United Maritime (NASDAQ:USEA) reported fourth-quarter net revenues of $6.6 million and adjusted EBITDA of $1.5 million, as management emphasized a series of fleet and capital allocation actions intended to improve earnings visibility, strengthen the balance sheet, and expand free cash flow generation capacity.
Chairman and CEO Stamatios Tsantanis also highlighted the company’s declaration of its thirteenth consecutive quarterly dividend, calling it a milestone for capital returns. Since starting the dividend program in November 2022, he said the company has declared cumulative cash dividends of approximately $1.84 per share. Tsantanis said management believes stronger cash generation from recently contracted fleet employment supports maintaining “a competitive level of distributions” while preserving flexibility for growth.
Quarterly and full-year financial results
- 4Q net revenue: $6.6 million
- 4Q adjusted EBITDA: $1.5 million
- 4Q net loss: $3.8 million
- FY2025 net revenue: $37.8 million
- FY2025 adjusted EBITDA: $12.9 million
- FY2025 net loss: $6.2 million
Gyftakis characterized 2025 as a “transitional year” as the company worked to optimize its fleet. On costs, he said United reduced daily operating expenses to approximately $6,300 per day and kept general and administrative expenses contained.
Fleet strategy: divestments and increased Capesize exposure
Management described a capital reallocation strategy focused on exiting lower-returning assets and redeploying into higher-earning Capesize exposure.
Tsantanis said that in early 2026 the company agreed to sell the 2009-built Kamsarmax Cretansea for a net price of $14.7 million, generating approximately $6 million in net cash proceeds after debt repayment. He also said the company agreed to exit its investment in an Energy Construction Vessel, realizing proceeds of approximately EUR 30 million, a profit of approximately EUR 1.7 million, and a return on invested capital of approximately 15% over a short period. Combined, Tsantanis said the two agreed sales are expected to release about $21 million in net liquidity.
On the investment side, he said United took delivery in February of the 2010-built Capesize Dukeship under an 18-month bareboat charter at a daily rate of $9,450. Management said the vessel is expected to earn an average fixed gross daily rate of approximately $29,300 through year-end 2026, providing contracted cash flow visibility.
United also agreed to acquire the 2010-built scrubber-fitted Capesize Squireship from Seanergy Maritime Holdings Corp. for approximately $29.5 million, with delivery expected in May 2026. Tsantanis said the vessel’s daily earnings were converted to a fixed rate of $28,250 until the end of 2026. (During Q&A, Gyftakis described the fixed levels as “close to $28,000, a bit higher than that.”) Tsantanis said the implied investment in the two Capesize vessels is approximately $62 million.
Operations and near-term charter coverage
Tsantanis said fourth-quarter time charter equivalent (TCE) was $14,129, which he said was in line with the same period of 2024 and reflected the company’s transition to a pure Panamax fleet during the third quarter of 2025. Fleet utilization was 97.6%, and daily operating expenses in the quarter were approximately $6,404, which management described as well controlled.
For the first quarter of 2026, Tsantanis said the company anticipates TCE of approximately $15,230 per day, with about 92% of available days already fixed. He added that the addition of the Dukeship and Squireship on high fixed rates meaningfully increases earnings and cash flow visibility through the end of 2026.
Balance sheet, financing, and liquidity expectations
Gyftakis said cash at year-end was $14.6 million. He noted the company expects temporary near-term liquidity fluctuations related to the dry docking of the Nisshin and the advance payment made for the Dukeship acquisition, but expects liquidity to normalize to approximately $2 million per vessel after completion of the previously discussed transactions.
At year-end, Gyftakis said total assets were $138 million and stockholders’ equity was $56 million. Outstanding debt totaled approximately $65 million, which he said equated to approximately $13.2 million per vessel, compared with an average estimated fleet market value of approximately $20 million. Loan-to-value was about 65%, he said.
Gyftakis also outlined recent financing steps, including an $18.3 million sale-and-leaseback transaction with Huarong Leasing to finance a $16.6 million purchase option for the Nisshin. He said the financing bears interest at three-month term SOFR plus 1.95% per annum and amortizes over 60 monthly installments of $0.1 million.
For the Dukeship, he said the company made a $5.5 million down payment and has a purchase obligation of $22.1 million at the end of the bareboat period. For the Squireship, Gyftakis said the purchase would be financed with a leverage ratio expected to be around 60%.
Market commentary and dividend outlook
Management said dry bulk markets strengthened entering 2026, citing limited fleet growth and expanding commodity demand. Tsantanis said year-to-date in the first quarter, the Baltic Kamsarmax Index averaged about $14,800 compared with about $9,600 in the same period of 2025, while the Baltic Capesize Index averaged about $23,000 compared with about $13,000 a year earlier.
Tsantanis also addressed geopolitical uncertainty in the Middle East, suggesting reduced demand related to the Arabian Gulf could be offset by increased coal trade flows if energy markets remain disrupted. He said a portion of the fleet is “absorbed” in the region, later describing it during Q&A as around 2% of the fleet in the broader area.
On dividends, responding to an analyst question, Tsantanis said the company intends to establish a clearer distribution formula—similar to what he described as Seanergy’s approach—once the company’s cash flow generation is “crystallized and demonstrated” in quarterly earnings. He also said the company has pursued share repurchases as part of its capital return options and emphasized that the fleet transformation has been executed without additional equity dilution since the company’s initial capital raise in 2022.
About United Maritime (NASDAQ:USEA)
United Maritime Corporation is a Marshall Islands–incorporated shipping company that provides seaborne transportation of crude oil and petroleum products. Traded on the NASDAQ under the symbol USEA, the company markets its tanker services to major oil producers, traders and refiners around the world. Its business model combines vessel ownership with time-charter contracts to deliver tailored shipping solutions across the energy supply chain.
The company’s fleet is composed primarily of medium‐ and large‐sized oil tankers, including Aframax and Suezmax vessels.
