Delivers 13th Consecutive Quarterly Dividend;
| Highlights | |||||||||
| (in million USD, except LPS) | Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Net Revenues | |||||||||
| Net Loss | ( | ( | ( | ( | |||||
| Adjusted Net Loss1 | ( | ( | ( | ( | |||||
| EBITDA1 | ( | ||||||||
| Adjusted EBITDA1 | |||||||||
| Loss per share Basic & Diluted | ( | ( | ( | ( | |||||
| Adjusted loss per share Basic1 & Diluted1 | ( | ( | ( | ( | |||||
__________________
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
Other Highlights and Developments:
- Strategic Fleet Expansion with Investment of Approximately
$62.0 Million to Acquire Two Capesizes Contributing to Enhanced Earnings and Free Cash Flow- Re-Initiates Capesize exposure through the delivery of the 2010-built Capesize M/V Dukeship under an 18-month bareboat charter, significantly enhancing earnings visibility.
- Expands further with the agreement to acquire the 2010-built scrubber-fitted Capesize M/V Squireship, from Seanergy Maritime Holdings Corp. (“Seanergy”), with expected delivery in April-
June 2026 .
- Portfolio Optimization and Capital Reallocation Releasing Approximately
$21.0 Million - Agreed to sell the 2009-built Kamsarmax M/V Cretansea for
$14.7 million , generating approximately$6.0 million in net cash proceeds after debt repayment. - Monetized investment in Offshore Energy Construction Vessel project for approximately €13.0 million, realizing a profit of approximately €1.7 million and a return on invested capital of approximately 15%.
- Agreed to sell the 2009-built Kamsarmax M/V Cretansea for
- Consistent Shareholder Returns:
- Declared 13th consecutive quarterly cash dividend of
$0.10 per share. - Since initiating our capital return program in
November 2022 , United has declared total cash dividends of approximately$1.84 per share in cumulative distributions. - Repurchased 67,665 common shares from Q4 2025 to date at an average price of
$1.67 per share.
- Declared 13th consecutive quarterly cash dividend of
GLYFADA,
For the quarter ended
For the full year 2025, the Company generated Net Revenues of
Cash and cash-equivalents and restricted cash as of
“During the fourth quarter and into early 2026,
“We are pleased to declare our 13th consecutive quarterly dividend, a milestone that reflects our commitment for capital returns. Since initiating our dividend program in
“A central pillar of our 2025–2026 strategy has been disciplined capital reallocation: divesting lower-returning assets and redeploying proceeds into higher-earning Capesize exposure. In early 2026, we agreed to sell the 2009-built Kamsarmax M/V Cretansea for
“In February, we took delivery of the 2010-built Capesize M/V Dukeship under an 18-month bareboat charter at a daily hire of
“Operationally, our fourth quarter TCE of
“On the financing front, we successfully completed a sale and leaseback agreement to fund the purchase option associated with the 2016 built Kamsarmax, M/V Nisea. The vessel has been sold and chartered back over a five-year period at terms that we believe reflect United Maritime’s strengthening credit profile and increasing institutional recognition, further evidencing our growing access to competitive capital.
“Market conditions in early 2026 have been constructive, with healthy cargo flows offsetting typical seasonal headwinds. Robust grain exports and resilient coal and iron ore volumes have supported rate levels across vessel classes. Supply-side dynamics remain favorable: the dry bulk orderbook is at historically low levels, and constrained global shipyard capacity continues to limit new vessel deliveries. While geopolitical uncertainties, including ongoing tensions in the
“With a strengthened fleet, improved earnings visibility, a proven track record of consistent capital returns, and growing financial flexibility,
Current Company Fleet:
| Sector | Capacity (DWT) | Year Built | Yard | Employment Type | Minimum | Maximum | |
| Dukeship(3) | Dry Bulk / Capesize | 181,453 | 2010 | Sasebo | T/C Index Linked(2) | Jan-27 | Mar-27 |
| Nisea | Dry Bulk / Kamsarmax | 82,235 | 2016 | Oshima | T/C Index Linked(2) | Aug-26 | Oct-26 |
| Cretansea(4) | Dry Bulk / Kamsarmax | 81,508 | 2009 | Universal | T/C Index Linked(2) | Oct-26 | Feb-27 |
| Chrisea | Dry Bulk / Panamax | 78,173 | 2013 | T/C Index Linked(2) | Mar-27 | Jul-27 | |
| Synthesea | Dry Bulk / Panamax | 78,020 | 2015 | Sasebo | T/C Index Linked(2) | Jul-26 | Oct-26 |
| Exelixsea | Dry Bulk / Panamax | 76,361 | 2011 | Oshima | T/C Index Linked(2) | Jun-26 | Sep-26 |
| Total/Average age | 577,750 | 13.6 years |
| (1) | The latest redelivery dates do not include any additional optional periods. |
| (2) | “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 period of minimum 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 “First Quarter 2026 TCE Rate Guidance”. |
