other financial liabilities are discussed in Note 7 of the consolidated financial statements for the year ended
December 31, 2025, included in the Company’s 2025 Annual Report on Form 20-F filed with the SEC on April 8, 2026, and are supplemented by the below new activities within the period.
Other Financial Liabilities
Assumed Financial Obligations
Squireship Huarong bareboat charter arrangement
On May 29, 2026, in connection with the acquisition of the Squireship, the Company entered into a novation agreement with China Huarong Shipping Financial Leasing Company Co., Ltd., as financing lessor, and the seller of the vessel, pursuant to which, upon
completion of the acquisition, a subsidiary of United, Squire Maritime Co., assuming all rights and outstanding obligations under the existing bareboat arrangement. Accordingly, Squire Maritime Co. became the lessee and United became the
guarantor under the arrangement. The outstanding charterhire principal of $15,625 is repayable in 15 quarterly installments of $475 , together with a purchase obligation of $8,500
upon expiration of the bareboat charter. The financing bears interest at a rate of three-month plus 2.15 % per annum. The bareboat arrangement does
not contain any financial covenants or security value maintenance provisions. The Company has the option to purchase the vessel at any time during the term of the arrangement at predetermined prices specified therein. As of June 30, 2026, the
outstanding principal balance under the Squireship Huarong bareboat charter arrangement was $15,625 .
Sale and Leaseback Transactions
New Sale and Leaseback Activities during the six-month period ended June 30, 2026
Nisea Huarong Sale and Leaseback
On March 5, 2026, the Company entered into an $18,250
sale and leaseback agreement with an affiliate of China Huarong Shipping Financial Leasing Company Ltd. (“Huarong”) to finance the purchase option cost of the Nisea under its previous bareboat charter. The Company sold and chartered back the vessel on a bareboat basis for a five-year
period which commenced on March 10, 2026. The charterhire principal amortizes in 20 quarterly installments of $353 along with a purchase obligation of $11,200 at the expiry of the bareboat charter, bearing an interest rate of 3 -month
plus 1.95 %
per annum. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the first anniversary of the bareboat charter. The sale and
leaseback agreement does not include any financial covenants or security value maintenance provisions. As of June 30, 2026, the amount outstanding under the Nisea Huarong Sale and Leaseback was $17,898 .
F-14
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
Sale and Leaseback Transactions repaid during the six-month period ended June 30, 2026
April 2023 Neptune Sale and Leaseback
On May 19, 2026,
the Company exercised its purchase option under the April 2023 Neptune Sale and Leaseback in connection with the sale of the Cretansea to an unaffiliated party. Following the exercise of the purchase
option, all securities created in favor of the lessor were irrevocably and unconditionally released. Οn that date, as a result of the prepayment, an amount of $60 relating to deferred finance costs and other related expenses was recognized as loss on debt extinguishment according to the debt extinguishment guidance of ASC 470-50 “Debt
Modifications and Extinguishments” and was included in “Loss on extinguishment of debt” in the unaudited interim condensed consolidated statements of operations.
Village Seven Sale and Leaseback
On May 28, 2026,
the Company delivered notice to Village Seven Co., Ltd. and V7 Fune Inc. (collectively, “Village Seven”), the lessor under the Village Seven Sale and Leaseback, to exercise its purchase option with respect to the Exelixsea. The Company entered into a purchase option memorandum of agreement on August 3, 2026 and the transaction is expected to be completed in early September 2026.
As of June 30, 2026, the Company was in compliance with all covenants relating to its financial liabilities as at that date.
As of June 30, 2026, one of the
Company’s owned vessels, having a net carrying value of $18,690 , was subject to first and second priority mortgages as collateral to
its long-term debt facility. As of June 30, 2026, four of the Company’s vessels (including the vessel held for sale), having a net
carrying value of $94,068 , were financed through sale and leaseback agreements. As customary in leaseback agreements, the title of
ownership is held by the registered owners.
The annual principal payments required to be made after June 30, 2026 for all long-term debt and other financial liabilities, are as follows:
|
Twelve-month periods ending June 30,
|
Amount
|
|||
|
2027
|
|
|||
|
2028
|
|
|||
|
2029
|
|
|||
|
2030
|
|
|||
|
Thereafter
|
|
|||
|
Total
|
|
|||
| 8. |
Equity Method Investments:
|
Details of the Company’s equity method investments are discussed in Note 8 of the consolidated financial statements for the year ended December
31, 2025, included in the Company’s 2025 Annual Report on Form 20-F filed with the SEC on April 8, 2026, and are supplemented by the below new activities within the period.
