United Maritime Corporation (“United” or the “Company”) (NASDAQ:
USEA), announced today its financial results for the first quarter
ended March 31, 2024 and declared a quarterly dividend of $0.075
per share for the first quarter of 2024.
For the quarter ended March 31, 2024, the
Company generated Net Revenues of $10.6 million compared to $2.8
million in the first quarter of 2023. Net Loss and Adjusted Net
Loss for the quarter were $1.3 million and $1.1 million,
respectively, compared to Net Loss and Adjusted Net Loss of $4.9
million and $3.7 million in the first quarter of 2023. Adjusted
EBITDA1 for the quarter was $3.7 million, compared to a negative
Adjusted EBITDA of $1.5 million for the same period of 2023. The
Time Charter Equivalent (“TCE”) rate4 of the fleet for the first
quarter of 2024 was $15,165 per day, compared to $10,294 in the
same period of 2023.
Cash and cash-equivalents and restricted cash as
of March 31, 2024, stood at $9.8 million. Shareholders’ equity at
the end of the first quarter was $64.0 million, while long-term
debt, finance lease liabilities and other financial liabilities net
of deferred charges stood at $93.5 million as of March 31, 2024.
The book value of our fleet as of March 31, 2024, stood at $150.2
million, including the two chartered-in Panamax vessels.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“In the first quarter of the year, we witnessed
a strong start for the dry bulk market, reflecting positively on
the Capesize segment of our fleet, while our smaller vessels
recorded a moderate performance. The strong market conditions are
paving the way for high returns on capital for our shareholders,
mainly through the appreciation of our Capesize and Panamax
acquisitions concluded in 2023. Our results for the quarter were
affected by our hedging activities, as we had converted about half
of our operating days ahead of the counter-seasonal increase in the
market as a means of ensuring downside protection. Our performance
in the first quarter of 2024 was also affected by lower utilization
rates due to increased scheduled dry-docking activity.
“Consistent with our practice of returning
capital to our shareholders, we declared our sixth consecutive
quarterly dividend of $0.075, representing an annualized yield of
about 11% based on our current share price. We remain optimistic
that the positive market conditions will allow us to consistently
reward our shareholders in the next quarters. We are pleased to see
that United is building a consistent track record of returning
capital to our shareholders, highlighted by the total declared
dividends of approximately $1.45 per share over the past 18 months,
while we note that distributions commenced just six months after
the Company’s initial listing.
“In terms of major transactions relating to our
fleet development, we have recently agreed to sell the 2010-built
M/V Oasea, at a profit over its acquisition price. We have already
agreed to replace the M/V Oasea, with the previously announced
acquisition of a 2016-built Japanese vessel, the M/V Nisea. Besides
the financial profit from the sale of the M/V Oasea, these
transactions will significantly benefit United commercially based
on the improved fuel efficiency and considerably better
environmental rating of our newest acquisition. Following these
deliveries, our fleet will consist of 8 dry bulk vessels with a
total carrying capacity of approximately 1 million dwt. We are
optimistic that our focus on larger vessels and favorable capital
structure should allow us to benefit considerably from the positive
market environment.
“Turning to our commercial highlights, we have
fixed approximately 95% of our second quarter days at an average
rate of $17,300, while we expect the daily TCE for the full quarter
to be at similar levels, based on current FFA values. I am pleased
with the visibility of our earnings for the coming quarter, which
points to improving financial performance, while we have so far
opted to maintain high spot market exposure for the second half of
the year. Concerning our forward utilization, we had some
additional drydock off-hire days in the second quarter of the year,
although this has now been completed and we do not expect further
similar off-hires for 2024.
“With regards to the market outlook, the recent
dry bulk strength has been driven by higher seaborne trade across
most commodities in the face of limited vessel deliveries, while
disruptions involving the Panama and Suez canals have contributed
to significant restrictions in vessel availability in the sub-Cape
segments. Looking ahead, our outlook remains constructive based on
limited new deliveries and continuing strong dry bulk commodity
demand as highlighted by strong steel production growth outside
China and Atlantic basin agricultural exports. Our mixed fleet of
Panamax and Capesize vessels is well placed to take advantage of
these developments and I hope that we will be in position to
handsomely reward our shareholders.”
