United Maritime Corporation (“United” or the “Company”) (NASDAQ:
USEA), announced today its financial results for the third quarter
and nine months ended September 30, 2023. The Company also declared
a quarterly dividend of $0.075 per common share for the third
quarter of 2023.
For the quarter ended September 30, 2023, the
Company generated Net Revenues of $11.7 million compared to $7.9
million in the third quarter of 2022. Adjusted EBITDA1 for the
quarter was $13.8 million, compared to $2.9 million for the same
period of 2022. Net Income and Adjusted Net Income for the quarter
were $8.9 million and $9.2 million respectively compared to Net
Income and Adjusted Net Income of $1.0 million in the third quarter
of 2022. The Time Charter Equivalent (“TCE”) rate of the fleet for
the third quarter of 2023 was $16,186 per day, compared to $23,639
in the same period of 2022.
For the nine-month period ended September 30,
2023, the Company generated net revenues of $24.5 million and
recorded an Adjusted EBITDA1 of $14.4 million. Net Income and
Adjusted Net Income for the nine-month period were $0.9 million and
$3.4 million respectively. The TCE rate of the fleet for the first
nine months of 2023 was $15,141 per day.
Cash and cash-equivalents and restricted cash as
of September 30, 2023, stood at $14.3 million. Shareholders’ equity
at the end of the third quarter was $67.4 million, while long-term
debt, lease liabilities and other financial liabilities net of
deferred charges stood at $94.3 million as of September 30, 2023.
The book value of our fleet as of September 30, 2023, stood at
$155.5 million, including two chartered-in Panamax vessels.
1 Adjusted earnings per share, Adjusted Net Income, EBITDA and
Adjusted EBITDA are non-GAAP measures. Please see the
reconciliation below of Adjusted earnings per share, Adjusted Net
Income, EBITDA and Adjusted EBITDA to net income, the most directly
comparable U.S. GAAP measure.2 Based on the closing price of
November 14, 2023
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
"I am pleased to report our very strong
financial results for the third quarter of 2023. During this
period, United delivered the final LR2 tanker to its new owners,
while also completing the deliveries of all previously acquired dry
bulk vessels. A gain of $11.8 million was recorded on the tanker
sale which led to a strong profitable result for this quarter.
“Following the deliveries of the last two
Panamax vessels, our fleet consists of eight vessels comprising
three Capesize, two Kamsarmax and three Panamax. The total vessel
investment of $144 million in 2023 has been funded through the
proceeds of the sales of the tankers and debt instruments, avoiding
any dilutive equity raising transactions. United has not conducted
any public offering of its shares since its initial public offering
in July 2022.
“Since the beginning of the third quarter, we
repurchased close to the maximum allowed level of our shares based
on the market liquidity, or 182,961 shares with a total of $0.4
million at an average price of about $2.4.
“Being consistent with our shareholder rewards
initiatives, our Board of Directors has approved another quarterly
dividend of $0.075, in continuation of our existing policy, which
currently represents a 14% annualized dividend yield. Since the
commencement of our operations, we have declared cash dividends of
$1.3 per share, or about 63% of our most recent closing price.
“For the fourth quarter, we have converted 75%
of our ownership days from index-linked to fixed and we estimate
our daily net TCE to average approximately $14,500. This reflects
the fixed rate conversions on six of our vessels at an average
gross level of about $14,700, while retaining exposure to what
seems to be a strong Capesize market in the fourth quarter, through
two of our vessels.
“Moving on to dry bulk market developments, the
Capesize market has staged a significant improvement since the end
of September, with the Panamax market remaining rangebound at
relatively satisfactory daily rates. Since the start of the year,
dry bulk fleet efficiency improved as port congestion fell to
historically low levels, leading to an increase in the supply of
available vessels. As congestion eventually reverted to levels
consistent with historical averages, vessel availability slowed
down significantly, and this in combination with healthy trade
flows for iron ore, coal and grains led to a favorable market
balance for owners.
