Other Highlights and Developments:

▪ Quarterly cash dividend of $0.075 per share declared for Q4 2023, an 11% annualized dividend yield

▪ Total cash dividends of $10.7 million, or $1.375 per share, declared since November 2022 representing approximately 45% of United’s market capitalization

▪ Total buybacks of approximately $6.7 million in common shares at an average price of $1.87 per share since Q3 2022

▪ Total investments of $144 million in 2023 for the acquisition of seven dry bulk vessels and $37.5 million proceeds from the sale of our last tanker vessel.

▪ $30.0 million in refinancings completed in Q4 2023 adding $6.8 million in extra liquidity, with another $13.8 million sale and leaseback agreed in Q1 2024

▪ Agreement to acquire a modern Japanese Kamsarmax, through an 18-month bareboat charter with purchase option

United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the fourth quarter and twelve months ended December 31, 2023. The Company also declared a quarterly cash dividend of $0.075 per common share for the fourth quarter of 2023.

For the quarter ended December 31, 2023, the Company generated Net Revenues of $11.6 million compared to $14.9 million in the fourth quarter of 2022. Adjusted EBITDA2 for the quarter was $4.6 million, compared to $42.3 million for the same period of 2022. Net Loss and Adjusted Net Loss for the quarter were $0.7 million and $0.6 million, respectively, compared to Net Income and Adjusted Net Income of $36.5 million and $39.8 million in the fourth quarter of 2022. The Time Charter Equivalent (“TCE”) rate of the fleet for the fourth quarter of 2023 was $15,874 per day, compared to $32,161 in the same period of 2022.

For the twelve-month period ended December 31, 2023, the Company generated Net Revenues of $36.1 million and recorded an Adjusted EBITDA of $18.9 million. Net Income and Adjusted Net Income for the twelve-month period were $0.2 million and $2.8 million, respectively. The TCE rate of the fleet for 2023 was $15,380 per day.

Cash and cash-equivalents and restricted cash as of December 31, 2023, stood at $14.5 million. Shareholders’ equity at the end of the fourth quarter was $65.9 million, while long-term debt, finance lease liabilities and other financial liabilities net of deferred charges stood at $96.0 million as of December 31, 2023. The book value of our fleet as of December 31, 2023, stood at $152.5 million, including the two chartered-in Panamax vessels.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: "Our strategic priority for 2023 was to regrow our fleet by reinvesting the proceeds from our first, successful investment cycle, this time focusing on the dry bulk sector. The total investment was $144 million, for the acquisition of seven vessels, namely two Capesize, two Kamsarmax and three Panamax bulkers. In this transitional year, the Company generated net revenues of $36.1 million in 2023 and Adjusted EBITDA of $18.9 million, resulting in an Adjusted Net Income of $2.8 million. In addition to achieving a positive net income, we tripled the book value of our fleet. This was accomplished organically, without resorting to any dilutive equity offering.

“With regards to our investment strategy, we are pleased with the timing of our transition towards larger sizes of dry bulk vessels, as we are currently witnessing the strongest first quarter for the dry bulk market of the past decade. Looking to further grow and renew our fleet, we recently agreed to enter into an 18-month bareboat charter-in agreement for a 2016-built Japanese Kamsarmax, that will be delivered to our fleet later this year, with a purchase option for the Company at the end of the charter.

“Most importantly, our shareholders’ reward program continued uninterrupted in 2023, through buybacks of common shares and payments of regular cash dividends. The total amount of cash dividends declared in the last 15 months is $10.7 million, or $1.38 per share, representing approximately 45% of United’s market capitalization. This includes another quarterly dividend of $0.075 that our Board of Directors approved, representing approximately an 11% annualized dividend yield, which will be paid in April 2024.

“For the first quarter of 2024, we estimate our daily net TCE rate will average approximately $14,157 per day. Following our freight hedging strategy and in anticipation of the seasonal slowdown of the first quarter, we fixed approximately half of our ownership days at an average gross rate of about $14,300 per day. Taking advantage of the recent strength in our market and the resulting rally in freight futures, we are now covering some of our second quarter ownership days at higher rates.

“Looking ahead, our outlook for the dry bulk market remains constructive based on limited new Capesize deliveries and continuing strong dry bulk commodity demand across the board, while disruptions involving low Panama Canal water levels and tensions in the Red Sea have reduced vessel availability, especially in the Panamax segment. The healthy dry bulk market seen so far in the first quarter seems to be sustainable through the rest of the year, making us optimistic about our financial performance in 2024 with a fleet that will consist of three Capesize, three Kamsarmax and three Panamax vessels.”

Full report: United Maritime