Welcome to our dedicated page for United Maritime Corporation news (Ticker: USEA), a resource for investors and traders seeking the latest updates and insights on United Maritime Corporation stock.
United Maritime Corporation (NASDAQ: USEA) is a global shipping company specializing in the seaborne transportation of dry bulk commodities. The company operates a diverse fleet comprising one LR2 tanker vessel and eight dry bulk vessels, including three Capesize, two Kamsarmax, and three Panamax vessels. These vessels collectively provide an impressive cargo-carrying capacity of approximately 1,004,289 deadweight tons (dwt).
United Maritime's core business revolves around transporting essential commodities across the world, ensuring the smooth operation of global trade. The company has developed a robust operational framework, allowing it to efficiently manage its fleet and deliver reliable services to its clients.
In recent times, United Maritime has achieved significant milestones, including the successful sale-and-leaseback transaction that enhanced its liquidity position and allowed fleet expansion potential. The transaction enabled the company to refinance an existing $13 million loan facility, with an option to repurchase the vessel after the first two years.
Financially, United Maritime has shown resilience and growth. For the year 2023, the company recorded net revenues of $36.1 million, reflecting a 58% increase compared to 2022. Despite facing higher voyage expenses and finance costs, the company's fleet earned an average daily Time Charter Equivalent (TCE) rate of about $15,400 in 2023.
In the fourth quarter of 2023, United Maritime's net revenues amounted to $11.6 million, with an adjusted EBITDA of $4.6 million. Although the company faced a quarterly loss of $0.7 million, it maintained a dividend of $0.075 per share, which corresponds to a solid 11% annualized yield. This consistent dividend payment demonstrates the company's commitment to rewarding its shareholders.
Looking ahead, United Maritime is optimistic about its financial performance in 2024. The company anticipates further growth in fleet daily TCE earnings, driven by favorable market conditions and strategic management. Concurrently, it is securing higher rates for some ownership days in the second quarter, compared to the first quarter.
CEO Stamatis Tsantanis has expressed confidence in the company's future, stating, "The healthy dry bulk market seen so far in the first quarter seems to be sustainable through the rest of the year. With our fleet consisting of three Capesize, three Kamsarmax, and three Panamax vessels, we are well-positioned to capitalize on the strong dry bulk market of the past decade."
United Maritime Corporation continues to grow and adapt to market conditions, strengthening its fleet and maintaining a balanced approach to capital allocation. The company’s strategic focus on transition towards larger dry bulk vessels is expected to yield substantial returns, further securing its position in the global shipping industry.
For the latest updates and further information, please contact United Investor Relations at ir@usea.gr or Capital Link, Inc.'s Paul Lampoutis at usea@capitallink.com.
United Maritime (NASDAQ: USEA) reported Q3 2024 financial results with net revenues of $11.6 million and a net loss of $0.9 million. The company declared a quarterly cash dividend of $0.075 per share, marking its eighth consecutive quarterly distribution. Key developments include fleet enhancement with a 2016-built Kamsarmax vessel acquisition, share buybacks worth $0.4 million in Q3, and securing $48.3 million in financings year-to-date. The fleet's Time Charter Equivalent rate was $16,365 per day in Q3 2024, with cash and equivalents standing at $11.4 million and shareholders' equity at $62.5 million as of September 30, 2024.
United Maritime (NASDAQ: USEA) has announced it will release its financial results for the third quarter and nine months ended September 30, 2024. The results will be published before the market opens in New York on Tuesday, November 26, 2024.
United Maritime (NASDAQ: USEA) reported its Q2 2024 and H1 2024 financial results, showing significant improvements. Q2 2024 net revenues were $12.4 million, up from $10.0 million in Q2 2023. The company achieved a net income of $0.7 million compared to a net loss of $3.0 million in the same quarter last year. Adjusted EBITDA increased to $6.3 million from $2.0 million.
For H1 2024, net revenues reached $23.0 million, a notable rise from $12.8 million in H1 2023. Although the company reported a net loss of $0.7 million, it is a significant improvement from the $7.9 million net loss in H1 2023. Adjusted EBITDA for H1 2024 was $10.0 million, up from $0.6 million.
United Maritime declared a quarterly dividend of $0.075 per share, marking its seventh consecutive dividend. The company also highlighted new investment initiatives, including a minority investment in an offshore energy construction vessel project and participation in a tanker time-charter agreement.
United Maritime (NASDAQ: USEA) has announced the release date for its Q2 and H1 2024 financial results. The company will publish its earnings before the market opens on Tuesday, August 6, 2024. Following the release, United's senior management will host a conference call and webcast at 12:00 p.m. Eastern Time on the same day to discuss the results.
Investors and interested parties can access the live webcast through the company's website. Participants are advised to register approximately 10 minutes before the webcast starts. For those unable to attend the live event, an archived version will be available in the Investors section of United's website. Additionally, a conference call option is provided, with participants having the choice to register using a provided link or add their phone number for an immediate callback.
United Maritime reported its Q1 2024 financial results, showing a net revenue increase to $10.6 million from $2.8 million in Q1 2023. The company reduced its net loss to $1.3 million from $4.9 million, and its adjusted EBITDA improved to $3.7 million from a negative $1.5 million. United declared a quarterly cash dividend of $0.075 per share. The company also announced fleet developments, including the acquisition of a 2016-built Japanese Kamsarmax and the profitable sale of a 2010-built Chinese Kamsarmax. Additionally, United secured an $18 million sale and leaseback arrangement, contributing to total financings of $31.8 million year-to-date. As of March 31, 2024, United's cash equivalents stood at $9.8 million, shareholders' equity at $64 million, and long-term debt at $93.5 million. The company forecasts a favorable market outlook for its mixed fleet of Panamax and Capesize vessels.
United Maritime (NASDAQ: USEA) has announced the release date for its financial results for the first quarter ended March 31, 2024. The results will be disclosed on Friday, May 24, 2024, before the market opens in New York. United Maritime is a company based in Glyfada, Greece, and this announcement was made on May 21, 2024.
FAQ
What is the current stock price of United Maritime Corporation (USEA)?
What is the market cap of United Maritime Corporation (USEA)?
What does United Maritime Corporation specialize in?
How many vessels does United Maritime operate?
What is the total cargo-carrying capacity of United Maritime's fleet?
How did United Maritime perform financially in 2023?
What strategic transaction did United Maritime complete recently?
What is United Maritime's dividend policy?
Who should I contact for further information about United Maritime?
What future financial performance does United Maritime anticipate?
What is the company's strategic focus for the future?
How does United Maritime reward its shareholders?
