Top Ships has completed its previous sale and leaseback (SLB) financing agreements for four of its tanker vessels. The gross proceeds from the refinancing, after the repayment of previous debt, amounted to about $27.2 million.

The agreements, closed with a major Chinese financier, cover the refinancing of two 300,000 DWT VLCC tankers, the Julius Caesar and Legio X Equestris; one 157,000 DWT Suezmax tanker, the Eco Oceano; and one 50,000 DWT MR product tanker, the Eco Marina Del Ray.

Evangelos J. Pistiolis, the President and CEO of the company, stated that the cash released, "approximates our current market capitalisation." He added that following the refinancings, the leverage of the fleet remains at a, "very conservative level of about 52 per cent."

Under the SLB terms, the vessels will be bareboat chartered back to Top Ships for ten years, with the exception of the Eco Marina Del Ray which is chartered for seven. The financing bears an interest rate of three-month term SOFR plus a 1.95 per cent margin, and the company has the option to buy back the vessels following the end of the first year.

Concurrently with entry into these SLBs, Top Ships also provided a guarantee for the obligations of Rubico under similar SLBs entered into with the same financier, in an aggregate amount of $84 million.

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The Hellenic-American Chamber of Commerce has celebrated Dr John Coustas at its 73rd Person of the Year award ceremony, honoring his outstanding leadership and significant contributions to the Greek-American business sector.

Taking place on Friday, November 14, 2025, at Cipriani Wall Street, the evening commenced with a cocktail hour as guests entered the event space. Then John. C. Stratakis, the Hellenic-American Chamber of Commerce board member and past president, took to the stage to address members and guests and provide an overview of the evening’s proceedings.

The National anthem was then performed by Juilliard School graduate, Sophia Pelekasis, and was then followed by an invocation by His Eminence Archbishop Elpidophoros of America.

In his address, he congratulated Eftihia Pylarinou-Piper, the newly-elected HACC president, on her new role.
“Congratulations Eftihia,” he said. The Chamber is a most necessary organization to the ‘omogenia’, for it succeeds in connecting Greek-Americans with all manner of enterprise in the motherland, our ‘patrida’, and connects them to one another here at home.”

The HACC president, Eftihia Pylarinou-Piper, then addressed the crowd, highlighting the vital work that the Chamber does.

“Tonight we gather as one community, leaders in shipping and finance, entrepreneurs, prominent people from academics, public officials, leaders and members of the Greek-American associations, and friends from near and far, to celebrate excellence, integrity, and the lasting bonds that unite Greece and the United States,” she said.

“Your presence affirms the strength of our shared values and the importance of our work together. It is a distinct honor this evening to recognize Dr John Coustas, the president and CEO of Danaos Corporation, as our 73rd Person of the Year.”

She then declared: “Through his vision and commitment to innovation, Dr Coustas has helped shape the modern maritime landscape, while exemplifying responsibility, resilience, and generosity. His achievements inspire the next generation of leaders who look upon him as an example.”
HACC Chairman Nick Katsanos additionally congratulated Coustas, describing him as “one of the nicest people you will ever meet”, and that he is “so important and provides so much to the Chamber that we can’t thank him enough.”

Simon Rose, the CEO of Rose & Company, and Alexandra Palli Giannakopoulos, the Regional Vice Governor for Entrepreneurship and European Planning for the Region of Attica, then introduced the honoree.
Giannakopoulos revealed in her speech that Coustas was a friend, who so many respect, and someone who meant a great deal to her and her family.

“Finding the right words to speak about someone who is a dear friend, but also a force in business, was not very simple,” Giannakopoulos shared. From the moment you meet John, you sense something steady about him – he speaks very softly, but everyone listens.”

“There is a quiet strength in him,” he continued, “a blend of clarity and drive that makes people pay attention. He’s not only accomplished, he’s curious, he’s patient, he’s deeply educated, and genuinely cultured. He plays the piano, and he navigates his yacht with exactly the same discipline and depth that define his work’ precise, thoughtful, and profoundly expressive.”