On February 6, 2026, RGI Marine Holdings AS (“RGI”), in which the Company had a 76.2 % equity interest, entered into a share sale and purchase agreement to dispose its 45 %
equity interest in Wind Energy Construction AS (“WEC”) for Euro 15.5 million (or $17,980 ). The transaction was completed on June 4, 2026, resulting in gain on disposal of equity method investment of $523 , which is presented under “Gain on disposal of equity method investment” in the accompanying unaudited interim condensed consolidated statement of operations.
F-15
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
From January 1, 2026 and up until the date of the disposal and for the six-month period ended June 30, 2025, loss on equity method investment amounted to $7 and $44 , respectively, and are
presented under “Loss on equity method investment” in the accompanying unaudited interim condensed consolidated statement of operations.
| 9. |
Acquisition of RGI:
|
Details of the Company’s acquisition of RGI are discussed in Note 9 of the consolidated financial statements for the year ended December 31, 2025,
included in the Company’s 2025 Annual Report on Form 20-F filed with the SEC on April 8, 2026, and are supplemented by the below new activities within the period.
Following the completion of the disposal of all equity shares of WEC (Note 8), RGI paid a dividend of Euro 14.4 million (or $16,795 ) to all of
its shareholders in June 2026.
On March 13, 2026, the Company completed the conversion of a loan provided to RGI in October 2025 into 2,648,827 shares of RGI. Upon conversion, the Company increased its equity interest in RGI to 84.3 %.
On February 19, 2026, RGI declared a dividend of Euro 0.9
million (or $1,077 ) to all of its shareholders which was paid on February 26, 2026.
The non-controlling shareholders of RGI received dividends of $2,799 from the dividends described above in the six-months period ended June 30, 2026.
| 10. |
Financial Instruments:
|
The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis.
This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same
guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:
| • |
Level 1: Quoted market prices in active markets for identical assets or liabilities;
|
|
•
|
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data;
|
|
•
|
Level 3: Unobservable inputs that are not corroborated by market data
|
| (a) |
Significant Risks and Uncertainties, including Business and Credit Concentration
|
The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions.
The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing
ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.
| (b) |
Fair Value of Financial Instruments
|
The fair values of the financial instruments shown in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025,
represent management’s best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value
measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about
the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances.
F-16
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
The following methods and assumptions were used to estimate the fair value of each class of financial instruments:
| a. |
Cash and cash equivalents, restricted cash, accounts receivable trade, other current assets, prepaid expenses, trade accounts and other payables and accrued liabilities: the carrying amounts approximate
fair value because of the short maturity of these instruments. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current.
|
| b. |
Long-term debt and other financial liabilities: The carrying value of long-term debt and other financial liabilities with variable interest rates approximates the fair value as the long-term debt
and other financial liabilities bear interest at floating interest rate.
|
| c. |
The aggregate fair value of the Exelixsea (classified as “Vessels held for sale” in the accompanying unaudited interim condensed consolidated balance
sheet as of June 30, 2026) on the sale agreement was determined to be its carrying amount of $
|
| d. |
The fair value as of the acquisition date of $
|
| 11. |
Commitments and Contingencies:
|
Contingencies
Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course
of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. As of June 30, 2026, management is not aware of any
material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been established in the accompanying unaudited interim condensed consolidated financial statements.
The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to
reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed
consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of
P&I Clubs.
Commitments
The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the
lease terms and termination clauses. The Company’s time charters duration is approximately 10 to 24 months, except for a voyage trip of the Exelixsea. In addition, the time charters contain termination
clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these
variable lease payments to fixed based on the prevailing Capesize and Panamax forward freight agreement rates.
As at June 30, 2026, the Company operates most of its vessels under time charter agreements, considered as operating leases accounted for as
per ASC 842 requirements.
F-17
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time
charter contracts as at June 30, 2026. For index-linked time charter contracts the calculation was made using the charter rates that prevail at the balance sheet date for index-linked time charters and the fixed rates for fixed periods time
charters (these amounts do not include any assumed off-hire).
|
Twelve-month period ending June 30,
|
Amount
|
|||
|
2027
|
|
|||
| 2028 |
||||
|
Total
|
|
|||
As at June 30, 2026, the Company has an option to purchase the Dukeship at the end of 18-month bareboat charter for $22,050 (Note 6).
| 12. |
Capital Structure:
|
Details of the Company’s common stock and warrants are discussed in Note 11 of the consolidated financial statements for the year ended December 31, 2025,
included in the Company’s 2025 Annual Report on Form 20-F filed with the SEC on April 8, 2026 and are supplemented by the below new activities into the six-month period ended June 30, 2026.
| i) |
Dividends
|
On May 20, 2026 , the Company declared a dividend
of $0.10 per common share for the first quarter of 2026 to all shareholders of record as of June 29, 2026 (Note 17). The dividend amounted to $954
was paid on July 10, 2026 and is included in “Dividends payable” in the accompanying condensed consolidated balance sheets.