“Looking ahead, the dry bulk orderbook remains
at historically low levels, especially when considering the
increasingly strict implementation of environmental regulations
that are likely to curtail supply and increase the need for fleet
replacement. With this in mind, we believe that even modest levels
of demand growth are sufficient to maintain high vessel utilization
and healthy charter rates.”
Current Company
Fleet:
Vessel Name |
Sector |
Capacity(DWT) |
Year Built |
Yard |
EmploymentType |
MinimumT/Cexpiration |
Maximum T/Cexpiration(1) |
Gloriuship |
Dry Bulk / Capesize |
171,314 |
2004 |
Hyundai |
T/C Index Linked(2) |
Jan-24 |
Jun-24 |
Goodship |
Dry Bulk / Capesize |
177,536 |
2005 |
Mitsui |
T/C Index Linked(2) |
Sep-24 |
Nov-24 |
Tradership |
Dry Bulk / Capesize |
176,925 |
2006 |
Namura |
T/C Index Linked(2) |
Aug-24 |
Jan-25 |
Oasea |
Dry Bulk / Kamsarmax |
82,217 |
2010 |
Tsuneishi |
T/C Index Linked(2) |
Mar-24 |
Jul-24 |
Cretansea |
Dry Bulk / Kamsarmax |
81,508 |
2009 |
Universal |
T/C Index Linked(2) |
Apr-24 |
Jul-24 |
Chrisea(3) |
Dry Bulk / Panamax |
78,173 |
2013 |
Shin Kurushima |
T/C Index Linked(2) |
Feb-24 |
Jun-24 |
Synthesea(4) |
Dry Bulk / Panamax |
78,020 |
2015 |
Sasebo |
T/C Index Linked(2) |
Oct-24 |
Dec-24 |
Exelixsea |
Dry Bulk / Panamax |
76,361 |
2011 |
Oshima |
T/C Index Linked(2) |
Jul-24 |
Nov-24 |
Total/Average age |
|
922,054 |
14.4 years |
|
|
|
|
(1) The latest redelivery dates do not include
any additional optional periods.
(2) “T/C” refers to a time charter agreement.
Under these index-linked T/Cs, the Company has the option to
convert the index-linked rate to fixed for periods ranging between
1 and 12 months, based on the prevailing FFA Rates for the selected
period, and has done so for certain vessels as part of its freight
hedging strategy, as described below under “Fourth Quarter 2023 TCE
Guidance.”
(3) The vessel is technically and commercially
operated by the Company on the basis of an 18-month bareboat
charter-in contract with the owners of the vessel, including a
purchase option at the end of the bareboat charter in favour of the
Company.
(4) The vessel is technically and commercially
operated by the Company on the basis of an 12-month bareboat
charter-in contract with the owners of the vessel, including a
purchase option at the end of the bareboat charter in favour of the
Company.
Fleet Data:
(Amounts in U.S. Dollars)
|
Q3 2023 |
Q3 2022 |
9M 2023 |
From January 20, 2022 (date of inception) to September 30,
2022 |
Ownership days (1) |
687 |
248 |
1,603 |
248 |
Operating days (2) |
628 |
244 |
1,443 |
244 |
Fleet utilization (3) |
91.4% |
98.4% |
90.0% |
98.4% |
TCE rate (4) |
$16,186 |
$23,639 |
$15,141 |
$23,639 |
Daily Vessel Operating Expenses (5) |
$6,668 |
$7,573 |
$6,894 |
$7,573 |
(1) Ownership days are the total number of
calendar days in a period during which the vessels in a fleet have
been owned or chartered in. Ownership days are an indicator of the
size of the Company’s fleet over a period and affect both the
amount of revenues and the amount of expenses that the Company
recorded during a period.
(2) Operating days are the number of available
days in a period less the aggregate number of days that the vessels
are off-hire due to unforeseen circumstances. Operating days
include the days that our vessels are in ballast voyages without
having finalized agreements for their next employment.