Rose added that Coustas is “one of the most accomplished people that anyone could know.”
Giannakopoulos and Katsanos then presented Coustas with his award, then he made a formal address.
“I want to thank the Hellenic American Chamber of Commerce for this honor and for continuing a tradition of recognizing people who work to strengthen the bond between Greece and the U.S – it means a great deal to be part of that story,” Coustas recited.

Many of you here, whether you’re first, second, or third generation Greeks, know what it means to build a life far from the place your family once called home. America opened its doors to you, offering opportunities that Greece at certain times could not. Through dedication, perseverance, and a strong sense of identity, the Greek-American community has not only thrived, but has brought honor to Greece.”
“I also want to thank Alexandra and Simon for their generous words. Having friends who support you, who walk with you on this journey, is a blessing, and I’m grateful to share this evening with all of you.
Coustas continued: “Your success stories have strengthened our country’s presence, our reputation, and our relationship with the United States. For those of us who came here later in life, like myself, the United States has also been a welcoming home, especially within the capital markets. This environment allowed us to grow, to innovate, and to secure a leading role in the global shipping world. And in doing so, we have helped deepen the ties between our two nations.”

Coustas additionally made a comment to The National Herald, highlighting what this recognition meant to him: “It means exactly that the Greek community over here is very active and is enhancing the creativity and leadership, which, in the end, all these links will help Greece, through the influence that the Greeks can exert here in the U.S.” he told TNH.

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Within the framework of WIMA’s exhibition on sustainability and new technologies, held on 12–13 November at the stone warehouse of the Piraeus Port Authority (OLP), ELNAVI magazine—also an exhibitor at the event—presented the seventh book by co-publisher Theano Kalapotharakou, titled “Women in the Route of Shipping – Advocates of Society.”

The event was graced by the presence of many distinguished women who have been featured over the years in the author’s well-known column.

Esteemed speakers Ms. Eleni Koronaki, Ms. Akrivi Brikou, and Dr. Mary Papaschoinopoulou addressed the audience, highlighting the author’s long-standing contribution to the maritime sector and underscoring the refined quality and depth of her latest publication.

The presentation was moderated by Ms. Irini Notia, who guided the discussion with professionalism and insight.

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The 19th Greener Shipping Summit, organized by Newsfront/Naftiliaki under the auspices of Martecma, was held on November 11 at the Eugenides Foundation and recorded unprecedented participation with more than 700 people—representatives of the maritime community and students. The main theme of this year’s conference was building the resilience of shipping companies amid a climate of widespread uncertainty, environmental and regulatory pressures, geopolitical challenges, and emerging technological solutions for the optimization of maritime operations.

The improvement of existing technologies along with the development of new ones, as well as the IMO’s renewed focus on safety, were the key points in the opening speech by Panos Kourkountis, Technical Director of Sea Traders and President of Martecma.

Kourkountis said that he does not see winners or losers in the IMO’s decision to delay the Zero Emissions Framework, as there would have been a lack of consensus and “the IMO would risk becoming involved in geopolitical issues, while until now the IMO has supported the shipping industry with excellent regulations on safety and the environment.”

The environment is also a winner, Kourkountis stated, as “oddly enough, there had been no environmental impact assessment of the regulations.”

“What we do know is that the regulation supported alternative fuels, synthetic fuels, and the fuels promoted by the IMO were not available. In fact, only 1% of the amount of fuel required for shipping is available at this time, and producing them is not something we could do ‘the very next day,’” he emphasized, adding that the energy required to produce ammonia and methanol would be greater than the energy they generate.

Kourkountis posed the question: how do we move forward? He pointed out that we need some other action, other regulations to support something different from alternative fuels.

“We do not have energy from batteries, while nuclear energy is not ready to be applied, even though it would certainly solve the global energy problem, but environmentally the problem remains, since nuclear waste exists,” he said.

