United Maritime Corp 6-K, filed Mar 18, 2026
United Maritime Corp (USEA)
6-K
2026-03-18
For: 2026-03-18
View Original
Added on
April 06, 2026
About this 6-K
United Maritime Corp filed this 6-K on March 18, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2026
Commission File Number: 001-41413
UNITED MARITIME CORPORATION
(Translation of registrant’s name into English)
154 Vouliagmenis Avenue
166 74 Glyfada
Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☒ | Form 40-F ☐ |
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this report on Form 6-K as Exhibit 99.1 is a copy of
the press release of United Maritime Corporation (the “Company”) dated March 12, 2026, titled “United Maritime Reports Fourth Quarter and Full-Year 2025 Financial Results” and “Delivers 13th Consecutive Quarterly Dividend; Expands Capesize Exposure
and Reallocates Capital to Strengthen Earnings and Free Cash Flow.”
This report on Form 6-K and the exhibit hereto, excluding the statements attributed to the Company’s Chairman & Chief Executive Officer, are hereby incorporated by reference into the Company’s
Registration Statements on Form F-3 (File Nos. 333-273116 and 333-266099).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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UNITED MARITIME CORPORATION
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(Registrant)
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By:
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/s/ Stamatios Tsantanis
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Name:
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Stamatios Tsantanis
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Title:
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Chief Executive Officer
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| Date: March 18, 2026 | ||
Exhibit 99.1
United Maritime Reports Fourth Quarter and Full-Year 2025 Financial Results
Delivers 13th Consecutive Quarterly Dividend; Expands Capesize Exposure and Reallocates Capital to Strengthen Earnings and Free Cash Flow
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Highlights
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(in million USD, except LPS)
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Q4 2025
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Q4 2024
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12M 2025
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12M 2024
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||
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Net Revenues
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$6.6
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$10.8
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$37.8
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$45.4
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Net Loss
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($3.8)
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($1.8)
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($6.2)
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($3.4)
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Adjusted Net Loss1
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($1.5)
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($0.7)
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($4.1)
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($1.2)
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EBITDA1
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($0.7)
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$4.0
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$10.8
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$18.1
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Adjusted EBITDA1
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$1.5
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$5.1
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$12.9
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$20.3
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Loss per share Basic & Diluted
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($0.42)
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($0.21)
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($0.70)
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($0.39)
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Adjusted loss per share Basic1 & Diluted1
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($0.17)
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($0.09)
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($0.46)
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($0.14)
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Other Highlights and Developments:
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Strategic Fleet Expansion with Investment of Approximately $62.0 Million to Acquire Two Capesizes Contributing to Enhanced Earnings and Free Cash Flow
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| o |
Re-Initiates Capesize exposure through the delivery of the 2010-built Capesize M/V Dukeship under an 18-month bareboat charter, significantly enhancing earnings visibility.
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| o |
Expands further with the agreement to acquire the 2010-built scrubber-fitted Capesize M/V Squireship, from Seanergy Maritime Holdings Corp. (“Seanergy”), with expected delivery in April-June 2026.
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| ◾ |
Portfolio Optimization and Capital Reallocation Releasing Approximately $21.0 Million
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| o |
Agreed to sell the 2009-built Kamsarmax M/V Cretansea for $14.7 million, generating approximately $6.0 million in net cash proceeds after debt repayment.
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| o |
Monetized investment in Offshore Energy Construction Vessel project for approximately €13.0 million, realizing a profit of approximately €1.7 million and a return on invested capital of approximately 15%.
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1 Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net Income / (loss),
EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.
1
| ◾ |
Consistent Shareholder Returns:
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| o |
Declared 13th consecutive quarterly cash dividend of $0.10 per share.
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| o |
Since initiating our capital return program in November 2022, United has declared total cash dividends of approximately $1.84 per share in cumulative distributions.
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| o |
Repurchased 67,665 common shares from Q4 2025 to date at an average price of $1.67 per share.
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March 12, 2026 - Glyfada, Greece – United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the fourth quarter and
twelve months ended December 31, 2025. The Company also declared a quarterly dividend of $0.10 per common share for the fourth quarter of 2025, with total cash dividend for 2025 of $0.23 per common share.