(3) Fleet utilization is the percentage of time
that the vessels are generating revenue and is determined by
dividing operating days by ownership days for the relevant
period.
(4) TCE rate is defined as the Company’s net
revenue less voyage expenses during a period divided by the number
of the Company’s operating days during the period. Voyage expenses
include port charges, bunker (fuel oil and diesel oil) expenses,
canal charges and other commissions. The Company includes the TCE
rate, a non-GAAP measure, as it believes it provides additional
meaningful information in conjunction with net revenues from
vessels, the most directly comparable U.S. GAAP measure, and
because it assists the Company’s management in making decisions
regarding the deployment and use of our vessels and because the
Company believes that it provides useful information to investors
regarding our financial performance. The Company’s calculation
of TCE rate may not be comparable to that reported by other
companies. The following table reconciles the Company’s net
revenues from vessels to the TCE rate.
(In thousands of U.S. Dollars, except operating days and TCE
rate)
|
Q3 2023 |
Q3 2022 |
9M 2023 |
From January 20, 2022 (date of inception) to September 30,
2022 |
Vessel revenue, net |
|
11,682 |
|
7,852 |
|
24,514 |
|
7,852 |
Less: Voyage expenses |
|
1,517 |
|
2,084 |
|
2,666 |
|
2,084 |
Time charter equivalent
revenues |
|
10,165 |
|
5,768 |
|
21,848 |
|
5,768 |
Operating days |
|
628 |
|
244 |
|
1,443 |
|
244 |
TCE rate |
$16,186 |
$23,639 |
$15,141 |
$23,639 |
(5) Vessel operating expenses include crew
costs, provisions, deck and engine stores, lubricants, insurance,
maintenance and repairs. Daily Vessel Operating Expenses are
calculated by dividing vessel operating expenses, excluding pre
delivery costs of acquired vessels, by ownership days for the
relevant time periods. The Company’s calculation of daily vessel
operating expenses may not be comparable to that reported by other
companies. The following table reconciles the Company’s vessel
operating expenses to daily vessel operating expenses.
(In thousands of U.S. Dollars, except ownership days and Daily
Vessel Operating Expenses)
|
Q3 2023 |
Q3 2022 |
9M 2023 |
From January20, 2022 (dateof inception) toSeptember 30,2022 |
Vessel operating expenses |
|
5,992 |
|
2,179 |
|
15,129 |
|
2,179 |
Less: Pre-delivery expenses |
|
1,411 |
|
301 |
|
4,078 |
|
301 |
Vessel operating expenses before
pre-delivery expenses |
|
4,581 |
|
1,878 |
|
11,051 |
|
1,878 |
Ownership days |
|
687 |
|
248 |
|
1,603 |
|
248 |
Daily Vessel Operating
Expenses |
$6,668 |
$7,573 |
$6,894 |
$7,573 |
Net Income to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q3 2023 |
Q3 2022 |
9M 2023 |
From January20, 2022 (date ofinception) toSeptember
30,2022 |
Net income |
8,861 |
1,028 |
947 |
1,028 |
Interest and finance costs, net |
2,001 |
948 |
4,746 |
948 |
Depreciation and amortization |
2,641 |
946 |
6,210 |
946 |
EBITDA |
13,503 |
2,922 |
11,903 |
2,922 |
Stock based compensation |
329 |
- |
2,504 |
- |
Gain on extinguishment of debt |
(20) |
- |
(20) |
- |
Adjusted EBITDA |
13,812 |
2,922 |
14,387 |
2,922 |
Earnings Before Interest, Taxes, Depreciation
and Amortization (“EBITDA”) represents the sum of net income, net
interest and finance costs, depreciation and amortization and, if
any, income taxes during a period. EBITDA is not a recognized
measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA
adjusted to exclude stock-based compensation, which the Company
believes is not indicative of the ongoing performance of its core
operations.
