United Maritime reports Q1 EPS (13c) vs (48c) last year

Reports Q1 revenue $10.6M vs $2.8M last year. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “In the first quarter of the year, we witnessed a strong start for the dry bulk market, reflecting positively on the Capesize segment of our fleet, while our smaller vessels recorded a moderate performance. The strong market conditions are paving the way for high returns on capital for our shareholders, mainly through the appreciation of our Capesize and Panamax acquisitions concluded in 2023. Our results for the quarter were affected by our hedging activities, as we had converted about half of our operating days ahead of the counter-seasonal increase in the market as a means of ensuring downside protection. Our performance in the first quarter of 2024 was also affected by lower utilization rates due to increased scheduled dry-docking activity.”