United Maritime Corporation declared a quarterly dividend of $0.075 per common share for the third quarter of 2024. The Company has generated Net Revenues of $11.6 million compared to $11.7 million in the third quarter of 2023. Net Loss and Adjusted Net Loss for the quarter were $0.9 million and $0.3 million, respectively, compared to Net Income of $8.9 million and Adjusted Net Income of $9.2 million in the third quarter of 2023. Adjusted EBITDA for the quarter was $5.1 million, compared to $13.8 million for the same period of 2023. The Time Charter Equivalent rate (“TCE rate”)2 of the fleet for the third quarter of 2024 was $16,365 per day. For the nine-month period ended September 30, 2024, the Company generated Net Revenues of $34.6 million, compared to $24.5 million in the same period of 2023. Net Loss and Adjusted Net Loss for the period were $1.6 million and $0.5 million, respectively, compared to Net Income of $0.9 million and Adjusted Net Income of $3.4 million in the respective period of 2023. Adjusted EBITDA for the first nine months of 2024 was $15.1 million, compared to $14.4 million for the same period of 2023. The TCE rate of the fleet for the first nine months of 2024 was $16,246 per day. Cash and cash-equivalents and restricted cash as of September 30, 2024, stood at $11.4 million. Shareholders’ equity at the end of the third quarter was $62.5 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $101.1 million as of September 30, 2024. The book value of our fleet as of September 30, 2024, stood at $155.3 million, including one chartered-in Kamsarmax vessel.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: "In the third quarter of 2024, United continued to deliver value to shareholders, announcing our eighth consecutive quarterly dividend, set at $0.075 per share. This distribution represents an annualized yield of 15% per share. 3 Over the past two years, we have returned $1.60 per share in dividends, prioritizing shareholder returns even amidst market challenges. Our strategy to modernize and optimize our fleet continues to yield significant benefits. The delivery of the 2016- built M/V Nisea, coupled with the profitable sale of the M/V Oasea, which we sold for $1.4 million book profit in July, underscores our disciplined approach to fleet renewal. These transactions not only reduce the average age of our vessels but also secure high-quality charters at rates above market averages, demonstrating the strength of our commercial strategy. While our third quarter financial results reflect a period of transition, they also highlight the robustness of our operational platform.
Our adjusted EBITDA of $5.1 million and near-perfect fleet utilization of 99.9% are testaments to our operational efficiency and market adaptability. Moreover, our prudent capital management ensures that we are well-positioned to capture growth opportunities in a dry bulk market that continues to benefit from favorable supply-demand dynamics. In the fourth quarter, based on current FFA levels, we expect to deliver a daily TCE of $15,140, also taking into account that three Panamax and two Capesize vessels are operating under fixed daily rates, leaving one Capesize and two Panamax exposed to the spot market developments. Lastly, as regards our commercial developments, the M/V Cretansea was fixed on a one-year time charter at an index-linked rate with a major commodity trading company. Concerning the dry bulk market, we note that conditions remain favorable, with positive developments being led mainly by the Capesize sector where projected ton-mile demand exceeds projected fleet supply growth according to all forecasts.
Over the next years the positive outlook for the dry bulk market is a function of low expected fleet growth owing to limited newbuilding ordering in the face of strict environmental regulations that are increasing the need for fleet renewal. As we look ahead, our focus remains on driving sustainable growth through strategic fleet investments and diversification initiatives like our recently announced participation in an offshore project concerning the construction of an Energy Construction Vessel. This forward-looking approach ensures United is not only wellequipped to capitalize on emerging market trends but also positioned to deliver long-term value to our shareholders under changing market conditions."
United Maritime Corporation operates a fleet of eight dry bulk vessels, comprising three Capesize, two Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 922,072 dwt.
ELNAVI Newsletter
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