Thus, the president of Martecma suggested that “unless we have new technologies, we must move forward with what we have now. And this is called improvement, and there is great room for improvement with what we already have before us. We can all do it together and we will see results for the environment.” He added that “with the technology we have now, we can reduce emissions by 50%.” He stressed that “shipping is not only about the environment, and I believe that the IMO will refocus on safety,” while at the same time saying, “do not be surprised if in the next decade you control your ship from your mobile phone, just like the apps we have in our daily lives—ships will have automation, they will have remote controls, and we need to start looking at such scenarios.”

He concluded that “this is the way forward, and we believe that most parts of the industry are moving in the direction of new regulations to accelerate developments in shipping, and I think it will benefit everyone.”
The first session of the 19th Green Shipping Summit “Decarbonisation – Can IMO bring it all together?” was moderated by Christos Hadjigeorgiou, Managing Director, Almi Marine Management. 

Lefteris Koukoulopoulos, Regional Decarbonisation Specialist, DNV, presented a decarbonization outlook with developments and pathways forward, saying the majority of newbuilding containerships (75%) have dual fuel capacity. He said onboard carbon capture is a promising technology but there is still a lack of maturity, regulatory framework and infrastructure, while biofuels are a popular short- and mid-term solution with a reasonable price premium, but challenge is availability of sustainable biomass. 
Nikolaos Michas, Marine South East Europe Tanker Key Account Manager, RINA, reported on dual fuel status and the future of fuels used today and new technology fuels after MEPC 83. He said the results of MEPC prolog the uncertainty in the market; for long time shipowners are not sure what is the most logical solution for their newbuilding vessels as is not sure about the taxes that they will have to pay in the future for CO2 emissions, and the selection of the fuel is also a quiz for them. 

Jakob Gjørtsvang Knudsen, Principal Promotion Manager, Two-stroke Promotion, Everllence, spoke about dual fuel status saying how Everllence is well-positioned to lead the maritime sector’s energy transition as its dual-fuel engine portfolio, backed by robust R&D and market adoption, supports shipowners in meeting decarbonization targets while maintaining operational reliability. 

Sofia Liedholm, Operations Manager, Everllence and Yada, referred to the critical role of Fuel Gas Supply System (FGSS) design and integration in the fuels transition as the IMO and EU have introduced important initiatives to accelerate the maritime fuel transition, and global investments in greener fuels, especially LNG, are on the rise, saying navigating the complexity of future fuels requires collaboration. 
Michael Fan, Chief Technology & Innovation Officer, Tsakos Energy Navigation (TEN), spoke about decarbonisation from a shipping company’s perspective, asking “Can we put the meat on the bone the next 12 months?”. He presented TEN’s Energy efficient measures and R&D program and warned that “while shipping has been on a race towards zero emissions, regulators must ensure that this does not mean zero margins!”
Angelos Minakis, Business Development Manager, ABS, presented the key points of contention in IMO, saying IMO has made a strategic mistake by condemning LNG while theoretically other fuels don’t exist, while looking forward he said IMO should shift focus on re-engagement and consensus-building among member states. 

Vasileios Tsarsitalidis, Energy Saving Technologies, ERMA FIRST, referred to a realistic approach to decabonisation and compliance in times of uncertainty, presenting his company’s technological advancements that help shipping companies to implement their decarbonisation strategy, including reducing energy requirements, reducing friction, improved operation, electrification, air lubrication and carbon capture. 
The second session, moderated by Haris Giantzikis, Technical Manager, Arcadia Shipmanagement Co Ltd, was devoted to ‘Technology Innovations for Sustainability’.   Stavros Hatzigrigoris, Advanced Engineering Services, Zodiac Maritime, made a thorough presentation on different types of fuels and engines. He commented that “LNG, under all these regulations, will be more expensive than biofuels” and urged that “Engine designers and classification societies should not be competing on who will get the lion’s share for alternative fuel engines” but strive for cooperation in building efficient engines.

Simon Ma, Product Manager Medium and Low Speed Division, Accelleron, presented a development update on axial turbochargers as considering the many uncertainties to reach sustainability targets, the pursuit of more efficiency and flexibility becomes increasingly important. 