EBITDA and Adjusted EBITDA are presented as we
believe that this measure is useful to investors as a widely used
means of evaluating operating profitability. EBITDA and Adjusted
EBITDA as presented here may not be comparable to similarly titled
measures presented by other companies. This non-GAAP measure should
not be considered in isolation from, as a substitute for, or
superior to, financial measures prepared in accordance with U.S.
GAAP.
Net Income and Adjusted Net Income
Reconciliation and calculation of Adjusted Earnings Per
Share
(In thousands of U.S. Dollars)
|
Q3 2023 |
Q3 2022 |
9M 2023 |
From January 20, 2022 (date of inception) to September 30,
2022 |
Net income |
8,861 |
1,028 |
947 |
1,028 |
Stock based compensation |
329 |
- |
2,504 |
- |
Gain on extinguishment of debt |
(20) |
- |
(20) |
- |
Adjusted net income |
9,170 |
1,028 |
3,431 |
1,028 |
Adjusted net income – common stockholders |
8,937 |
889 |
3,336 |
889 |
Adjusted earnings per common share, basic |
1.03 |
0.12 |
0.40 |
0.24 |
Adjusted earnings per common share, diluted |
0.95 |
0.08 |
0.35 |
0.13 |
Weighted average number of common shares outstanding, basic |
8,654,584 |
7,504,999 |
8,240,924 |
3,682,695 |
Weighted average number of common shares outstanding, diluted |
9,430,825 |
10,461,405 |
9,555,407 |
6,639,101 |
To derive Adjusted Net Income and Adjusted
Earnings Per Share from Net Income, we exclude certain non-cash
items, as provided in the table above. We believe that Adjusted Net
Income and Adjusted Earnings Per Share assist our management and
investors by increasing the comparability of our performance from
period to period since each such measure eliminates the effects of
such non-cash items as stock based compensation, gain on
extinguishment of debt and other items which may vary from year to
year, for reasons unrelated to overall operating performance. In
addition, we believe that the presentation of the respective
measure provides investors with supplemental data relating to our
results of operations, and therefore, with a more complete
understanding of factors affecting our business than with GAAP
measures alone. Our method of computing Adjusted Net Income and
Adjusted Earnings Per Share may not necessarily be comparable to
other similarly titled captions of other companies due to
differences in methods of calculation.
Interest and Finance Costs to Cash
Interest and Finance Costs Reconciliation:
(In thousands of U.S. Dollars)
|
Q3 2023 |
Q3 2022 |
9M 2023 |
From January 20, 2022 (date of inception) to September 30,
2022 |
Interest and finance costs |
(2,085) |
(948) |
(5,064) |
(948) |
Interest income |
84 |
- |
318 |
- |
Amortization of deferred finance charges and other discounts |
208 |
128 |
578 |
128 |
Cash interest and finance costs |
(1,793) |
(820) |
(4,168) |
(820) |
Fourth Quarter 2023 TCE Rate Guidance:
As of the date hereof, approximately 87% of the
Company fleet’s expected operating days in the fourth quarter of
2023 (including 100% of the Company’s Panamax and Kamsarmax days)
have already been fixed at an estimated TCE of approximately
$14,386. Assuming that for the remaining operating days of our
index-linked T/Cs the average of the Baltic Capesize Index (“BCI”)
will be equal to the average Capesize Forward Freight Agreement
(“FFA”) rate of $15,700 per day (based on the FFA curve of November
7, 2023), our estimated TCE for the fourth quarter of 2023 will be
approximately $14,5343. Our TCE guidance for the fourth quarter of
2023 includes conversions of index-linked charter to fixed.
The following table provides the breakdown of
index-linked charters and fixed-rate charters in the fourth quarter
of 2023:
|
Operating Days |
TCE |
|
|
|
TCE - fixed rate (index-linked conversion) |
552 |
$13,812 |
|
|
|
TCE - fixed rate |
N/A |
N/A |
|
|
|
TCE – index-linked unhedged |
166 |
$16,934 |
|
|
|
Total / Average |
718 |
$14,534 |
|
|
|
Third Quarter and Recent Developments:
Dividend Distribution for Q2 2023 and
Declaration of Q3 2023 Dividend
On October 6, 2023, the Company paid the
previously announced quarterly dividend of $0.075 per share, for
the second quarter of 2023, to all shareholders of record as of
September 22, 2023.