On March 10, 2026 , the Company
declared a regular quarterly cash dividend of $0.10 per common share for the fourth quarter of 2025 to all shareholders of record as
of March 27, 2026 . The dividend amounted to $954 and was paid on April 10, 2026 .
OnJanuary 9, 2026 , the Company paid a regular quarterly cash dividend of $818 for the third quarter of 2025 to all shareholders of record as of December 29, 2025 .
Total dividends declared in the six-months period ended June 30, 2026 amounted to $1,908 .
On
Total dividends declared in the six-months period ended June 30, 2026 amounted to $
| ii) |
Warrants
|
During the six-month period ended June 30, 2026, no shares were issued from Class A warrants’ exercises. As of June 30, 2026, 6,962,770 Class A
warrants remained outstanding. The exercise price of the Class A warrants is $2.25 per common share. All warrants are classified in
equity, according to the Company’s accounting policy. The warrants contain a cashless exercise provision, whereby if at the time of exercise, there is no effective registration statement, then the warrants can be exercised by means of a
cashless exercise as disclosed in the warrant’s agreement.
As of June 30, 2026, the number of common shares that can potentially be issued under the outstanding Class A warrants were 6,962,770 .
| iii) |
Common stock buybacks
|
During the six-month period ended June 30, 2026, the Company repurchased 9,506 of its outstanding common shares at an average price of approximately $1.74
per share for a total of $17 , inclusive of commissions and fees. All the repurchased shares were cancelled and restored to the
status of authorized but unissued shares as of June 30, 2026.
F-18
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
| 13. |
Vessel Revenue, net and Voyage Expenses:
|
The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). The following table
presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2026 and 2025:
|
June 30,
2026
|
June 30,
2025
|
|||||||
| Vessel revenues from spot charters, net of commissions |
|
|||||||
|
Vessel revenues from time charters, net of commissions
|
|
|
||||||
|
Total
|
|
|
||||||
Demurrage income for the six-month period ended June 30, 2026 and 2025 was $ and $118 , respectively.
For the six-month period ended June 30, 2026 and 2025, the amortization of the below market acquired time charters amounted to $163 and $ and accounted as an
addition to “Vessel revenue, net”. As of June 30, 2026 and December 31, 2025, the below market acquired time charters amounted to $259
and $, respectively, and are presented under “Liabilities assumed from time charter attached” in the accompanying condensed
consolidated balance sheets.
As of June 30, 2026 and December 31, 2025, the trade accounts receivable was $1,064 and $1,421 , respectively, and related to time charters.
Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when
the associated revenue is recognized under the contract in periods after such date. Deferred revenue as of June 30, 2026 and December 31, 2025 was $814
and $415 , respectively, and relates entirely to ASC 842. As of June 30, 2026 and December 31, 2025, an amount of $ and $15 , respectively, related to
ballast bonus payments made by charterers for the ballast trip which are deferred and recognized on a straight line over the charter period.
As of June 30, 2026 and December 31, 2025, an amount of $ and $163 , respectively, included in “Deferred revenue” and related to
time charter arrangements which were treated as lease modification and not accounted for as separate contract.