Trevor Solomon, Business Development Manager Sustainability and Fouling Control, AkzoNobel / International Marine Coatings, spoke about performance and sustainability in fouling control and looked ahead to future trends in fouling control technologies and product attributes, while emphasizing the continued importance of proven, high-performance solutions. 

Nikolaos Liapis, Managing Partner of ActaNonVerba, President HIMT, Consultant, FuelRight, SILVER PaLM reported on marine fuel hygiene as a holistic approach and how specific products are designed to eliminate contamination, corrosion, sludge, and water throughout the fuel system. 
Jasper van de Kant, Sales Director, MarFlex, dealt with efficient cargo operations in tankers and his presentation covered key topics, including Design Optimization, Shipyard Advantages through lower installation costs and increased cargo space, and the always important Charter Party Perspective. 
Deniz Kaynar, Global Product Manager Ship Side Shore Connection, ABB Marine & Ports, spoke about innovative midship shore connection solutions for tankers and the implementation of ABB’s breakthrough Shore Connection Deckhouse used to solve unique and complex challenges.  

Albrecht Wandel, Business Development Manager Marine, LEWA GmbH, presented the need for high quality pumps for alternative marine fuels and LEWA’s critical role in this by providing robust, efficient, and hermetically tight process diaphragm pumps for Fuel Gas Supply Systems. 

The third session was devoted to the next generation integrated ship management solutions and moderated by the managing director of Columbia Shipmanagement Greece, Gregory Spourdalakis.

Martijn Schols, commercial director of VAF, referred to how digitalization enables shipping companies to improve propulsion performance and reduce GHG emissions. VAF’s remote diagnostics capabilities enable software updates, calibrations, and sensor health monitoring, supporting both operational efficiency and regulatory compliance through “decarbonization by digitalization”.

John Kokarakis, technical director of Bureau Veritas, stated that AI-driven automation is the key that leverages vessel operations. According to his presentation, AI detects corrosion patterns weeks before they escalate; the crew becomes thus proactive. The presentation concludes with a forward-looking vision: the “Future Fleet” where AI, automation, and human operators cooperate seamlessly.

Antonis Tsouras, fleet manager of Bernhard Schulte Shipmanagement (Hellas), presented how performance compliance monitoring enables ship operators to maintain transparency across all stakeholders. Effective performance compliance monitoring not only ensures adherence to international standards but also drives continuous operational improvement.

Frantzeskos Kontos, managing director of Alpha Gas SA, presented how the emergence of autonomous and remotely-operated ships transform crew requirements. He emphasized that humans are better in handling uncertainty, and supported that the ultimate goal is to create a maritime industry where human expertise and technological advancements work together to ensure a safer, more efficient, and sustainable future.
Nikos Kakalis, Lloyd’s Register’s global bulk carrier segment director, supported that timely and effective vessel maintenance is vital to safe and efficient maritime operations. Condition-based maintenance (CBM) enhances efficiency by using real-time data to schedule tasks based on actual equipment condition, rather than fixed intervals. This data-driven approach optimises resources, minimises disruption, and boosts operational performance.  The shipping industry’s market voice was once again clear and loud at this summit’s last session, moderated by the co-founder of Xclusiv Shipbrokers and president of the Hellenic Shipbrokers Association, John Cotzias.

John Platsidakis, honorary chairman of Intercargo, evaluated Greek and Cypriot shipowners’ voices at the international fora. Even though shipping has no important political weight as an industry, “it’s good that Greek owners have a voice, but there is a limit to that”, he supported.

Miltadis Varvitsiotis, vice president and CEO of Skaramangas Shipyards, supported that US opposition to IMO’s Net-Zero Framework poses a unique opportunity for the Greek shipbuilding industry, especially for Skaramangas, as the shipyards will be certified next year to serve LNG carriers and such vessels are expected to travel the Eastern Mediterranean region to export US LNG.

