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United Maritime Corp. (USEA)
NASDAQ:USEA
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United Maritime Corp.
(NASDAQ:USEA)
Rating:56Neutral
Price Target:
$1.50
▼(-11.76% Downside)
Positive Factors
Strategic Vessel Sales
Strategic vessel sales enhance liquidity and optimize the fleet, positioning the company for better operational efficiency and financial flexibility.
Operational Efficiency
Improved operational efficiency through cost reductions enhances margins and competitiveness, supporting long-term profitability in a challenging market.
Dividend Declaration
Consistent dividend payments reflect financial stability and management's commitment to returning value to shareholders, enhancing investor confidence.
Negative Factors
High Leverage
High leverage increases financial risk and limits flexibility, potentially impacting the company's ability to invest in growth opportunities.
Negative Cash Flow
Negative cash flow highlights liquidity challenges, which can strain operations and limit the company's ability to weather market downturns.
Revenue Decline
Declining revenue indicates market challenges and softer demand, which could pressure margins and hinder growth if not addressed.
United Maritime Corp. (USEA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.56M
Dividend Yield7.33%
Average Volume (3M)22.87K
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue Growth-7.89%
EPS Growth-186.18%
CountryUS
Employees6
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.02
Shares Outstanding9,204,267
10 Day Avg. Volume16,949
30 Day Avg. Volume22,873
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap6.26
Enterprise Value/Revenue2.29
Enterprise Value/Gross Profit8.90
Enterprise Value/Ebitda16.03
Forecast
1Y Price Target
$2.50Price Target Upside47.06% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
United Maritime Corp. Business Overview & Revenue Model
Company DescriptionUnited Maritime Corp. (USEA) is a shipping company engaged in the seaborne transportation of dry bulk commodities. It operates in the maritime sector, focusing primarily on the transportation of various dry bulk cargoes, including grains, coal, and iron ore, across global sea routes. The company manages a fleet of vessels designed to optimize the efficient and reliable delivery of these essential goods.
How the Company Makes MoneyUnited Maritime Corp. makes money through the chartering of its fleet of dry bulk vessels. Revenue is primarily generated from time charter agreements, where clients pay a fixed daily rate for the use of the vessels over a specified period. Additionally, the company may engage in voyage charters, where revenue is earned per voyage depending on the cargo transported and the distance traveled. These charters are influenced by market conditions, vessel availability, and the demand for transportation of dry bulk goods. The company's earnings are also impacted by operational efficiency, fuel costs, and strategic partnerships or contracts with major commodity traders and shipping brokers.
United Maritime Corp. Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 12, 2025
Earnings Call Sentiment Positive
The earnings call reflected a positive sentiment with significant improvements in financial performance, strategic vessel sales, and dividend declarations. While there were challenges such as a revenue decline from the previous year and a net loss in the first half, the company's proactive strategies and market recovery indicate a strong potential for future growth.Q2-2025 Updates
Positive Updates
Improved Financial Performance
Net revenues for Q2 were $12.5 million with an EBITDA of $5.9 million and net income of $1 million, marking a significant improvement from the first quarter.
Strategic Vessel Sales
Sale of two older Capesize vessels, generating approximately $17.9 million in net liquidity and an anticipated book profit of $1.5 million from the Tradership sale in Q3.
Dividend Declaration
Declared a $0.03 per share cash dividend for Q2, adding to a consistent record of more than $1.6 per share cash dividend payment since 2023.
Offshore Newbuilding Investment
Increased ownership stake in a newbuilding energy construction vessel, bringing total investment to approximately $10.4 million, signaling confidence in commercial prospects.
Recovery in Dry Bulk Market
Noted recovery in dry bulk market with significant increases in Baltic Kamsarmax and Capesize Index rates from Q1 to Q2 2025.
Operational Efficiency
Reductions in daily operating expenses per vessel to $6,300 and lowered total G&A despite inflationary pressures.
Negative Updates
Revenue Decline from Previous Year
Net revenue for the first half of 2025 totaled $20.2 million, which is $2.8 million lower than the same period last year, reflecting softer Time Charter Equivalent rates.
Panamax Market Challenges
Panamax market faced challenges due to a 7% decline in seaborne coal volume, impacting overall performance.
Net Loss in First Half of 2025
Reported a net loss of $3.5 million for the first half of 2025 compared to a net loss of $700,000 in the first half of 2024.
