United Maritime posts USD 7.8 million net revenue in Q1

United Maritime Corporation announced its financial results for the first quarter ended March 31, 2025. The Company also declared a quarterly dividend of $0.01 per common share for the first quarter of 2025.
Highlights | |||
(in million USD, except LPS) | Q1 2025 | Q1 2024 | |
Net Revenues | $7.8 | $10.6 | |
Net Loss | ($4.5) | ($1.3) | |
Adjusted Net Loss1 | ($4.4) | ($1.1) | |
EBITDA1 | $0.7 | $3.5 | |
Adjusted EBITDA1 | $0.9 | $3.7 | |
Loss per share Basic and Diluted | ($0.52) | ($0.15) | |
Adjusted loss per share Basic1 and Diluted1 | ($0.50) | ($0.13) | |
Other Highlights and Developments:
- Consistent Shareholder Returns: Declared a quarterly cash dividend of $0.01 per share for Q1 2025, marking the tenth consecutive quarterly distribution. Since initiating its capital return program in November 2022, United has declared total cash dividends of $1.62 per share, or $12.9 million in aggregate distributions.
- Strategic Diversification Through Offshore Investment: Increased our equity stake in the newbuilding Energy Construction Vessel (“ECV”) joint venture, advancing our broader strategy to diversify earnings and risk exposure. This investment enhances our positioning in a sector supported by rising asset values and favorable market dynamics.
For the quarter ended March 31, 2025, the Company generated Net Revenues of $7.8 million compared to $10.6 million in the first quarter of 2024. Adjusted EBITDA for the quarter was $0.9 million, compared to $3.7 million for the same period of 2024. Net Loss and Adjusted Net Loss for the quarter were $4.5 million and $4.4 million, respectively, compared to Net Loss and Adjusted Net Loss of $1.3 million and $1.1 million in the first quarter of 2024. The Time Charter Equivalent (“TCE”) rate of the fleet for the first quarter of 2025 was $9,953 per day, compared to $15,165 in the same period of 2024.
Cash and cash-equivalents and restricted cash as of March 31, 2025, stood at $3.4 million. Shareholders’ equity at the end of the first quarter was $55.6 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $94.5 million as of March 31, 2025. The book value of our fleet as of March 31, 2025, stood at $151.3 million, including one chartered-in Kamsarmax vessel and one Capesize vessel held for sale.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“For the first quarter of 2025 United reported Net Revenue of $7.8 million and EBITDA of $0.7 million, based on a daily time charter equivalent of $9,953. While our financial performance was adversely impacted by the seasonally weak conditions in the dry bulk market, we remain encouraged by the positive medium and long-term outlook for the sector. Despite the softer quarter, our board of directors has approved a dividend of $0.01 for the first quarter, our tenth consecutive quarterly dividend. Since November 2022, we have returned $1.62 per share in total dividends to our shareholders, underscoring our commitment to delivering returns throughout the market cycle.
“Concerning our fleet developments, we anticipate concluding the sale of the M/V Gloriuship, our oldest vessel, within the second quarter of 2025. Until the time of her delivery, the M/V Gloriuship remains employed on a voyage basis at a daily rate above current market levels. The M/Vs Goodship and Nisea are also fixed at above market rates, providing more visibility and earnings stability into the next quarters.
“Regarding our guidance, we have already secured approximately 79% of our second quarter days at a healthy average rate of $16,835, while we expect the daily TCE for the full quarter to be approximately $15,653, based on current FFA values. Overall, four vessels, including the M/V Gloriuship, are currently employed on fixed daily rates, with the remaining four subject to prevailing market conditions. This sharp rebound from Q1 reflects both a market recovery and the effectiveness of our proactive freight hedging strategy through index-linked charter conversions.
“We are also particularly pleased to have increased our equity stake in the Energy Construction Vessel (“ECV”) joint venture to approximately 30%. This represents a key milestone in our broader strategy to diversify our earnings base beyond dry bulk. The ECV project is uniquely positioned to benefit from rising demand in both traditional offshore energy and renewables, at a time when supply remains constrained. We view this as a forward-looking investment with the potential to unlock long-term value.
“Regarding the dry bulk market performance, the first quarter of 2025 was impacted by a seasonal slowdown in coal and iron ore trade, consistent with the typical cyclical patterns that follow elevated export volumes recorded in 2024. Since March, we have observed a degree of normalization, with daily charter rates recovering meaningfully. However, near-term conditions remain relatively soft, pending a more sustained recovery in trade volumes and impacted by a backdrop of cautious economic sentiment and heightened market volatility, introduced by the recent trade policy uncertainties. Encouragingly, recent developments suggest a narrowing of the scope for additional tariffs and trade restrictions, though risks of more adverse outcomes cannot yet be fully discounted. From a longer-term perspective, dry bulk market fundamentals remain constructive, underpinned by limited fleet growth and continued demand for key commodities across grains, power generation, manufacturing, and construction.
“While the near-term environment remains dynamic, we believe United is well-positioned to benefit from improving fundamentals. With a balanced capital structure, strategic optionality across our fleet, and a targeted expansion into offshore markets, we remain confident in our ability to deliver sustainable growth and compelling returns to our shareholders.”