United Maritime reports Q1 adjusted EPS (50c) vs. (13c) last year

Reports Q1 revenue $7.8M vs. $10.6M last year. Stamatis Tsantanis, CEO stated: “For the first quarter of 2025 United reported Net Revenue of $7.8 million and EBITDA of $0.7 million, based on a daily time charter equivalent of $9,953. While our financial performance was adversely impacted by the seasonally weak conditions in the dry bulk market, we remain encouraged by the positive medium and long-term outlook for the sector. Despite the softer quarter, our board of directors has approved a dividend of $0.01 for the first quarter, our tenth consecutive quarterly dividend. Since November 2022, we have returned $1.62 per share in total dividends to our shareholders, underscoring our commitment to delivering returns throughout the market cycle. Concerning our fleet developments, we anticipate concluding the sale of the M/V Gloriuship, our oldest vessel, within the second quarter of 2025. Until the time of her delivery, the M/V Gloriuship remains employed on a voyage basis at a daily rate above current market levels. The M/Vs Goodship and Nisea are also fixed at above market rates, providing more visibility and earnings stability into the next quarters. “Regarding our guidance, we have already secured approximately 79% of our second quarter days at a healthy average rate of $16,835, while we expect the daily TCE for the full quarter to be approximately $15,653, based on current FFA values. Overall, four vessels, including the M/V Gloriuship, are currently employed on fixed daily rates, with the remaining four subject to prevailing market conditions. This sharp rebound from Q1 reflects both a market recovery and the effectiveness of our proactive freight hedging strategy through index-linked charter conversions. We are also particularly pleased to have increased our equity stake in the Energy Construction Vessel joint venture to approximately 30%. This represents a key milestone in our broader strategy to diversify our earnings base beyond dry bulk. The ECV project is uniquely positioned to benefit from rising demand in both traditional offshore energy and renewables, at a time when supply remains constrained. We view this as a forward-looking investment with the potential to unlock long-term value. Regarding the dry bulk market performance, the first quarter of 2025 was impacted by a seasonal slowdown in coal and iron ore trade, consistent with the typical cyclical patterns that follow elevated export volumes recorded in 2024. Since March, we have observed a degree of normalization, with daily charter rates recovering meaningfully. However, near-term conditions remain relatively soft, pending a more sustained recovery in trade volumes and impacted by a backdrop of cautious economic sentiment and heightened market volatility, introduced by the recent trade policy uncertainties. Encouragingly, recent developments suggest a narrowing of the scope for additional tariffs and trade restrictions, though risks of more adverse outcomes cannot yet be fully discounted. From a longer-term perspective, dry bulk market fundamentals remain constructive, underpinned by limited fleet growth and continued demand for key commodities across grains, power generation, manufacturing, and construction. While the near-term environment remains dynamic, we believe United is well-positioned to benefit from improving fundamentals. With a balanced capital structure, strategic optionality across our fleet, and a targeted expansion into offshore markets, we remain confident in our ability to deliver sustainable growth and compelling returns to our shareholders.”