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 Corporation (USEA) reported strong financial results for the fourth quarter of 2022, with a net income of $36.5 million and adjusted net income of $39.8 million. The company generated $14.9 million in net revenues and an EBITDA of $38.9 million. Earnings per share were $4.86 (basic) and $3.55 (diluted). The total cash, cash equivalents, and restricted cash as of December 31, 2022, reached $69.9 million, with shareholders' equity of $64.6 million. The company initiated a quarterly dividend of $0.075 per share and commenced a second investment cycle totaling $98 million for the acquisition of five dry bulk vessels.
United Maritime Corporation (USEA) will announce its fourth-quarter financial results on February 22, 2023, before market open. This report will cover the period from the start of operations on July 6, 2022, to December 31, 2022. Following the earnings release, management will host a conference call at 10:00 A.M. ET on the same day, which will be accessible via the company's website. Currently, United operates a fleet of 1 LR2 tanker and 2 Capesize dry bulk vessels, with plans to expand to 7 vessels through recent acquisitions, totaling a cargo carrying capacity of 877,320 dwt.
United Maritime Corporation (NASDAQ: USEA) has entered into agreements to acquire two Kamsarmax dry bulk vessels for a total price of $39.2 million, supported by cash reserves and new credit facilities. The vessel M/V Cretansea, built in 2009, is set for delivery by April 2023, while the M/V Oasea, built in 2010, is expected by mid-April. Additionally, United has a bareboat charter for a Japanese Panamax vessel with an option to purchase for $12.36 million. These strategic moves aim to expand their fleet and capitalize on favorable market conditions, with total investments in dry bulk exceeding $98 million.
United Maritime Corporation (NASDAQ: USEA) has announced its participation in Capital Link's Corporate Presentation Webinar Series set for January 19, 2023, at 10:00 AM ET. During the event, the company's senior management, including CEO Stamatis Tsantanis and CFO Stavros Gyftakis, will discuss the company's operations, business development, and growth prospects. Participants can register for the webinar through the provided link and submit questions during the live session. United Maritime operates a fleet that will expand to four vessels, increasing its capacity to 635,422 dwt after recent acquisitions.
United Maritime Corporation (NASDAQ: USEA) has successfully delivered the 2008-built LR2 product tanker, M/T Minoansea, to its new owners. The Company also announced agreements to acquire two Capesize vessels from Seanergy Maritime Holdings for a total of $36.25 million, based on independent broker valuations. The acquisitions are expected to be completed in Q1 2023. This strategic move is designed to enhance shareholder value, with the Chairman stating that cash equivalents will exceed $4.5 per share post-acquisition, aligning with their counter-cyclical investment strategy.
United Maritime Corporation (NASDAQ: USEA) announced the sale of its LR2 product tanker, the MT Minoansea, for a gross price of $39 million. The transaction is set to close by the end of December 2022, achieving a premium of over 100% of the vessel's acquisition price. The sale contributes to a cumulative profit of approximately $38 million from three tanker sales, representing 130% of the company's market capitalization. Following this sale, United will pay a special dividend of $1 per share and maintain cash equivalents estimated at $8.8 per share.
United Maritime Corporation (NASDAQ: USEA) has announced a special cash dividend of $1.00 per share, with the ex-dividend date set for January 11, 2023. Shareholders of record as of December 12, 2022, will receive this payment on January 10, 2023. The company emphasizes that the dividend is non-recurring and depends on several factors, including earnings and financial condition. United Maritime operates a fleet consisting of two tanker vessels and one dry bulk vessel, with a total cargo capacity of approximately 389,778 dwt.
United Maritime Corporation (NASDAQ: USEA) has declared a special cash dividend of $1.00 per common share, payable on January 10, 2023, to shareholders on record as of December 12, 2022. This dividend represents approximately 33% of the company's market cap as of November 28, 2022, following the profitable sale of the M/T Bluesea and M/T Parosea at a significant premium. The company maintains a strong cash position, exceeding $4.3 per share post-distribution. This strategic decision aligns with the company's policy to reward shareholders upon monetization of investments.
United Maritime Corporation (USEA) reported financial results for its initial operating period from July 6 to September 30, 2022. The company generated net revenues of $7.9 million and net income of $1.0 million, with an EBITDA of $2.9 million. They achieved a gain of $19 million from selling two Aframax vessels, significantly outpacing purchase costs. The cash reserves stood at $21.2 million, while debt totaled $76.3 million. The company initiated stock buybacks totaling $16 million, reducing share count by 24%. Looking ahead, they expect a TCE of $33,200 for Q4 2022.
United Maritime Corporation (NASDAQ: USEA) will announce its financial results for the period ending September 30, 2022, before the market opens on November 16, 2022. A conference call will follow at 10:00 a.m. ET to discuss these results. Post completion of an Aframax sale, the company will operate two tanker vessels and one dry bulk vessel, totaling approximately 389,778 dwt in cargo capacity. Investors can access the live audio webcast through the company's website.
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