Current Company
Fleet:
Vessel Name |
Sector |
Capacity (DWT) |
Year Built |
Yard |
Employment Type |
Minimum T/C expiration |
Maximum T/C expiration(1) |
Goodship |
Dry Bulk / Capesize |
177,536 |
2005 |
Mitsui |
T/C Index Linked(2) |
Aug-24 |
Nov-24 |
Tradership |
Dry Bulk / Capesize |
176,925 |
2006 |
Namura |
T/C Index Linked(2) |
Jan-25 |
Jun-25 |
Gloriuship |
Dry Bulk / Capesize |
171,314 |
2004 |
Hyundai |
Time Charter Trip |
N/A |
N/A |
Oasea(3) |
Dry Bulk / Kamsarmax |
82,217 |
2010 |
Tsuneishi |
Time Charter Trip |
N/A |
N/A |
Cretansea |
Dry Bulk / Kamsarmax |
81,508 |
2009 |
Universal |
T/C Index Linked(2) |
Apr-24 |
Jul-24 |
Chrisea(4) |
Dry Bulk / Panamax |
78,173 |
2013 |
Shin Kurushima |
T/C Index Linked(2) |
May-25 |
Sep-25 |
Synthesea(5) |
Dry Bulk / Panamax |
78,020 |
2015 |
Sasebo |
T/C Index Linked(2) |
Oct-24 |
Dec-24 |
Vessel Name |
Sector |
Capacity (DWT) |
Year Built |
Yard |
Employment Type |
Minimum T/C expiration |
Maximum T/C expiration(1) |
Exelixsea |
Dry Bulk / Panamax |
76,361 |
2011 |
Oshima |
T/C Index Linked(2) |
Jul-24 |
Nov-24 |
Total/Average age |
|
922,054 |
14.9 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 a period
of minimum two 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 “Second Quarter
2024 TCE Rate Guidance.”
(3) The vessel is expected to
be delivered to her new owners in June 2024.
(4) 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.
(5) The vessel is technically
and commercially operated by the Company on the basis of a 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.
Vessel to be delivered
Vessel Name |
Sector |
Capacity (DWT) |
Year Built |
Yard |
tbr Nisea |
Dry Bulk / Kamsarmax |
82,235 |
2016 |
Oshima |
Fleet Data:
(Amounts in U.S. Dollars)
|
Q1 2024 |
Q1 2023 |
Ownership days (1) |
|
728 |
|
305 |
Operating days (2) |
|
659 |
|
245 |
Fleet utilization (3) |
|
90.5% |
|
80.3% |
TCE rate (4) |
$15,165 |
$10,294 |
Daily Vessel Operating Expenses (5) |
$7,085 |
$7,764 |
(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. 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 on 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)
|
Q1 2024 |
Q1 2023 |
Vessel revenue, net |
|
10,598 |
|
2,821 |
Less: Voyage expenses |
|
604 |
|
299 |
Time charter equivalent
revenues |
|
9,994 |
|
2,522 |
Operating days |
|
659 |
|
245 |
TCE rate |
$15,165 |
$10,294 |
(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)
|
Q1 2024 |
Q1 2023 |
Vessel operating expenses |
|
5,158 |
|
3,111 |
Less: Pre-delivery expenses |
|
- |
|
743 |
Vessel operating expenses before
pre-delivery expenses |
|
5,158 |
|
2,368 |
Ownership days |
|
728 |
|
305 |
Daily Vessel Operating
Expenses |
$7,085 |
$7,764 |
Net loss to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q1 2024 |
|
Q1 2023 |
|
Net loss |
(1,340 |
) |
(4,887 |
) |
Interest and finance costs, net |
2,031 |
|
970 |
|
Depreciation and amortization |
2,810 |
|
1,226 |
|
EBITDA |
3,501 |
|
(2,691 |
) |
Stock based compensation |
190 |
|
1,218 |
|
Loss on extinguishment of debt |
22 |
|
- |
|
Adjusted EBITDA |
3,713 |
|
(1,473 |
) |
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 and loss on
extinguishment of debt, which the Company believes are not
indicative of the ongoing performance of its core operations.
EBITDA and Adjusted EBITDA are presented as we
believe that these measures are 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. These
non-GAAP measures should not be considered in isolation from, as a
substitute for, or superior to, financial measures prepared in
accordance with U.S. GAAP.
Net loss and Adjusted net loss
Reconciliation and calculation of Adjusted loss Per
Share
(In thousands of U.S. Dollars)
|
Q1 2024 |
|
Q1 2023 |
|
Net loss |
(1,340 |
) |
(4,887 |
) |
Stock based compensation |
190 |
|
1,218 |
|
Loss on extinguishment of debt |
22 |
|
- |
|
Adjusted net loss |
(1,128 |
) |
(3,669 |
) |
Adjusted net loss – common stockholders, basic and
diluted |
(1,128 |
) |
(3,729 |
) |
Adjusted loss per common share, basic and diluted |
(0.13 |
) |
(0.48 |
) |
Weighted average number of common shares outstanding, basic and
diluted |
8,688,498 |
|
7,766,681 |
|
To derive Adjusted Net loss and Adjusted Net
loss Per Share, both non-GAAP measures, from Net loss, we exclude
certain non-cash items, as provided in the table above. We believe
that Adjusted Net loss and Adjusted Net loss 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, loss 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 measures 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 loss and Adjusted Net loss per Share may not
necessarily be comparable to other similarly titled captions of
other companies due to differences in methods of calculation.