Charterers individually accounting for more than 10% of revenues for the six-month periods ended June 30, 2026 and 2025 were:
|
Customer
|
2026
|
2025
|
||
|
A
|
|
|
|
|
|
B
|
|
|
|
|
|
C
|
|
|
|
|
|
D
|
|
|
|
|
| E | ||||
| F |
||||
| G |
||||
|
Total
|
|
|
|
F-19
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
Voyage Expenses
The following table presents the Company’s statement of operations’ figures derived from time charters and for unfixed periods for the period from
for the six-month periods ended June 30, 2026 and 2025:
|
June 30,
2026
|
June 30,
2025
|
|||||||
|
Voyage expenses from time charters
|
|
|
||||||
| Voyage expenses from spot charters |
|
|
||||||
|
Voyage expenses for unfixed periods
|
|
|
||||||
|
Total
|
|
|
||||||
| 14. |
Interest and Finance Costs:
|
Interest and finance costs are analyzed as follows:
|
June 30,
2026
|
June 30,
2025
|
|||||||
|
Interest on long-term debt and other financial liabilities
|
|
|
||||||
|
Interest on finance lease liability
|
|
|
||||||
|
Amortization of debt finance costs and debt discounts
|
|
|
||||||
|
Other
|
|
|
||||||
|
Total
|
|
|
||||||
| 15. |
Earnings / (loss) per Share:
|
The calculation of earnings / (loss) per common share is summarized below:
|
June 30,
2026
|
June 30,
2025
|
|||||||
|
Net income / (loss)
|
$
|
|
$
|
(
|
)
|
|||
|
Less: Net income / (loss) attributable to non-controlling interest
|
( |
) | ||||||
|
Net income / (loss) attributable to common shareholders, basic and diluted
|
$
|
|
$
|
(
|
)
|
|||
|
|
||||||||
|
Weighted average number of common shares outstanding, basic
|
||||||||
|
Weighted average number of common shares outstanding, diluted
|
||||||||
|
|
||||||||
|
Earnings / (loss) per share attributable to common shareholders, basic and diluted
|
$ | $ | ( |
) | ||||
F-20
United Maritime Corporation
Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)
The Company calculates basic earnings / (loss) per share in conformity with the two-class method required for companies with participating
securities. The calculation of basic earnings / (loss) per share does not consider the non-vested shares as outstanding until the time-based vesting restrictions have lapsed. For the six-month period ended June 30, 2026, the treasury
stock method is used to calculate earnings / (loss) per share since the effect of shares issued under the Company’s equity incentive plan (Note 16) is
more dilutive than the two-class method. For the six-month period ended June 30, 2026, undistributed income to non-vested participating securities was not calculated, because doing so would result in undistributed losses.
For the six-month period ended June 30, 2026, unexercised warrants were included in the computation of diluted shares that were in-the-money.
| 16. |
Equity Incentive Plan:
|
Details of the Company’s Equity Incentive Plan are discussed in Note 16 of the consolidated financial statements for the year ended December 31, 2025, included
in the Company’s 2025 Annual Report on Form 20-F filed with the SEC on April 8, 2026 and are supplemented by the below new activities into the six-month period ended June 30, 2026.
On March 9, 2026, the Compensation Committee of our board of directors approved a further amendment and restatement of our 2022 Equity Incentive Plan to increase the aggregate number of
common shares reserved for issuance under the plan to 500,000 shares. On the same date, the Compensation Committee granted
an aggregate of 464,000 restricted shares of common stock pursuant to the Plan. Of the total 464,000 common shares issued on March 9, 2026, 340,000
common shares were granted to the members of the Company’s board of directors and 124,000 common shares were granted to
certain of the Company’s service providers and to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $2.07 . 115,000 shares vested on the date of the
issuance, March 9, 2026, 154,000 shares will vest on September 9, 2026, 117,000 shares will vest on April 9, 2027 and 78,000
shares will vest on September 9, 2027.
The related expense for shares granted to the Company’s Board of Directors and certain of its service providers for the six-month period ended June 30, 2026 and 2025, amounted to $573 and $300 ,
respectively, and is included under “General and administration expenses” in the Company’s unaudited interim condensed consolidated statements of operations. The related expense for shares granted to non-employees for the six-months
periods ended June 30, 2026 and 2025, amounted to $18 and $9 , respectively, and is included under “Voyage expenses”.
The unrecognized cost for the non-vested shares granted to the Company’s Board of Directors and certain of its service providers (Note 3) as of June 30, 2026 and
December 31, 2025 amounted to $423 and $53 , respectively. On June 30, 2026, the weighted-average period over which the total compensation cost related to non-vested awards granted to the Company’s Board of Directors and
certain of its service providers not yet recognized is expected to be recognized is 1.19 years.
| 17. |
Subsequent Events
|
On July 10, 2026 , the Company paid a regular quarterly cash dividend of $954 for the first quarter of 2026 to all shareholders of record as of June 29, 2026
(Note 12).
On July 29, 2026 , the Company declared a regular
quarterly cash dividend of $0.10 per common share for the second quarter of 2026 payable on or about October 9, 2026 to all shareholders of record as of September 25, 2026 .
On August 3, 2026, the Company entered into a memorandum of agreement with Village Seven, as sellers, for the exercise of the purchase option for the Exelixsea pursuant to the Village Seven Sale and Leaseback.
F-21