United Maritime Corp
NASDAQ:USEA
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United Maritime Corp
United Maritime Corp is a GR-based company operating in Marine industry. The company is headquartered in Athina, Attiki. The company went IPO on 2022-07-06. United Maritime Corp is a Greece-based international shipping company primarily engaged in worldwide seaborne transportation services. The Company’s fleet consists of four tanker vessels and one dry bulk vessel with an aggregate cargo carrying capacity of over 600,000 dwt tons. The firm's executive offices are located in Glyfada, Greece.
United Maritime Corp is a GR-based company operating in Marine industry. The company is headquartered in Athina, Attiki. The company went IPO on 2022-07-06. United Maritime Corp is a Greece-based international shipping company primarily engaged in worldwide seaborne transportation services. The Company’s fleet consists of four tanker vessels and one dry bulk vessel with an aggregate cargo carrying capacity of over 600,000 dwt tons. The firm's executive offices are located in Glyfada, Greece.
Results: Q4 net revenue $6.6 million and EBITDA $1.5 million; Q4 net loss $3.8 million; full-year net revenue $37.8 million, adjusted EBITDA $12.9 million and net loss $6.2 million.
Capital moves: Company sold lower-return assets (Kamsarmax and an offshore vessel) to release about $21 million in net liquidity and is redeploying into two Capesize acquisitions to boost earnings.
Fleet additions: Took delivery of Capesize Dukeship (Feb) on an 18-month bareboat at $9,450/day (purchase obligation $22.1 million) with gross fixed earnings ~ $29,300/day through end-2026; agreed to buy Squireship with delivery in May 2026 (purchase price quoted at $29.5 million by CEO; CFO later cited $21.5 million) and fixed earnings ~$28,250–28,500/day through 2026.
Dividends: Declared 13th consecutive quarterly dividend (recent $0.10); management intends to formalize a generous dividend formula tied to cash generation and transaction gains.
Market outlook: Management sees strong start to 2026 across Capesize and Panamax (Baltic indexes up materially year-over-year) and expects continued support from ton-mile growth and limited newbuilding inflows.
Liquidity & leverage: Year-end cash $14.6 million; total assets $138 million; equity $56 million; outstanding debt ~$65 million; LTV ~65%; target normalized liquidity ~ $2 million per vessel.
Commercial mix: High utilization (97.6%); Q4 TCE $14,129/day in line with prior year; Q1 2026 TCE guidance ~$15,230/day with ~92% of days fixed.