The Company also declared a cash dividend of
$0.075 per share for the third quarter of 2023 payable on or about
January 10, 2024 to all shareholders of record as of December 22,
2023.
3 This guidance is based on certain assumptions
and there can be no assurance that these TCE estimates, or
projected utilization will be realized. TCE estimates include
certain floating (index) to fixed rate conversions concluded in
previous periods. For vessels on index-linked T/Cs, the TCE
realized will vary with the underlying index, and for the purposes
of this guidance the BCI daily rate assumed for the remaining
operating days of the quarter for index-linked T/Cs is equal to the
average FFA rate of $15,700 based on the curve as of November 7,
2023. Spot estimates are provided using the load-to-discharge
method of accounting. The rates quoted are for days currently
contracted. Increased ballast days at the end of the quarter will
reduce the additional revenues that can be booked based on the
accounting cut-offs and therefore the resulting TCE will be reduced
accordingly.
Buyback of Common Shares –
3rd Repurchase Plan
Since the beginning of the third quarter of
2023, we have repurchased 182,961 common shares in open market
transactions at an average price of $2.4 per share for an aggregate
consideration of $0.4 million pursuant to the $3.0 million share
repurchase program commenced in October 2022. All the
abovementioned shares were cancelled and removed from our share
capital as of the date of this release. As of November 14, 2023,
the Company had 8,709,188 common shares issued and outstanding.
Vessel transactions and commercial
updates
Sale of LR2 tanker - M/T
Epanastasea
In August 2023, the Company sold its remaining
LR2 product tanker, the 2008-built M/T Epanastasea to an
unaffiliated third party. The vessel’s gross sale price was $37.5
million, at a premium of more than 85% over the vessel’s
acquisition price.
Delivery of M/V Exelixsea and
time-charter agreement
In August 2023, the Company took delivery of the
76,361 dwt M/V Exelixsea built in 2011 in Japan. The M/V Exelixsea
was acquired for a gross purchase price of $17.8 million, which was
funded by Company’s cash reserves, including the
cash-collateralized $15.0 million loan previously secured by the
M/T Epanastasea.
The M/V Exelixsea is chartered by Cargill for a
period of minimum 11 months to about 14 months, at an index-linked
rate. In addition, the T/C provides the Company with the option to
convert the variable charter hire to a fixed rate for a period of
minimum two months until the remaining period of T/C priced at the
prevailing Panamax FFA rate for the selected period.
Delivery of M/V Synthesea and
time-charter agreement
In August 2023, the Company took delivery of the
78,020 dwt M/V Synthesea built in 2015 in Japan. The M/V Synthesea
is chartered under a 12-month bareboat charter agreement, with a
daily charter rate of $8,000 over the period of the bareboat
charter, a downpayment of $7.0 million and a purchase option of
$17.1 million at the end of the bareboat charter. In aggregate, the
acquisition cost for the vessel, following the exercise of the
purchase option, will be approximately $27.0 million.
The M/V Synthesea is chartered by Cargill for a
period of minimum 14 months to about 16 months, at an index-linked
rate. In addition, the T/C provides the Company with the option to
convert the variable charter hire to a fixed rate for a period of
minimum two months until the remaining period of T/C priced at the
prevailing Panamax FFA rate for the selected period.
M/V Goodship – New time-charter
agreement
In September 2023, the M/V Goodship commenced
employment under a new T/C agreement at an index linked rate, with
an international dry bulk operator for a period of about 11 months
to about 13 months. In addition, the T/C provides the Company with
the option to convert the variable charter hire to a fixed rate for
a period of minimum two months to maximum 12 months priced at the
prevailing Capesize FFA rate for the selected period.
