Highlights
(in million USD, except LPS)
Q4 2025
Q4 2024
12M 2025
12M 2024
Net Revenues
$6.6
$10.8
$37.8
$45.4
Net Loss
($3.8)
($1.8)
($6.2)
($3.4)
Adjusted Net Loss1
($1.5)
($0.7)
($4.1)
($1.2)
EBITDA1
($0.7)
$4.0
$10.8
$18.1
Adjusted EBITDA1
$1.5
$5.1
$12.9
$20.3
Loss per share Basic & Diluted
($0.42)
($0.21)
($0.70)
($0.39)
Adjusted loss per share Basic1 & Diluted1
($0.17)
($0.09)
($0.46)
($0.14)
__________________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.
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%.
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.
GLYFADA, Greece, March 12, 2026 (GLOBE NEWSWIRE) -- United Maritime Corporation ("United" or the "Company") (NASDAQ:USEA), announced today its financial results for the fourth quarter and twelve months ended December 31, 2025. The Company also declared a quarterly dividend of $0.10 per common share for the fourth quarter of 2025, with total cash dividend for 2025 of $0.23 per common share.
For the quarter ended December 31, 2025, the Company generated Net Revenues of $6.6 million compared to $10.8 million in the fourth quarter of 2024. Net Loss and Adjusted Net Loss for the quarter were $3.8 million and $1.5 million, respectively, compared to Net Loss of $1.8 million and Adjusted Net Loss of $0.7 million in the fourth quarter of 2024. Adjusted EBITDA for the quarter was $1.5 million, compared to $5.1 million for the same period of 2024. The Time Charter Equivalent ("TCE") rate of the fleet for the fourth quarter of 2025 was $14,129 per day, compared to $14,248 in the same period of 2024.
For the full year 2025, the Company generated Net Revenues of $37.8 million, compared to $45.4 million in the same period of 2024. Net Loss and Adjusted Net Loss for the period were $6.2 million and $4.1 million, respectively, compared to Net Loss of $3.4 million and Adjusted Net Loss of $1.2 million in the respective period of 2024. Adjusted EBITDA for the twelve months was $12.9 million, compared to $20.3 million for the same period of 2024. The TCE rate of the fleet for the twelve-month period of 2025 was $13,565 per day compared to $15,719 in the same period of 2024. The average daily OPEX was $6,338 compared to $6,616 of the respective period of 2024.
Cash and cash-equivalents and restricted cash as of December 31, 2025, stood at $14.6 million. Shareholders' equity at the end of the fourth quarter was $56.5 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $64.8 million as of December 31, 2025. The book value of our fleet as of December 31, 2025, stood at approximately $100.0 million, including one chartered-in Kamsarmax vessel.
Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"During the fourth quarter and into early 2026, United Maritime executed a series of strategic actions that meaningfully strengthened our earnings power, improved balance sheet flexibility, and positioned the Company for enhanced shareholder value creation.
"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 November 2022, United has declared cumulative cash dividends of approximately $1.84 per share. With stronger cash generation now secured through recently contracted fleet employment, we are confident in our ability in the near-medium term to sustain a competitive level of distributions while preserving the financial flexibility to pursue accretive growth opportunities.
"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 $14.7 million, generating approximately $6.0 million in net cash proceeds after debt repayment. We also agreed to exit our investment in the offshore energy construction vessel project, realizing proceeds of approximately €13.0 million, a profit of approximately €1.7 million, and a return on invested capital of approximately 15%. These two agreed sales combined are expected to release approximately $21.0 million in net liquidity.
"In February, we took delivery of the 2010-built Capesize M/V Dukeship under an 18-month bareboat charter at a daily hire of $9,450. The vessel is employed at a fixed gross daily rate of approximately $29,300 through year-end 2026, providing immediate contracted cash flow visibility. In addition, we recently agreed to acquire the 2010-built scrubber-fitted Capesize M/V Squireship from Seanergy Maritime Holdings Corp. for approximately $29.5 million, with delivery in April-June 2026, financed through a combination of debt and internally generated liquidity, including proceeds from the aforementioned sales. The implied investment in the two Capesizes is approximately $62.0 million. At current market levels, these two Capesize vessels are expected to generate material incremental free cash flow and meaningfully enhance the Company's earnings profile on a per-share basis.
"Operationally, our fourth quarter TCE of $14,129 per day was in line with the same period of 2024, reflecting United's transition to a pure Panamax fleet during the third quarter of 2025. Fleet utilization remained strong at 97.6%, while daily OPEX of $6,404 was well controlled. For the first quarter of 2026, we anticipate a daily TCE of approximately $15,230, with about 92.0% of available days already fixed, providing meaningful revenue visibility in the near term. Looking further ahead, the Panamax market continues to exhibit solid fundamentals. At the same time, the addition of the Capesize M/V Dukeship since February under a fixed-rate time charter, together with the expected delivery of the Capesize M/V Squireship in the second half of the year, is expected to further enhance our earnings power and cash flow visibility through the balance of 2026.
"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 Middle East, introduce some macro uncertainty, dry bulk trade flows have demonstrated resilience, and the sector's underlying fundamentals remain supportive.
"With a strengthened fleet, improved earnings visibility, a proven track record of consistent capital returns, and growing financial flexibility, United Maritime is well positioned to capitalize on market opportunities and continue building per-share value for our shareholders. We approach 2026 with confidence and strategic clarity."
Current Company Fleet:
Vessel Name
Sector
Capacity (DWT)
Year Built
Yard
Employment Type
Minimum T/C expiration
Maximum T/C expiration(1)
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
Shin Kurushima
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 May 25, 2026.
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)
$14,129
$14,248
$13,565
$15,719
Daily Vessel Operating Expenses (5)
$6,404
$6,063
$6,338
$6,616
(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.