| (3) | 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. |
| (4) | The vessel is expected to be delivered to her new owners by |
Fleet Data:
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Ownership days (1) | 460 | 736 | 2,470 | 2,875 | ||||
| Operating days (2) | 449 | 733 | 2,412 | 2,778 | ||||
| Fleet utilization (3) | 97.6 | % | 99.6 | % | 97.7 | % | 96.6 | % |
| TCE rate (4) | ||||||||
| Daily Vessel Operating Expenses (5) |
| (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 |
(In thousands of
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |
| Vessel revenue, net | 6,592 | 10,832 | 37,785 | 45,439 |
| Less: Voyage expenses | 248 | 388 | 5,066 | 1,771 |
| Time charter equivalent revenues | 6,344 | 10,444 | 32,719 | 43,668 |
| Operating days | 449 | 733 | 2,412 | 2,778 |
| TCE rate |
| (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
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |
| Vessel operating expenses | 2,946 | 4,571 | 15,655 | 19,745 |
| Less: Pre-delivery expenses | - | 109 | - | 724 |
| Vessel operating expenses before pre-delivery expenses | 2,946 | 4,462 | 15,655 | 19,021 |
| Ownership days | 460 | 736 | 2,470 | 2,875 |
| Daily Vessel Operating Expenses | ||||
Net Loss to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Net loss | (3,773 | ) | (1,821 | ) | (6,214 | ) | (3,383 | ) |
| Interest and finance costs, net | 1,074 | 2,110 | 6,203 | 8,102 | ||||
| Depreciation and amortization | 1,999 | 3,715 | 10,816 | 13,430 | ||||
| EBITDA | (700 | ) | 4,004 | 10,805 | 18,149 | |||
| Stock based compensation | 56 | 111 | 483 | 779 | ||||
| Impairment loss | 2,142 | 828 | 2,142 | 828 | ||||
| Loss on extinguishment of debt | - | - | 640 | 397 | ||||
| Gain on consolidation | - | - | (1,268 | ) | - | |||
| Loss on equity method investment | 36 | 142 | 86 | 142 | ||||
| Adjusted EBITDA | 1,534 | 5,085 | 12,888 | 20,295 |
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
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
Net Loss and Adjusted Net Loss Reconciliation and calculation of Adjusted Loss Per Share
(In thousands of
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Net loss | (3,773 | ) | (1,821 | ) | (6,214 | ) | (3,383 | ) |
| Stock based compensation | 56 | 111 | 483 | 779 | ||||
| Impairment loss | 2,142 | 828 | 2,142 | 828 | ||||
| Loss on extinguishment of debt | - | - | 640 | 397 | ||||
| Gain on consolidation | - | - | (1,268 | ) | - | |||
| Loss on equity method investment | 36 | 142 | 86 | 142 | ||||
| Adjusted net loss | (1,539 | ) | (740 | ) | (4,131 | ) | (1,237 | ) |
| Adjusted net loss – common stockholders | (1,542 | ) | (740 | ) | (4,105 | ) | (1,237 | ) |
| Adjusted loss per common share, basic and diluted | (0.17 | ) | (0.09 | ) | (0.46 | ) | (0.14 | ) |
| Weighted average number of common shares outstanding, basic and diluted | 8,940,385 | 8,676,767 | 8,866,523 | 8,711,951 |
To derive Adjusted Net Loss and Adjusted Net Loss Per Share, both non-GAAP measures, from Net loss, we exclude certain non-cash items, as provided in the table above. We believe that Adjusted Net Loss and Adjusted Net 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, impairment loss, 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 Loss and Adjusted Net Loss Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
First Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately 92% of the Company fleet’s expected operating days in the first quarter of 2026 have been fixed at an estimated TCE rate of approximately
__________________
2 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 TCE rate assumed for the remaining operating days of the quarter for an index-linked
The following table provides the breakdown of index-linked charters and fixed-rate charters in the first quarter of 2026:
| Operating Days | TCE Rate | ||
| TCE - fixed rate (index-linked conversions) | 258 | ||
| TCE – index-linked | 216 | ||
| Total / Average | 474 | $15,230 | |
Fourth Quarter and Recent Developments:
Dividend Distribution for Q3 2025 and Declaration of Q4 2025 Dividend
On
The Company has declared a cash dividend of
Buyback of Common Shares – 3rd Repurchase Plan
During the fourth quarter of 2025 to date, the Company repurchased 67,665 common shares in open market transactions at an average price of
Vessel transactions and commercial updates
Sale of M/V Cretansea
In
Acquisition of a Japanese Capesize Vessel through Bareboat Charter Agreement
In
Acquisition of M/V Squireship
In
The acquisition will be financed through a combination of debt financing and proceeds generated from recent asset monetization initiatives, including the agreed sale of the M/V Cretansea and the divestment of the Company’s equity interest in the offshore energy construction vessel project.