For the quarter ended December 31, 2025, the Company generated Net Revenues of $6.6 million compared to $10.8 million in the fourth quarter of 2024. Net Loss and Adjusted Net Loss for the quarter were $3.8 million
and $1.5 million, respectively, compared to Net Loss of $1.8 million and Adjusted Net Loss of $0.7 million in the fourth quarter of 2024. Adjusted EBITDA for the quarter was $1.5 million, compared to $5.1 million for the same period of 2024. The
Time Charter Equivalent (“TCE”) rate of the fleet for the fourth quarter of 2025 was $14,129 per day, compared to $14,248 in the same period of 2024.
For the full year 2025, the Company generated Net Revenues of $37.8 million, compared to $45.4 million in the same period of 2024. Net Loss and Adjusted Net Loss for the period were $6.2 million and $4.1 million,
respectively, compared to Net Loss of $3.4 million and Adjusted Net Loss of $1.2 million in the respective period of 2024. Adjusted EBITDA for the twelve months was $12.9 million, compared to $20.3 million for the same period of 2024. The TCE rate
of the fleet for the twelve-month period of 2025 was $13,565 per day compared to $15,719 in the same period of 2024. The average daily OPEX was $6,338 compared to $6,616 of the respective period of 2024.
Cash and cash-equivalents and restricted cash as of December 31, 2025, stood at $14.6 million. Shareholders’ equity at the end of the fourth quarter was $56.5 million, while long-term debt, finance lease liabilities
and other financial liabilities, net of deferred finance costs stood at $64.8 million as of December 31, 2025. The book value of our fleet as of December 31, 2025, stood at approximately $100.0 million, including one chartered-in Kamsarmax vessel.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“During the fourth quarter and into early 2026, United Maritime executed a series of strategic actions that meaningfully strengthened our earnings power, improved balance sheet flexibility, and positioned the Company
for enhanced shareholder value creation.
“We are pleased to declare our 13th consecutive quarterly dividend, a milestone that reflects our commitment for capital returns. Since initiating our dividend program in November 2022, United has declared
cumulative cash dividends of approximately $1.84 per share. With stronger cash generation now secured through recently contracted fleet employment, we are confident in our ability in the near-medium term to sustain a competitive level of
distributions while preserving the financial flexibility to pursue accretive growth opportunities.
“A central pillar of our 2025–2026 strategy has been disciplined capital reallocation: divesting lower-returning assets and redeploying proceeds into higher-earning Capesize exposure. In early 2026, we agreed to sell
the 2009-built Kamsarmax M/V Cretansea for $14.7 million, generating approximately $6.0 million in net cash proceeds after debt repayment. We also agreed to exit our investment in the offshore energy construction vessel project, realizing proceeds
of approximately €13.0 million, a profit of approximately €1.7 million, and a return on invested capital of approximately 15%. These two agreed sales combined are expected to release approximately $21.0 million in net liquidity.
“In February, we took delivery of the 2010-built Capesize M/V Dukeship under an 18-month bareboat charter at a daily hire of $9,450. The vessel is employed at a fixed gross daily rate of approximately $29,300 through
year-end 2026, providing immediate contracted cash flow visibility. In addition, we recently agreed to acquire the 2010-built scrubber-fitted Capesize M/V Squireship from Seanergy Maritime Holdings Corp. for approximately $29.5 million, with
delivery in April-June 2026, financed through a combination of debt and internally generated liquidity, including proceeds from the aforementioned sales. The implied investment in the two Capesizes is approximately $62.0 million. At current market
levels, these two Capesize vessels are expected to generate material incremental free cash flow and meaningfully enhance the Company’s earnings profile on a per-share basis.
2
“Operationally, our fourth quarter TCE of $14,129 per day was in line with the same period of 2024, reflecting United’s transition to a pure Panamax fleet during the third quarter of 2025. Fleet utilization remained
strong at 97.6%, while daily OPEX of $6,404 was well controlled. For the first quarter of 2026, we anticipate a daily TCE of approximately $15,230, with about 92.0% of available days already fixed, providing meaningful revenue visibility in the
near term. Looking further ahead, the Panamax market continues to exhibit solid fundamentals. At the same time, the addition of the Capesize M/V Dukeship since February under a fixed-rate time charter, together with the expected delivery of the
Capesize M/V Squireship in the second half of the year, is expected to further enhance our earnings power and cash flow visibility through the balance of 2026.
“On the financing front, we successfully completed a sale and leaseback agreement to fund the purchase option associated with the 2016 built Kamsarmax, M/V Nisea. The vessel has been sold and chartered back over a
five-year period at terms that we believe reflect United Maritime’s strengthening credit profile and increasing institutional recognition, further evidencing our growing access to competitive capital.