M/V Tradership – Extension of
time-charter agreement
In April 2023, the charterer of the M/V
Tradership agreed to extend the T/C agreement in direct
continuation from the previous agreement. The new T/C commenced on
October 1, 2023 for a duration of about 11 to about 15 months,
while all other terms of the T/C remained the same.
Financing Updates
EnTrust Facility – M/V Exelixsea
Tranche
In August 2023, as part of the sale of the M/T
Epanastasea and the acquisition of the M/V Exelixsea, the Company
replaced the collateral under the respective tranche previously
secured by the M/T Epanastasea. Under the terms of the amended
agreement, the $15.0 million tranche which is now secured by the
M/V Exelixsea, bears a fixed rate of 9.0% per annum. The amended
facility has an outstanding balance of $14.5 million and amortizes
through one instalment of $1.5 million payable in December 2023,
followed by a $13.0 million balloon payable in March 2024.
Refinancing of M/Vs Gloriuship, Goodship
& Tradership
In November 2023, the Company entered into three
separate and identical $10.0 million sale and leaseback agreements
for the M/Vs Gloriuship, Goodship and Tradership with a Chinese
lessor, for the purpose of refinancing the outstanding indebtedness
of the respective vessels under the EnTrust Facility. The vessels
will be sold and chartered back on a bareboat basis for a period of
3 years. The Company will have continuous options to repurchase the
vessels at predetermined prices, starting six months after the
commencement date. At the end of each bareboat period, United has
the obligation to repurchase each vessel for $5.0 million. Each
financing shall bear interest of 3-month term SOFR plus 3.30% per
annum and will amortize through 36 consecutive monthly installments
of approximately $0.14 million each.
Conference
Call:
The Company’s management will host a conference
call to discuss the financial results today, Wednesday, November
15, 2023 at 10:00 a.m. Eastern Time.
Audio
Webcast:
There will be a live, and then archived, webcast
of the conference call on the Company’s website. To listen to the
archived audio file, visit our website, in the “Investors” section.
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast,
following this link.
Conference Call
Details:
Participants have the option to register for the
call using the following link. You can use any number from the list
or add your phone number and let the system call you right
away.
United Maritime CorporationUnaudited Condensed
Consolidated Balance Sheets(In thousands of U.S. Dollars) |
|
|
|
September30, 2023 |
|
|
December31, 2022* |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents and restricted cash |
|
14,340 |
|
|
69,932 |
|
Vessels and right-of-use assets, net and advances for vessels’
acquisitions |
|
155,486 |
|
|
50,200 |
|
Other assets |
|
5,514 |
|
|
5,523 |
|
TOTAL
ASSETS |
|
175,340 |
|
|
125,655 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Long-term debt, lease liability and other financial liabilities,
net of deferred finance costs |
|
94,343 |
|
|
42,606 |
|
Other liabilities |
|
13,606 |
|
|
18,481 |
|
Stockholders’ equity |
|
67,391 |
|
|
64,568 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
175,340 |
|
|
125,655 |
|
* Derived from the audited consolidated financial statements as
of the period as of that date
United Maritime CorporationUnaudited Condensed
Consolidated Statements of Operations(In thousands of U.S. Dollars,
except for shareand per share data, unless otherwise stated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three monthsendedSeptember30, 2023 |
|
Three monthsendedSeptember30, 2022 |
|
Nine monthsendedSeptember30, 2023 |
|
|
FromJanuary 20,2022 (dateof inception)toSeptember30, 2022 |
|
Vessel Revenue,
net |
|
11,682 |
|
7,852 |
|
24,514 |
|
|
7,852 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
(1,517 |
) |
(2,084 |
) |
(2,666 |
) |
|
(2,084 |
) |
Vessel operating expenses |
|
(5,992 |
) |
(2,179 |
) |
(15,129 |
) |
|
(2,179 |
) |
Management fees |
|
(551 |
) |
(230 |
) |
(1,377 |
) |
|
(230 |
) |
General and administrative expenses |
|
(1,959 |
) |
(442 |
) |
(5,284 |