Company Guidance
During the United Maritime Corporation's conference call on August 6, 2025, guidance for the third quarter of the year was provided, with 68% of operating days fixed at a Time Charter Equivalent (TCE) of $15,500 per day. The company projected a total third-quarter TCE of approximately $14,700, assuming current Forward Freight Agreement (FFA) rates for the remainder of the quarter. The guidance included details about vessels, such as one Kamsarmax vessel earning a fixed daily rate of $15,700, one Capesize vessel earning $22,000 per day on a gross basis, two vessels on short-term employment concluding within August, and three vessels trading purely on index-linked charters until year-end. For the fourth quarter, all vessels are expected to be employed under index-linked daily earnings, offering full exposure to anticipated improvements in the dry bulk market.United Maritime Corp. Financial Statement Overview
Summary
United Maritime Corp. shows potential in revenue growth but faces profitability and cash flow challenges. High leverage is a concern, though a substantial equity base offers some stability. Improvement in operational efficiency and cash flow stabilization is crucial.Income Statement
United Maritime Corp. shows fluctuating revenue growth with a notable increase in total revenue from 2019 to 2024. However, the company reported a net loss in 2024, indicating challenges in profitability. The gross profit margin improved significantly in 2024, yet the net profit margin turned negative, reflecting cost pressures or inefficiencies. EBIT and EBITDA margins remain modest, suggesting room for enhanced operational efficiency.45
Neutral
Balance Sheet
The balance sheet reveals a high level of debt, with a debt-to-equity ratio exceeding 1.5 in 2024, raising leverage concerns. However, the company maintains a substantial equity base, with an equity ratio of 34.9% in 2024. Return on Equity has been volatile, impacted by negative net income in 2024, but the company demonstrated resilience in sustaining equity levels over the years.55
Neutral
Cash Flow
Cash flow analysis indicates significant volatility, with free cash flow remaining negative in recent years, highlighting liquidity challenges. The operating cash flow to net income ratio is concerning, as operating cash flow turned zero in 2024, suggesting difficulties in core business cash generation. The company must address these cash flow issues to stabilize its financial position.30
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 42.59M | 45.44M | 36.07M | 22.78M | 7.40M | 4.12M |
| Gross Profit | 10.94M | 23.92M | 3.26M | 10.46M | 3.87M | 941.43K |
| EBITDA | 6.07M | 13.30M | 16.77M | 41.84M | 3.67M | 1.06M |
| Net Income | -6.53M | -3.38M | 221.00K | 74.89M | 1.55M | 498.42K |
Balance Sheet | ||||||
| Total Assets | 169.38M | 172.07M | 174.81M | 125.66M | 13.43M | 13.94M |
| Cash, Cash Equivalents and Short-Term Investments | 3.39M | 6.41M | 13.80M | 69.93M | 765.48K | 406.01K |
| Total Debt | 94.48M | 97.72M | 95.95M | 50.08M | 5.38M | 6.09M |
| Total Liabilities | 113.75M | 111.98M | 108.94M | 61.09M | 6.39M | 6.63M |
| Stockholders Equity | 55.62M | 60.09M | 65.87M | 64.57M | 7.04M | 7.31M |
Cash Flow | ||||||
| Free Cash Flow | 2.32M | 3.02M | -87.98M | -86.78M | 3.60M | -455.39K |
| Operating Cash Flow | -827.30K | 3.26M | -6.23M | 6.74M | 3.66M | -444.61K |
| Investing Cash Flow | -7.00K | 7.95M | -59.14M | 36.33M | -56.07K | -10.78K |
| Financing Cash Flow | -4.32M | -18.95M | 9.94M | 26.87M | -3.24M | -730.95K |
United Maritime Corp. Technical Analysis
Positive
1.70
Price Trends
1.58
Positive
1.44
Positive
1.54
Positive
Market Momentum
0.04
Negative
63.53
Neutral
49.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For USEA, the sentiment is Positive. The current price of 1.7 is above the 20-day moving average (MA) of 1.63, above the 50-day MA of 1.58, and above the 200-day MA of 1.54, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 63.53 is Neutral, neither overbought nor oversold. The STOCH value of 49.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for USEA.
United Maritime Corp. Risk Analysis
United Maritime Corp. disclosed 70 risk factors in its most recent earnings report. United Maritime Corp. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Our second amended and restated bylaws provide that the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for certain disputes between us and our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees. Q4, 2023
2.
The Public Company Accounting Oversight Board inspection of our independent accounting firm could lead to adverse findings in our auditors' reports and challenges to the accuracy of our published audited financial statements. Q4, 2023
3.
Volatility of SOFR and potential changes of the use of SOFR as a benchmark could affect our profitability, earnings, and cash flow. Q4, 2023
United Maritime Corp. Peers Comparison
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $23.25M | 0.94 | 21.39% | ― | -7.48% | 3.08% | |
73 Outperform | $1.78M | 0.08 | 10.60% | ― | -19.83% | -99.33% | |
63 Neutral | $10.84B | 15.52 | 7.44% | 2.00% | 2.86% | -14.57% | |
56 Neutral | $15.56M | ― | -10.32% | 7.33% | -7.89% | -186.18% | |
54 Neutral | $19.42M | 2.34 | -5.58% | ― | -29.15% | -118.42% | |
47 Neutral | $22.23M | 61.24 | -0.43% | ― | 17.92% | -131.47% | |
46 Neutral | $8.30M | ― | -20.19% | ― | 35.58% | -119.92% |
* Industrials Sector Average
Performance Comparison
USEA
United Maritime Corp.
1.70
-0.62
-26.72%
PSHG
Performance Shipping
1.89
-0.01
-0.53%
GLBS
Globus Maritime
1.05
-0.69
-39.66%
CTRM
Castor Maritime
1.98
-2.34
-54.17%
OP
OceanPal Inc
1.24
-37.01
-96.76%
CISS
C3is Inc.
2.27
-15.13
-86.95%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.