“Market conditions in early 2026 have been constructive, with healthy cargo flows offsetting typical seasonal headwinds. Robust grain exports and resilient coal and iron ore volumes have supported rate levels across
vessel classes. Supply-side dynamics remain favorable: the dry bulk orderbook is at historically low levels, and constrained global shipyard capacity continues to limit new vessel deliveries. While geopolitical uncertainties, including ongoing
tensions in the Middle East, introduce some macro uncertainty, dry bulk trade flows have demonstrated resilience, and the sector’s underlying fundamentals remain supportive.
“With a strengthened fleet, improved earnings visibility, a proven track record of consistent capital returns, and growing financial flexibility, United Maritime is well positioned to capitalize on market
opportunities and continue building per-share value for our shareholders. We approach 2026 with confidence and strategic clarity.”
Current Company Fleet:
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Vessel Name
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Sector
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Capacity
(DWT)
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Year Built
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Yard
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Employment
Type
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Minimum
T/C
expiration
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Maximum
T/C
expiration(1)
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Dukeship(3)
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Dry Bulk / Capesize
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181,453
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2010
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Sasebo
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T/C Index Linked(2)
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Jan-27
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Mar-27
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Nisea
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Dry Bulk / Kamsarmax
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82,235
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2016
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Oshima
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T/C Index Linked(2)
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Aug-26
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Oct-26
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Cretansea(4)
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Dry Bulk / Kamsarmax
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81,508
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2009
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Universal
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T/C Index Linked(2)
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Oct-26
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Feb-27
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Chrisea
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Dry Bulk / Panamax
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78,173
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2013
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Shin Kurushima
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T/C Index Linked(2)
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Mar-27
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Jul-27
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Synthesea
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Dry Bulk / Panamax
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78,020
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2015
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Sasebo
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T/C Index Linked(2)
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Jul-26
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Oct-26
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Exelixsea
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Dry Bulk / Panamax
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76,361
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2011
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Oshima
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T/C Index Linked(2)
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Jun-26
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Sep-26
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Total/Average age
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577,750
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13.6 years
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| (1) |
The latest redelivery dates do not include any additional optional periods.
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| (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 “First Quarter 2026 TCE Rate Guidance”.
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| (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 obligation at the end of the bareboat charter.
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| (4) |
The vessel is expected to be delivered to her new owners by May 25, 2026.
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3
Fleet Data:
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Q4 2025
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Q4 2024
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12M 2025
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12M 2024
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Ownership days (1)
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460
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736
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2,470
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2,875
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Operating days (2)
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449
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733
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2,412
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2,778
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Fleet utilization (3)
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97.6%
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99.6%
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97.7%
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96.6%
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TCE rate (4)
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$14,129
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$14,248
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$13,565
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$15,719
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Daily Vessel Operating Expenses (5)
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$6,404
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$6,063
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$6,338
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$6,616
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(1)
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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.
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(2)
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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. Available days are the number of ownership days
less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are on ballast voyages without having
finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies.
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| (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.