Investing & Financing Updates
Offshore Sector
In
In
Conference Call:
The Company’s management will host a conference call to discuss the financial results today,
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.
Unaudited Condensed Consolidated Balance Sheets (In thousands of | ||||||
2025 | 2024* | |||||
| ASSETS | ||||||
| Cash and cash equivalents and restricted cash | 14,564 | 6,762 | ||||
| Vessels, net, Right-of-use assets and Vessel held for sale | 99,885 | 153,029 | ||||
| Other assets | 24,232 | 12,282 | ||||
| TOTAL ASSETS | 138,681 | 172,073 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 64,839 | 97,723 | ||||
| Other liabilities | 17,376 | 14,262 | ||||
| Stockholders’ equity | 56,466 | 60,088 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 138,681 | 172,073 | ||||
* Derived from the audited consolidated financial statements as of the period as of that date
Unaudited Condensed Consolidated Statements of Operations (In thousands of | ||||||||||
| Three months ended | Twelve months ended | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||
| Vessel revenue, net | 6,592 | 10,832 | 37,785 | 45,439 | ||||||
| Expenses: | ||||||||||
| Voyage expenses | (248 | ) | (388 | ) | (5,066 | ) | (1,771 | ) | ||
| Vessel operating expenses | (2,946 | ) | (4,571 | ) | (15,655 | ) | (19,745 | ) | ||
| Management fees | (376 | ) | (572 | ) | (2,028 | ) | (2,263 | ) | ||
| General and administration expenses | (1,678 | ) | (745 | ) | (4,306 | ) | (4,010 | ) | ||
| Depreciation and amortization | (1,999 | ) | (3,715 | ) | (10,816 | ) | (13,430 | ) | ||
| Impairment loss for vessels | (2,142 | ) | (828 | ) | (2,142 | ) | (828 | ) | ||
| Gain on sale of vessels | - | - | 1,773 | 1,426 | ||||||
| Operating (loss) / income | (2,797 | ) | 13 | (455 | ) | 4,818 | ||||
| Other income / (expenses): | ||||||||||
| Interest and finance costs | (1,187 | ) | (2,168 | ) | (6,373 | ) | (8,416 | ) | ||
| Interest and finance costs – related party | - | - | (48 | ) | - | |||||
| Interest income | 113 | 58 | 218 | 314 | ||||||
| Loss on extinguishment of debt | - | - | (640 | ) | (397 | ) | ||||
| Gain on consolidation | - | - | 1,268 | - | ||||||
| Loss on equity method investment | (36 | ) | (142 | ) | (86 | ) | (142 | ) | ||
| Other income | 151 | 309 | 151 | 311 | ||||||
| Other, net | (17 | ) | 109 | (249 | ) | 129 | ||||
| Total other expenses, net: | (976 | ) | (1,834 | ) | (5,759 | ) | (8,201 | ) | ||
| Net loss | (3,773 | ) | (1,821 | ) | (6,214 | ) | (3,383 | ) | ||
| Net loss attributable to common shareholders | (3,776 | ) | (1,821 | ) | (6,188 | ) | (3,383 | ) | ||
| Net loss per common share, basic and diluted | (0.42 | ) | (0.21 | ) | (0.70 | ) | (0.39 | ) | ||
| Weighted average number of common shares outstanding, basic and diluted | 8,940,385 | 8,676,767 | 8,866,523 | 8,711,951 | ||||||
Unaudited Condensed Consolidated Cash Flow Data (In thousands of | |||||
| Twelve months ended | |||||
| 2025 | 2024 | ||||
| Net cash provided by operating activities | 2,212 | 3,264 | |||
| Net cash provided by investing activities | 40,431 | 7,949 | |||
| Net cash used in financing activities | (34,841 | ) | (18,952 | ) | |
About
The Company is incorporated under the laws of the Republic of the
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 the share repurchases, 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
For further information please contact:
United Investor Relations
Tel: +30 213 0181 522
E-mail: ir@usea.gr
Capital
Paul Lampoutis
230 Park Avenue Suite 1540
Tel: (212) 661-7566
E-mail: usea@capitallink.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f2240e3d-6bda-4c2e-a79a-02abc474cb51
MV CHRISEA