Panos Zachariadis, technical director of Atlantic Bulk Carriers, described EU’s equivocal actions; “The EU has hijacked the IMO. FuelEU gives credit to LNG. Yet, the EU goes to the IMO and says no to the LNG”, he said. Later, Zachariadis explained that green fuels for shipping- ammonia and methanol- will result in a pointless waste of renewable electricity and their production will negatively affect the environment.
Panagiotis Zafet, managing director of Balthellas Group, offering a shipowners’ perspective, supported that in nowadays’ uncertainty, big-size owners should invest in newbuilding vessels, while small- and medium-size owners should “find the proper financing tools, be creative, and think outside of the box”, regarding their investment strategies.

This year’s Greener Shipping Summit concluded with record participation, marked by the strong presence of key figures from the Greek and international maritime industry and a large turnout from the younger generation, who showed great interest in current shipping issues and actively participated in the discussions through their questions.

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Ordering its first-ever newbuilding vessel, Seanergy Maritime marks a key milestone in the company’s fleet renewal and modernization strategy.

As well as for the third quarter of 2025 the Nasdaq listed company presented quarterly cash dividend of $0.13 per common share—marking the 16th consecutive quarterly dividend under its capital return policy and generated Net Revenues of $47.0 million, compared to $44.4 million in the third quarter of 2024. Adjusted EBITDA for the quarter was $26.6 million, compared to $26.8 million in the same period of 2024. Net Income and Adjusted Net Income for the quarter were $12.8 million and $14.0 million, respectively, compared to Net Income of $12.5 million and Adjusted Net Income of $14.1 million in the third quarter of 2024. The Company’s fleet achieved a daily Time Charter Equivalent (“TCE”) of $23,476 for the third quarter of 2025.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “In Q3, Seanergy capitalized on the recovery of the Capesize market, driving higher profitability and setting a strong foundation for the rest of 2025 and 2026. Consistent with our rewards policy, we declared a $0.13 per share dividend, our 16th consecutive payout, bringing total distributions to $2.44 per share. The expiration of all outstanding warrants further streamlines our capital structure, removing legacy dilution risk and enhancing shareholder value. With a 20-vessel fleet consisting purely of high-quality Capesizes and Newcastlemaxes and a conservative capital structure, we remain well positioned to capture the upside of a robust Capesize market. “During the quarter, we advanced our fleet renewal strategy by selling one of our vintage vessels at a good value, ahead of her third special survey and drydocking and placing our first-ever newbuilding Capesize order at a top-tier Chinese shipyard. The new scrubber-fitted Capesize, priced at $75 million and scheduled for delivery in the first half of 2027, represents a major step toward long-term value creation and modernization of our fleet. Going forward, we will continue to pursue disciplined fleet renewal opportunities, aligned with maintaining balance sheet flexibility and rewarding our shareholders. “On the commercial front, we renewed three time-charters with existing counterparties and concluded a new charter with a leading global commodities trader. Our entire fleet remains on index-linked charters, ensuring full market exposure while managing volatility through selective FFA hedging. For Q4, after hedging approximately 55% of our available days at a gross rate of $24,900, we estimate a TCE of around $23,900 given prevailing spot rates and current FFA curve. “Capesize charter rates averaged nearly $25,000 in Q3, supported by record iron ore exports from Brazil and strong bauxite and coal demand. With the Capesize orderbook below 10% of the global fleet and trade volumes expected to rise in 2026, we anticipate a sustained period of strong rates. Seanergy’s pure-play Capesize platform is ideally positioned to benefit. “Our focus remains on consistent shareholder value creation through operational excellence, disciplined capital allocation, and regular dividends supported by a strong balance sheet.”

The Company’s operating fleet consists of 20 vessels (2 Newcastlemax and 18 Capesize) with an average age of approximately 14.4 years and an aggregate cargo carrying capacity of approximately 3,633,861 dwt. The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.
 

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On November 10 in Hanoi, Vice Chairman of the National Assembly Nguyễn Đức Hải met with Mr. Gabriel Petridis, Honorary Consul of Vietnam in Piraeus, Greece, and Chairman of Aries Energy Group.
Vice Chairman Hải expressed his desire for cooperation between Aries Energy Group and Vietnamese partners to be realized soon, emphasizing that maritime affairs are a field in which both countries have strengths and high development potential.