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| (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)
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Q4 2025
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Q4 2024
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12M 2025
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12M 2024
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Vessel revenue, net
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6,592
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10,832
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37,785
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45,439
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Less: Voyage expenses
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248
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388
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5,066
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1,771
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Time charter equivalent revenues
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6,344
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10,444
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32,719
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43,668
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Operating days
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449
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733
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2,412
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2,778
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TCE rate
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$14,129
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$14,248
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$13,565
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$15,719
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| (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, if applicable, 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)
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Q4 2025
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Q4 2024
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12M 2025
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12M 2024
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|
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Vessel operating expenses
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2,946
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4,571
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15,655
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19,745
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Less: Pre-delivery expenses
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-
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109
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-
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724
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Vessel operating expenses before pre-delivery expenses
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2,946
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4,462
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15,655
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19,021
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Ownership days
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460
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736
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2,470
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2,875
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Daily Vessel Operating Expenses
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$6,404
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$6,063
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$6,338
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$6,616
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4
Net Loss to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
|
Q4 2025
|
Q4 2024
|
12M 2025
|
12M 2024
|
||||||
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Net loss
|
(3,773)
|
(1,821)
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(6,214)
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(3,383)
|
|||||
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Interest and finance costs, net
|
1,074
|
2,110
|
6,203
|
8,102
|
|||||
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Depreciation and amortization
|
1,999
|
3,715
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10,816
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13,430
|
|||||
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EBITDA
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(700)
|
4,004
|
10,805
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18,149
|
|||||
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Stock based compensation
|
56
|
111
|
483
|
779
|
|||||
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Impairment loss
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2,142
|
828
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2,142
|
828
|
|||||
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Loss on extinguishment of debt
|
-
|
-
|
640
|
397
|
|||||
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Gain on consolidation
|
-
|
-
|
(1,268)
|
-
|
|||||
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Loss on equity method investment
|
36
|
142
|
86
|
142
|
|||||
|
Adjusted EBITDA
|
1,534
|
5,085
|
12,888
|
20,295
|
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, impairment loss, loss on extinguishment of debt, gain on consolidation and loss on equity method investment,
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)
|
Q4 2025
|
Q4 2024
|
12M 2025
|
12M 2024
|
||||||
|
Net loss
|
(3,773)
|
(1,821)
|
(6,214)
|
(3,383)
|
|||||
|
Stock based compensation
|
56
|
111
|
483
|
779
|
|||||
|
Impairment loss
|
2,142
|
828
|
2,142
|
828
|
|||||
|
Loss on extinguishment of debt
|
-
|
-
|
640
|
397
|
|||||
|
Gain on consolidation
|
-
|
-
|
(1,268)
|
-
|
|||||
|
Loss on equity method investment
|
36
|
142
|
86
|
142
|
|||||
|
Adjusted net loss
|
(1,539)
|
(740)
|
(4,131)
|
(1,237)
|
|||||
|
Adjusted net loss – common stockholders
|
(1,542)
|
(740)
|
(4,105)
|
(1,237)
|
|||||
|
Adjusted loss per common share, basic and diluted
|
(0.17)
|
(0.09)
|
(0.46)
|
(0.14)
|
|||||
|
Weighted average number of common shares outstanding, basic and diluted
|
8,940,385
|
8,676,767
|
8,866,523
|
8,711,951
|
5
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, impairment loss, loss
on extinguishment of debt, gain on consolidation, loss on equity method investment 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.
First Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately 92% of the Company fleet’s expected operating days in the first quarter of 2026 have been fixed at an estimated TCE rate of approximately $15,230. Assuming that for the remaining
operating days of our index-linked T/Cs, the respective vessels’ TCE rate will be equal to Forward Freight Agreement (“FFA”) rate of $17,907 per day (based on the FFA curve of March 6, 2026), our estimated TCE for the first quarter of 2026 is
approximately $15,2302. Our TCE rate guidance for the first quarter of 2026 includes the already performed conversions of index-linked charters to fixed for the period.
The following table provides the breakdown of index-linked charters and fixed-rate charters in the first quarter of 2026:
|
Operating
Days
|
TCE Rate
|
||
|
TCE - fixed rate (index-linked conversions)
|
258
|
$16,804
|
|
|
TCE – index-linked
|
216
|
$13,346
|
|
|
Total / Average
|
474
|
$15,230
|
Fourth Quarter and Recent Developments:
Dividend Distribution for Q3 2025 and Declaration of Q4 2025 Dividend
On January 9, 2026, the Company paid a quarterly cash dividend of $0.09 per common share, for the third quarter of 2025, to all shareholders of record as of December 29, 2025.
The Company has declared a cash dividend of $0.10 per common share for the fourth quarter of 2025 payable on or about April 10, 2026, to all shareholders of record as of March 27, 2026.
Buyback of Common Shares – 3rd Repurchase Plan
During the fourth quarter of 2025 to date, the Company repurchased 67,665 common shares in open market transactions at an average price of $1.67 per share, for an aggregate consideration of approximately $0.1 million
pursuant to the $3.0 million share repurchase program commenced in October 2022. All the above-mentioned shares were cancelled and removed from our share capital as of the date of this release. As of March 6, 2026, the Company had 9,074,139 common
shares issued and outstanding.
2 This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates or projected utilization rates 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 rate realized will vary with the underlying index, and for the purposes of this guidance, the TCE rate assumed for the remaining
operating days of the quarter for an index-linked T/C is equal to FFA rate of $17,907 per day (based on the FFA curve of March 6, 2026). 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.