Second Quarter 2024 TCE Rate Guidance:
As of the date hereof, approximately 95% of the
Company’s fleet expected operating days in the second quarter of
2024 have already been fixed at an estimated TCE rate of
approximately $17,300. Assuming that for the remaining operating
days of our only unhedged index-linked T/C the average of the
Baltic Panamax Index (“BPI”) will be equal to the Forward Freight
Agreement (“FFA”) rate of $17,218 per day (based on the FFA curve
of May 22, 2024), our estimated TCE rate for the second quarter of
2024 will be approximately $17,2565. Our TCE rate guidance for the
second quarter of 2024 includes conversions of index-linked charter
to fixed.
The following table provides the breakdown of
index-linked charters and fixed-rate charters in the second quarter
of 2024:
|
Operating Days |
TCE Rate |
TCE - fixed rate (index-linked conversions) |
455 |
$17,639 |
TCE - fixed rate |
117 |
$15,742 |
TCE – index-linked |
124 |
$17,272 |
Total / Average |
696 |
$17,256 |
First Quarter and Recent Developments:
Dividend Distribution for Q4 2023 and
Declaration of Dividend for Q1 2024
On April 10, 2024, the Company paid the
previously announced quarterly cash dividend of $0.075 per share,
for the fourth quarter of 2023, to all shareholders of record as of
March 22, 2024.
On May 23, 2024, the Company declared a cash
dividend of $0.075 per share for the first quarter of 2024 payable
on or about July 10, 2024 to all shareholders of record as of June
25, 2024.
Financing Updates
Sale and Leaseback of M/V
Exelixsea
In March 2024, the Company entered into a $13.8
million sale and leaseback agreement with an unaffiliated third
party in Japan, in order to refinance a previous facility of $13.0
million secured by the M/V Exelixsea. The financing bears an
interest rate of 2.65% plus 3-month Term SOFR. The charterhire
principal amortizes over a six-year term, through seventy-two
consecutive monthly installments of $0.2 million. The Company has
continuous options to repurchase the vessel at predetermined
prices, following the second anniversary of the bareboat charter.
At the end of the six-year bareboat period, the ownership of the
vessel will be transferred to United at no additional cost.
Sale and Leaseback of M/V
Synthesea
In May 2024, the Company obtained credit
committee approval from an unaffiliated third party in Japan, for a
$18.0 million sale and leaseback agreement, to finance the exercise
of the $17.1 million purchase option of M/V Synthesea under its
current bareboat charter. The financing bears an interest rate of
2.70% plus 3-month Term SOFR. The charterhire principal amortizes
over a seven-year term, through eighty-four consecutive monthly
installments of approximately $0.1 million. The Company has
continuous options to repurchase the vessel at predetermined
prices, following the second anniversary of the bareboat charter.
At the end of the bareboat period, United will have the option to
purchase the vessel for about $6.7 million, which the Company
expects to exercise.
Vessel Transactions and Commercial
Updates
M/V Nisea – Bareboat charter
agreement
In February 2024, the Company agreed to enter
into a bareboat charter agreement for an 82,235 dwt Kamsarmax dry
bulk carrier built in 2016 in Japan, which will be renamed Nisea
and is expected to be delivered to United within the second half of
2024. The vessel will be chartered in under an 18-month bareboat
charter agreement, with a down payment of $7.5 million, a daily
charter rate of $8,000 over the period of the bareboat charter and
a purchase option of $16.6 million at the end of the bareboat
charter. In aggregate, the acquisition cost for the vessel,
following exercise of the purchase option, will be approximately
$28.5 million.
Exercise of purchase option and Sale of
M/V Oasea
In May 2024, the Company expressed its intention
to exercise the purchase option under the $12.25 million sale and
leaseback for the 2010-built M/V Oasea.
In May 2024, the Company also entered into an
agreement with an unaffiliated third party for the sale of the M/V
Oasea. The vessel is scheduled to be delivered to its new owner in
June 2024, following her acquisition by the Company under the sale
and leaseback agreement mentioned above. The vessel’s gross sale
price is $20.2 million and the accounting profit is estimated at
$1.5 million that will be recognized in Q2 2024. Both transactions
are subject to customary closing procedures.
M/V Chrisea - New time-charter
agreement
In February 2024, the Company entered into a new
T/C agreement at an improved index linked rate with the existing
charterer of the M/V Chrisea for a duration of about 12 to about 15
months. The charter will be in direct continuation from the current
T/C agreement and is expected to commence in June 2024. All other
terms of the T/C remain materially the same.
