Exhibit 99.1
October 4, 2024
TO THE SHAREHOLDERS OF UNITED MARITIME CORPORATION
We are proud to share that 2023 has been a transformative year for United Maritime Corporation, marked by successful investments and a renewed focus on fleet optimization. We are an international shipping company specializing in worldwide seaborne transportation services. Our fleet now consists of eight modern dry bulk vessels, comprising Capesize, Kamsarmax, and Panamax classes, with an aggregate cargo-carrying capacity of 922,072 dwt.
Following the conclusion of our first investment cycle with the profitable sale of our tanker fleet in 2023, our focus turned to rebuilding our dry bulk fleet. The proceeds from the tanker sales were reinvested directly into our dry bulk fleet expansion, by avoiding dilutive measures and keeping value intact for our shareholders. The subsequent rise in dry bulk charter rates and vessel values since then has confirmed the favorable timing of these transactions, and we remain confident about our financial prospects.
During 2023, we declared dividends of $0.30 per share, representing a yield exceeding 10%. This underscores our dedication to returning value to our shareholders. Alongside dividend payments, our positive cash flow generation has also supported our share repurchase initiatives. Additionally, we have optimized our debt structure, successfully concluding $78 million in refinancing and new financing transactions under improved terms with prominent lenders. These efforts reflect our fiscal discipline and strong relationships with leading financial institutions.
Beyond our dry bulk investments, and in alignment with our strategy to expand into sectors with strong growth potential, we have acquired a minority stake in a newbuilding energy construction vessel. This vessel, capable of operating in both the oil and gas and renewable energy sectors, represents our intention to diversify into industries with promising market fundamentals. Construction is expected to take about three years, and the increasing demand for energy infrastructure, coupled with an aging offshore fleet, positions us well to benefit from this investment.
We warmly invite you to attend the Annual Meeting of the shareholders of United Maritime Corporation, which will be held at 154 Vouliagmenis Avenue, 16674 Glyfada, Greece, on November 7, 2024, at 5:30 p.m. local time. Your voice and participation are integral to our collective future. At the meeting, our shareholders will consider and vote upon proposals to re-elect Messrs. Stavros Gyftakis and Dimitrios Kostopoulos as Class B Directors and to approve the ratification of the appointment of our independent auditors, Ernst & Young (Hellas) Certified Auditors Accountants S.A., for the fiscal year ending December 31, 2024. These proposals are described in detail in the proxy materials.
We are using the internet as our primary means of furnishing proxy materials to shareholders. Accordingly, you will not receive paper copies of our proxy materials unless requested. Instead, we have mailed the enclosed notice with instructions for accessing the proxy materials and voting via the internet, along with information on how to obtain paper copies if desired. Opting to receive these materials electronically not only saves costs but also contributes to reducing our environmental impact, demonstrating our commitment to sustainability.
You are cordially invited to attend the meeting in person. Alternatively, you may vote via the internet, by telephone, or, if you receive a paper proxy card in the mail, by mailing the completed card. Your vote is very important to us. Whether or not you plan to attend, please take a moment to review the proxy materials and vote as soon as possible to ensure that your shares will be represented at the meeting.
We deeply appreciate your trust and investment in United Maritime Corporation. As we continue navigating toward future growth, we are confident that our prudent strategies and market positioning will deliver lasting value. On behalf of our management and directors, thank you for your continued support and confidence.
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| | | Very truly yours, |
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| | | Stamatios Tsantanis |
| | | Chairman & Chief Executive Officer |
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154 Vouliagmenis Avenue, 16674 Glyfada, Greece
Tel: +30 2130181507 – e-mail: info@usea.gr – www.unitedmaritime.gr