6
Vessel transactions and commercial updates
Sale of M/V Cretansea
In January 2026, the Company entered into a definitive agreement with an unaffiliated third party for the sale of its 81,508 dwt Kamsarmax vessel, the 2009-built MV Cretansea. The vessel is expected to be delivered
to its new owners by May 25, 2026. The aggregate net sale price of $14.7 million is expected to generate net cash proceeds of approximately $6.0 million after repayment of the associated debt.
Acquisition of a Japanese Capesize Vessel through Bareboat Charter Agreement
In February 2026, the Company took delivery of the 2010-built Japanese Capesize dry-bulk vessel of 181,453 dwt, MV Dukeship, through an 18-month bareboat charter agreement with Seanergy Maritime Holdings Corp., a
related party. Pursuant to the terms of the bareboat charter, United has advanced a down payment of $5.5 million. The bareboat charter includes a daily charter rate of $9,450 over the charter period and a purchase obligation of $22.1 million at the
end of the bareboat charter. The Dukeship is currently employed on an index linked time charter with a redelivery date in the first quarter of 2027. The earnings under the time charter have been converted to
an average fixed gross daily rate of approximately $29,300 until the end of 2026.
Acquisition of M/V Squireship
In March 2026, the Company agreed main terms with Seanergy Maritime Holdings Corp., for the acquisition of the 2010-built Capesize bulk carrier M/V Squireship, constructed in South Korea, for a purchase price of
$29.5 million. A special committee of disinterested members of our Board of Directors negotiated the terms and approved the agreement. The vessel is expected to be delivered to the Company between end April to beginning of June 2026.
The acquisition will be financed through a combination of debt financing and proceeds generated from recent asset monetization initiatives, including the agreed sale of the M/V Cretansea and the divestment of the
Company’s equity interest in the offshore energy construction vessel project.
Investing & Financing Updates
Offshore Sector
In July 2024, United entered the ECV newbuilding project at an early stage, gaining exposure to the rapidly expanding offshore energy market serving both subsea oil & gas and renewable infrastructure. As the
project progressed and market valuations strengthened, United increased its participation and ultimately became the largest individual shareholder. Consistent with its stated investment strategy which focuses on early entry, value creation and
timely exit, in February 2026, the Company agreed to sell its equity interest for approximately €13.0 million, realizing a profit of approximately €1.7 million. The transaction is expected to close by May 31, 2026, subject to customary conditions,
after which United will no longer retain an equity interest in the project.
Huarong Sale and Leaseback agreement
In March 2026, the Company entered into an $18.3 million sale and leaseback agreement with a third party, being an affiliate of China Huarong Shipping Financial Leasing Company Ltd. (“Huarong”) to finance the
exercise of the $16.6 million purchase option for the M/V Nisea under its previous bareboat charter. The agreement became effective upon the delivery of the M/V Nisea to the lessor on March 10, 2026. The Company sold and chartered back the vessel
on a bareboat basis for a period of five years and has continuous options to purchase the vessel at any time following the first anniversary of the delivery at predetermined prices as set forth in the agreement. The charterhire principal amortizes
in 20 quarterly installments of $0.4 million along with a purchase obligation of $11.2 million at the expiry of the bareboat charter. The financing bears an interest rate of 3-month Term SOFR plus 1.95% per annum. The sale and leaseback agreement
does not include any financial covenants or security value maintenance provisions.
Conference Call:
The Company’s management will host a conference call to discuss the financial results today, Thursday, March 12, 2026 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.