M/V Tradership – Time-charter
extension
In February 2024, the charterer of the M/V
Tradership agreed to extend the period of the time charter
agreement for a duration of minimum January 2025 up to maximum June
2025. All other main terms of the time charter remain the same.
M/V Oasea – Time-charter
trip
In April 2024, following the expiration of her
time charter agreement, the M/V Oasea commenced a time charter trip
at a gross daily hire of $14,000 for a period of about 30-40
days.
M/V Gloriuship – Time-charter
trip
In May 2024, following the expiration of her
time charter agreement, the M/V Gloriuship commenced a time charter
trip at a gross daily hire of $23,500 for a period of about 70-75
days.
|
|
United Maritime CorporationUnaudited Condensed
Consolidated Balance Sheets(In thousands of U.S. Dollars) |
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023* |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents and restricted cash |
|
9,756 |
|
|
14,501 |
|
Vessels, net and, Right-of-use assets |
|
150,213 |
|
|
152,525 |
|
Other assets |
|
17,011 |
|
|
7,779 |
|
TOTAL ASSETS |
|
176,980 |
|
|
174,805 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Long-term debt, finance lease liability and other financial
liabilities, net of deferred finance costs |
|
93,535 |
|
|
95,954 |
|
Other liabilities |
|
19,462 |
|
|
12,982 |
|
Stockholders’ equity |
|
63,983 |
|
|
65,869 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
176,980 |
|
|
174,805 |
|
* 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 share and per share data, unless otherwise
stated) |
|
|
|
|
|
|
|
|
|
Three months endedMarch 31, 2024 |
|
Three months endedMarch 31, 2023 |
|
Vessel Revenue, net |
|
10,598 |
|
2,821 |
|
Expenses: |
|
|
|
|
|
Voyage expenses |
|
(604 |
) |
(299 |
) |
Vessel operating expenses |
|
(5,158 |
) |
(3,111 |
) |
Management fees |
|
(592 |
) |
(232 |
) |
General and administrative expenses |
|
(778 |
) |
(1,819 |
) |
Depreciation and amortization |
|
(2,810 |
) |
(1,226 |
) |
Operating income / (loss) |
|
656 |
|
(3,866 |
) |
Other income / (expenses): |
|
|
|
|
|
Interest and finance costs |
|
(2,123 |
) |
(1,179 |
) |
Interest and other income |
|
92 |
|
209 |
|
Loss on extinguishment of debt |
|
(22 |
) |
- |
|
Other, net |
|
57 |
|
(51 |
) |
Total other expenses, net: |
|
(1,996 |
) |
(1,021 |
) |
Net loss |
|
(1,340 |
) |
(4,887 |
) |
Net loss attributable to common stockholders |
|
(1,340 |
) |
(4,947 |
) |
|
|
|
|
|
|
Net loss per common share, basic and diluted |
|
(0.15 |
) |
(0.64 |
) |
Weighted
average number of common shares outstanding, basic and diluted |
|
8,688,498 |
|
7,766,681 |
|
|
United Maritime CorporationUnaudited Condensed
Consolidated Cash Flow Data (In thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2024 |
|
Three months ended March 31, 2023 |
|
Net cash provided by /
(used in) operating activities |
|
2,296 |
|
(4,060 |
) |
Net cash used in investing activities |
|
(3,750 |
) |
(52,135 |
) |
Net cash (used in) / provided by financing
activities |
|
(3,291 |
) |
6,264 |
|
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
with an aggregate cargo carrying capacity of 922,054 dwt. Upon the
completion of the delivery of the M/V Nisea and sale of the M/V
Oasea, the Company’s operating fleet will consist of three
Capesize, two Kamsarmax and three Panamax vessels, with an
aggregate cargo carrying capacity of 922,072 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 or Israel and Palestine; 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
___________________1 Adjusted loss
per share, Adjusted Net loss, EBITDA and Adjusted EBITDA are
non-GAAP measures. Please see the reconciliation below of Adjusted
loss per share, Adjusted Net loss, EBITDA and Adjusted EBITDA to
Net loss, the most directly comparable U.S. GAAP measure.2 Based on
the closing price on May 22, 2024.3 Through an 18-month bareboat
charter with purchase option.4 TCE Rate is a non-GAAP measure.
Please see the reconciliation below of TCE Rate to net revenues
from vessels, the most directly comparable U.S. GAAP measure.5 This
guidance is based on certain assumptions and there can be no
assurance that these TCE rate estimates, or projected utilization
will be realized. TCE rate estimates include certain floating
(index) to fixed rate conversions concluded in previous periods.
For the only vessel on unhedged index-linked T/C, the TCE rate
realized will vary with the underlying index, and for the purposes
of this guidance the BPI daily rate assumed for the remaining
operating days of the quarter for the index-linked T/C is equal to
the average FFA rate of $17,218, based on the curve as of May 22,
2024. 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 rate will be
reduced accordingly.
United Maritime (NASDAQ:USEA)
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