He praised Greece’s strong capabilities and global leadership in maritime transport and shipbuilding, noting that Greece is among the top countries in terms of shipping activity and revenue.

Welcoming Mr. Petridis’s interest in Vietnam’s shipbuilding and maritime transport industries, Vice Chairman Hải reiterated the importance of turning cooperative intentions into concrete actions. He highlighted Vietnam’s high logistics costs as a major challenge and affirmed the country’s readiness to support the development of its shipping fleet and shipbuilding industry, while expanding international partnerships.
He encouraged Mr. Petridis to explore investment opportunities in Hai Phong and other coastal provinces. Vietnam is currently planning and constructing large-scale, integrated port and logistics zones across the North, Central, and South regions.

In addition, Vietnam prioritizes tourism development, especially in coastal areas like Hai Phong and Quang Ninh, and is planning high-quality marina zones in Da Nang, Khanh Hoa, and southern provinces.
Regarding crew member cooperation, Vice Chairman Hải suggested that both sides could collaborate to utilize Vietnam’s abundant labor force in the maritime sector.

He acknowledged the fierce global competition in shipping and shipbuilding, but expressed confidence that with Mr. Petridis’s experience and the potential of Aries Energy’s partners, cooperation between Vietnam and Greece would be close and successful.

The National Assembly of Vietnam is committed to listening and facilitating the resolution of legal and regulatory obstacles to promote maritime economic cooperation.

Vice Chairman Hải also called on Vietnam Maritime Corporation (VMC), through its governing body, to propose necessary initiatives to foster bilateral maritime and economic collaboration, helping Vietnam attract capital, technology, markets, and customers in this vital sector.

Mr. Petridis expressed pride in the growing traditional friendship between Vietnam and Greece and praised Vietnam’s socio-economic achievements, especially in maritime development, leveraging its long coastline.
He emphasized that bilateral relations have expanded across politics, economy, trade, healthcare, education, and culture. With its extensive coastline, Greece is eager and ready to cooperate and support Vietnam in developing its fleet, port systems, and shipbuilding industry.

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Melina Travlou, President of the Union of Greek Shipowners:

“In Greek shipping, we are not about words, but about actions towards our homeland.
When we join forces, we can turn the ordeal into creation.”

To mark the rapid and massive mobilization of members of the shipping community in the devastating floods that occurred in Thessaly in 2023, the Union of Greek Shipowners honored, on Monday, November 10, 2025, at the Athens Conservatoire, the donors of the "Agios Nikolaos" action plan for the restoration of the affected areas of Thessaly.

Pupils, together with teachers, representing the affected schools in all regions of Thessaly, Kindergartens, Primary, Gymnasiums, Lyceums, which were reconstructed and upgraded as part of the UGS action plan, gave a dynamic "presence" at the event, which was welcomed by the Prime Minister Kyriakos Mitsotakis.

At the opening, the multidimensional social footprint of the UGS action plan "Agios Nikolaos" was presented through a tribute video.

You can watch the video here: https://lnkd.in/dTsNznDC

Excellent students, together with their teachers, representing the affected schools of Thessaly, which were reconstructed and upgraded within the framework of the UGS action plan, were "present" at the event. A particularly moving moment when three students from the Farkadon High School of Trikala, Giorgos Argyris, Mariza Bagiotis and Vasilis Kounis, took the floor, coming from the area whose schools were embraced by the “Agios Nikolaos” action plan, after they had been destroyed. They sent a message of optimism and hope, expressing the strength of the young generation of Thessaly, stating characteristically: “You did not only rebuild the buildings. You rebuilt our faith, you rebuilt our hope.”

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A meeting between the Secretary of the Interior and President of the US Energy Sovereignty Council, Doug Burgum, and seven leading representatives of the Greek shipping industry, which owns energy-transporting vessels, took place on the sidelines of the 6th Intergovernmental Transatlantic Energy Cooperation (P-TEC) at Zappeion in a very warm atmosphere.