7
United Maritime Corporation
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)
|
December
31, 2025
|
December
31, 2024*
|
|||||||
|
ASSETS
|
||||||||
|
Cash and cash equivalents and restricted cash
|
14,564
|
6,762
|
||||||
|
Vessels, net, Right-of-use assets and Vessel held for sale
|
99,885
|
153,029
|
||||||
|
Other assets
|
24,232
|
12,282
|
||||||
|
TOTAL ASSETS
|
138,681
|
172,073
|
||||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs
|
64,839
|
97,723
|
||||||
|
Other liabilities
|
17,376
|
14,262
|
||||||
|
Stockholders’ equity
|
56,466
|
60,088
|
||||||
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
138,681
|
172,073
|
||||||
* Derived from the audited consolidated financial statements as of the period as of that date
United Maritime Corporation
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. Dollars, except for share
and per share data)
|
Three months ended
December 31,
|
Twelve months ended
December 31,
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
Vessel revenue, net
|
6,592
|
10,832
|
37,785
|
45,439
|
||||||||||||
| Expenses: | ||||||||||||||||
|
Voyage expenses
|
(248
|
)
|
(388
|
)
|
(5,066
|
)
|
(1,771
|
)
|
||||||||
|
Vessel operating expenses
|
(2,946
|
)
|
(4,571
|
)
|
(15,655
|
)
|
(19,745
|
)
|
||||||||
|
Management fees
|
(376
|
)
|
(572
|
)
|
(2,028
|
)
|
(2,263
|
)
|
||||||||
|
General and administration expenses
|
(1,678
|
)
|
(745
|
)
|
(4,306
|
)
|
(4,010
|
)
|
||||||||
|
Depreciation and amortization
|
(1,999
|
)
|
(3,715
|
)
|
(10,816
|
)
|
(13,430
|
)
|
||||||||
|
Impairment loss for vessels
|
(2,142
|
)
|
(828
|
)
|
(2,142
|
)
|
(828
|
)
|
||||||||
|
Gain on sale of vessels
|
-
|
-
|
1,773
|
1,426
|
||||||||||||
|
Operating (loss) / income
|
(2,797
|
)
|
13
|
(455
|
)
|
4,818
|
||||||||||
|
Other income / (expenses):
|
||||||||||||||||
|
Interest and finance costs
|
(1,187
|
)
|
(2,168
|
)
|
(6,373
|
)
|
(8,416
|
)
|
||||||||
|
Interest and finance costs – related party
|
-
|
-
|
(48
|
)
|
-
|
|||||||||||
|
Interest income
|
113
|
58
|
218
|
314
|
||||||||||||
|
Loss on extinguishment of debt
|
-
|
-
|
(640
|
)
|
(397
|
)
|
||||||||||
|
Gain on consolidation
|
-
|
-
|
1,268
|
-
|
||||||||||||
|
Loss on equity method investment
|
(36
|
)
|
(142
|
)
|
(86
|
)
|
(142
|
)
|
||||||||
|
Other income
|
151
|
309
|
151
|
311
|
||||||||||||
|
Other, net
|
(17
|
)
|
109
|
(249
|
)
|
129
|
||||||||||
|
Total other expenses, net:
|
(976
|
)
|
(1,834
|
)
|
(5,759
|
)
|
(8,201
|
)
|
||||||||
|
Net loss
|
(3,773
|
)
|
(1,821
|
)
|
(6,214
|
)
|
(3,383
|
)
|
||||||||
|
Net loss attributable to common shareholders
|
(3,776
|
)
|
(1,821
|
)
|
(6,188
|
)
|
(3,383
|
)
|
||||||||
|
Net loss per common share, basic and diluted
|
(0.42
|
)
|
(0.21
|
)
|
(0.70
|
)
|
(0.39
|
)
|
||||||||
|
Weighted average number of common shares outstanding, basic and diluted
|
8,940,385
|
8,676,767
|
8,866,523
|
8,711,951
|
||||||||||||
8
United Maritime Corporation
Unaudited Condensed Consolidated Cash Flow Data
(In thousands of U.S. Dollars)
|
Twelve months ended
December 31,
|
||||||||
|
2025
|
2024
|
|||||||
|
Net cash provided by operating activities
|
2,212
|
3,264
|
||||||
|
Net cash provided by investing activities
|
40,431
|
7,949
|
||||||
|
Net cash used in financing activities
|
(34,841
|
)
|
(18,952
|
)
|
||||
9
About United Maritime Corporation
United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. The Company operates a fleet of six dry bulk vessels, comprising one Capesize, two
Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 577,750 dwt. Upon completion of the aforementioned sale of the M/V Cretansea and the acquisition of the M/V Squireship, the Company’s operating fleet will consist
of six vessels (two Capesize, one Kamsarmax and three Panamax), with an aggregate cargo carrying capacity of 666,260 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, including with respect to the share repurchases, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar
expressions are intended to identify forward-looking statements. 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, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including
charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital
spending or operating expenses; risks associated with operations outside the United States; risks arising from trade disputes between the U.S. and China, including the re-imposition of reciprocal port fees; broader market impacts arising from
trade disputes or war (or threatened war) or international hostilities, such as between the U.S. and Venezuela, China and Taiwan, Israel and Hamas or Iran and Russia and Ukraine; risks associated with the length and severity of pandemics; and
other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report 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 Relations
Tel: +30 213 0181 522
E-mail: ir@usea.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: usea@capitallink.com
10