) |
|
(442 |
) |
Depreciation and amortization |
|
(2,641 |
) |
(946 |
) |
(6,210 |
) |
|
(946 |
) |
Gain on sale of vessels |
|
11,804 |
|
- |
|
11,804 |
|
|
- |
|
Operating
income |
|
10,826 |
|
1,971 |
|
5,652 |
|
|
1,971 |
|
Other income /
(expenses): |
|
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(2,085 |
) |
(948 |
) |
(5,064 |
) |
|
(948 |
) |
Interest and other income |
|
40 |
|
- |
|
327 |
|
|
- |
|
Gain on extinguishment of debt |
|
20 |
|
- |
|
20 |
|
|
- |
|
Other, net |
|
60 |
|
5 |
|
12 |
|
|
5 |
|
Total other expenses,
net: |
|
(1,965 |
) |
(943 |
) |
(4,705 |
) |
|
(943 |
) |
Net
income |
|
8,861 |
|
1,028 |
|
947 |
|
|
1,028 |
|
Net income
attributable to common stockholders |
|
8,628 |
|
889 |
|
852 |
|
|
889 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share, basic |
|
1.00 |
|
0.12 |
|
0.10 |
|
|
0.24 |
|
Net income per common
share, diluted |
|
0.91 |
|
0.09 |
|
0.09 |
|
|
0.14 |
|
Weighted average number of common shares outstanding, basic |
|
8,654,584 |
|
7,504,999 |
|
8,240,924 |
|
|
3,682,695 |
|
Weighted average number of common shares outstanding, diluted |
|
9,430,825 |
|
10,461,405 |
|
9,555,407 |
|
|
6,639,101 |
|
United Maritime CorporationUnaudited Condensed
Consolidated Cash Flow Data (In thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
Nine months endedSeptember 30, 2023 |
|
From January 20,2022 (date ofinception) toSeptember 30, 2022 |
|
Net cash (used in) / provided by operating
activities |
|
(7,051 |
) |
|
1,893 |
|
Net cash used in
investing activities |
|
(58,404 |
) |
|
(19,604 |
) |
Net cash provided by
financing activities |
|
9,863 |
|
|
38,926 |
|
About United Maritime Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. The Company operates a fleet of eight dry bulk vessels,
comprising three Capesize, two Kamsarmax and three Panamax vessels,
with an aggregate cargo carrying capacity of 922,054 dwt.
The Company is incorporated under the laws of
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 “USEA”.
Please visit the Company’s website at:
www.unitedmaritime.gr.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates, which are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, shipping
industry trends, including charter rates, vessel values and factors
affecting vessel supply and demand; the impact of changes in
regulatory requirements or actions taken by regulatory authorities
on the Company's operating or financial results; the Company's
financial condition and liquidity, including its ability to service
its indebtedness or to pay dividends; competitive factors in the
market in which the Company operates; increased operating costs
associated with vessel aging; vessel damage; future, pending or
recent acquisitions and dispositions, business strategy, areas of
possible expansion or contraction, and expected capital spending or
operating expenses; dependence on affiliates of the Company’s
former parent and third-party managers to operate the Company’s
business; availability of crew, number of off-hire days,
classification survey requirements and insurance costs; changes in
the Company’s relationships with contract counterparties; potential
liability from future litigation and incidents involving the
Company’s vessels; broader market impacts arising from war (or
threatened war) or international hostilities, such as between
Russia and Ukraine; risks associated with the length and severity
of pandemics (including COVID-19), including their effects on
demand for crude oil, petroleum products, dry bulk products, other
types of products and the transportation thereof; and other factors
listed from time to time in the Company's filings with the SEC,
including its registration statement on Form 20-F. The Company's
filings can be obtained free of charge on the SEC's website at
www.sec.gov. Except to the extent required by law, the Company
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
United Investor RelationsTel: +30 213 0181 522E-mail:
ir@usea.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail: usea@capitallink.com
United Maritime (NASDAQ:USEA)
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