The meeting, was attended by the new US Ambassador Kimberly Guilfoyle. On the Greek side were present George Prokopiou, Maria Angelicoussis, Dr. Nikolas Nikos Tsakos, Yiannis Alafouzos, Petros Pappas, Ioanna Prokopiou and the vice president of the Greek Shipowners' Association, Michalis Chandris.

Opening the meeting, Secretary Bergham stressed the importance of working with Greece at a time when global security and the energy supply chain are under pressure. Referring to the recent attacks on merchant ships in the Red Sea, he noted that this instability “raises costs for the United States and our allies, while favoring our adversaries.”

The US secretary focused on the “strategic resilience” that the West needs to ensure energy sufficiency, noting that shipping is a central link in this chain. He praised the contribution of Greece, which – as he said – “with a small population, has 25% of the world’s fleet under the flag of international shipping registries.”

At the same time, he sent a message about the need for the US to “re-enter the shipping game dynamically”, as they have begun to do in sectors such as the mining of critical metals. “If we want a safe world, we must be present in shipping and the shipbuilding industry”, he stressed.

The Greek shipowner said that this meeting would be the beginning of a new era of “real maritime cooperation” between the two sides of the Atlantic.

The meeting in the framework of P-TEC proved that energy security is not only a matter of production, but also of transportation. Greek shipping, with its know-how and fleet, offers the US a ready and reliable bridge to the global market. On the other hand, Washington sees in Greece not only a traditional ally, but a strategic partner in the era of energy transition and maritime renaissance.

Shipping, as all sides admitted, is returning to the forefront of international politics — and Greece is at the helm of this new course.

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For the third quarter of 2025 United Maritime presented a quarterly dividend of $0.09 per common share generated Net Revenues of $11.0 million compared to $11.6 million in the third quarter of 2024. Net Income and Adjusted Net Income for the quarter were $1.1 million and $1.6 million, respectively, compared to Net Loss of $0.9 million and Adjusted Net Loss of $0.3 million in the third quarter of 2024. Adjusted EBITDA for the quarter was $5.4 million, compared to $5.2 million for the same period of 2024. The Time Charter Equivalent (“TCE”) rate of the fleet for the third quarter of 2025 was $15,093 per day, compared to $16,365 in the same period of 2024.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We delivered solid profitability in Q3 while continuing to optimize our fleet and balance sheet. The sale of our older Capesize vessels released approximately $18.8 million in liquidity, and we resumed share repurchases, reaffirming our conviction in the Company’s intrinsic value. Moreover, the dry-bulk outlook over the coming quarters remains favorable, and our Panamax/Kamsarmax fleet is positioned to capture that upside. “Consistent with our shareholder rewards initiatives, and on the back of the profitable sale of the two older Capesize vessels, our Board of Directors has approved quarterly dividend of $0.09, representing our 12th consecutive quarterly dividend payment. Based on the recent trading levels of our stock, the most recent four quarterly dividends, including the dividend announced, represent an approximately 9% annual dividend yield. Since the commencement of our operations, we have declared cumulative cash dividends of $1.74 per share, or $14.0 million in total, underscoring our consistent track record of capital returns. This aggregate amount is approximately equal to our current market capitalization. “In the third quarter of 2025 we achieved a daily TCE of $15,093, representing a small decrease from $15,421 in the second quarter. Our commercial performance reflects the change in our fleet composition following the divestment of our last Capesize bulkers, transitioning to a pure Panamax and Kamsarmax fleet. We are pleased with this result, and we remain optimistic about the next quarters with all our vessels trading on index-linked time charters that benefit directly from healthy spot rates. As for our fourth-quarter guidance, we have fixed approximately 62% of our available operating days at a daily rate of about $14,880. Based on the current FFA curve, we anticipate an overall Q4 TCE of approximately $15,040.

