United Maritime Corp. ( (USEA) ) has released its Q1 earnings. Here is a breakdown of the information United Maritime Corp. presented to its investors.
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United Maritime Corporation is an international shipping company based in Glyfada, Greece, specializing in the seaborne transportation of dry bulk commodities. The company operates a fleet of eight vessels, including Capesize, Kamsarmax, and Panamax types, and is listed on the Nasdaq Capital Market under the symbol ‘USEA’.
In the first quarter of 2025, United Maritime reported net revenues of $7.8 million, a decline from $10.6 million in the same period of 2024. The company recorded a net loss of $4.5 million, compared to a $1.3 million loss in the previous year. Despite the challenging market conditions, United declared a quarterly cash dividend of $0.01 per share, continuing its consistent shareholder return strategy.
Key financial metrics showed a decrease in adjusted EBITDA to $0.9 million from $3.7 million in the first quarter of 2024. The Time Charter Equivalent (TCE) rate also dropped to $9,953 per day from $15,165. However, the company increased its equity stake in a joint venture for an Energy Construction Vessel, aiming to diversify its earnings and reduce risk exposure.
Looking ahead, United Maritime anticipates improved market conditions and has secured approximately 79% of its second-quarter days at favorable rates. The company is optimistic about the medium to long-term outlook for the dry bulk sector and plans to leverage its strategic investments to enhance growth and shareholder returns.