“In terms of our commercial developments, we have secured three new time charters with leading counterparties, preserving full exposure to Panamax/Kamsarmax market strength. All employments involve index linked rates with direct exposure to the Panamax and Kamsarmax market. We continue to actively monitor the market developments and evaluate opportunities in the FFA market to secure attractive forward coverage at favorable rates. “During the quarter, we completed the sales of two older Capesize vessels built in 2005 and 2006. These transactions boosted the Company’s net liquidity position by approximately $18.8 million after debt repayment. “As regards our offshore vessel under construction, we have significantly increased our investment in the project, becoming the largest individual shareholder, with contributions in the project totaling approximately $12.8 million to date. We remain positive about the outlook of this project and its potential commercial extensions in what we believe is shaping up to be a favorable market environment for energy over the next years. “We also made a pre-seed investment in an AI-driven maritime software platform, making an important step in our digital strategy. While not material in size, this initiative supports significant potential gains in efficiency, automation and transparency across ship management.

“Turning to the dry bulk market, the Panamax market remains firm, driven by strong coal and grain flows. Renewed U.S.–China trade momentum could support extended seasonal strength into Q1 2026, positioning our fleet for continued upside. As regards vessel supply, the Panamax orderbook remains modest at approximately 14% of the existing fleet, while around 16% of the fleet is now older than 20 years. As regulations are expected to further restrict vessel supply over the next years and necessitate fleet renewal, we remain optimistic about the course of dry bulk markets through 2026. “United is well positioned across both dry bulk and offshore. With a young fleet, a growing cash base, and disciplined strategy, we are focused on creating sustainable long-term value and enhancing shareholder rewards.”

United Maritime Corporation operates a fleet of five dry bulk vessels, comprising two Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 396,297 dwt.

ELNAVI Newsletter  
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Once again, the LALIZAS Force travelled from all over the world to gather on the island of Aegina for the LALIZAS Branches Synergy Summit, which takes place every two years. More than 80 colleagues from across the globe, Greece, Italy, Spain, Turkey, Croatia, Montenegro, the Netherlands, the United Kingdom, the USA, Canada, Brazil, Colombia, the United Arab Emirates, the Philippines, and South Africa, came together for this unique event.

The summit was a great opportunity for everyone, from long-standing team members to newly integrated colleagues, to meet, connect, and “cross borders.”

Over three full days, participants attended presentations and training sessions covering new product developments, corporate news, strategic directions, and, of course, any additional support needed by their teams.

The timing of this year’s summit was especially meaningful, as it coincided with the 25th anniversary of a major milestone in the company’s history. Back in 2000, LALIZAS faced a catastrophic fire that almost drove them out of business - a total loss. Yet, from that moment, the company rebuilt stronger than ever.

To commemorate 25 years of rebirth, the Marketing & Communications Department proudly presented a new book titled “From Ashes to Rebirth | A True Story of Inner Strength, Leadership, and Entrepreneurial Recovery,” featuring the personal narration of Stavros Lalizas himself.

As LALIZAS deeply value their people and recognise progress, this year they were once again proud to honour not one, but two Branches of the Year, both of which went above and beyond throughout 2025, demonstrating exceptional effort and performance: LALIZAS UK and Antipiros.

This year’s LALIZAS Branches Synergy Summit came to an end, leaving all attendees inspired, connected, and ready to navigate the future together. United by shared values and driven by a common vision, the LALIZAS Force continues to grow stronger as one global team.

LALIZAS is a family owned company, whose vision is to produce high quality products that ensure safety at sea, and distribute them in international markets through its well‐established distribution network. It was founded in Piraeus, Greece, in 1982. Its product range includes lifejackets (foam- filled and inflatable) ISO and SOLAS meeting all regulations under any flag, life rafts, MOB devices and navigation lights, immersion suits, safety harnesses, IMO signs and many other marine products. All items are being manufactured and distributed in competitive prices to maritime companies, ship suppliers, chandleries, marine stores, shipyards and boat builders around the world always taking into consideration the market’s feedback. Τhe genuine care for their customers and the indispensable input of their employees, who are considered as #thelalizasforce, has resulted in the company’s growth and will continue to contribute positively to the continuous development of LALIZAS.

ELNAVI Newsletter  
More Information: ELNAVI,
19, Aristidou str., Piraeus 185 31,
Tel.: +30 210 45.22.100, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.