Published by CAPITAL LINK
Recently, United Maritime Corporation (NASDAQ: USEA) reported its financial results for the fourth quarter and full year of 2025, a period marked by transition.
The dry bulk shipping company, listed on the Nasdaq Capital Market, generated net revenues of $6.6 million in the fourth quarter, down from $10.8 million in the same period a year earlier. Adjusted EBITDA came in at $1.5 million, while adjusted net loss totaled $1.5 million.
For the full year, USEA posted net revenues of $37.8 million, compared with $45.4 million in 2024. Adjusted EBITDA for the year reached $12.9 million, while adjusted net loss came in at $4.1 million. According to management, this was a transitory year for United as the company repositioned its portfolio by shifting capital toward higher-earning vessels.
“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,” said Mr. Stamatis Tsantanis, Founder, Chairman and CEO.
Capital reallocation
United Maritime has strategically reallocated capital from lower-yielding assets into higher profit margin Capesize vessels, positioning the company to capture strengthening demand for iron ore and bauxite. More specifically, Mr. Tsantanis noted during the earnings call that the company has focused on disciplined capital reallocation, divesting lower returning assets and redeploying proceeds into higher-earning Capesize exposure.
As part of that shift, the company agreed to sell the Kamsarmax Cretansea, built in 2009, for $14.7 million. The transaction is expected to result in $6 million in net cash proceeds after debt repayment.
USEA also exited its investment in an offshore energy construction vessel project, selling its stake for €13 million, earning a profit of €1.7 million and a return on invested capital of 15%. Mr. Tsantanis said that these two agreed sales combined are expected to release $21 million in net liquidity. Proceeds from divested assets are now being reinvested into Capesize vessels, positioning the company to capture stronger demand in bulk commodities.
Capesize expansion
After selling three older Capes built 2004-06 in 2025, in February 2026, the company took delivery of the Capesize Dukeship, built in 2010, under an 18-month bareboat charter agreement. United will pay a daily bareboat charter rate of $9,450, while its employment contract generates a fixed gross daily rate of $29,300 through year-end 2026.
The company also agreed to acquire the scrubber-fitted Capesize vessel Squireship (built in 2010) from Seanergy Maritime Holdings for $29.5 million, with delivery expected between April and June 2026.
The two Capesizes represent a combined investment of approximately $62 million and are expected to earn fixed rates of roughly $28,000–$29,000 per day until the end of 2026, significantly enhancing near-term earnings visibility.
Based on existing financing arrangements and operating costs these vessels could generate significant free cash flow exceeding $10,000 per day per vessel, highlighting strong potential for earnings accretion.
Dividend track record
USEA continued its capital return policy during the quarter, declaring its 13th consecutive quarterly dividend of $0.10 per share. Since launching the dividend program in November 2022, the company has distributed $1.84 per share in total cash dividends.
During the earnings call, analyst Tate Sullivan of Maxim Group asked how the company plans to manage dividends going forward. Mr. Tsantanis replied: “We are intending to establish a more formal dividend framework, similar to Seanergy, providing investors with greater visibility. As the company transitions into a stronger cash flow engine, we expect to continue a generous capital return policy,” he said.
Operational performance
Operationally, the company maintained high fleet utilization despite its transition to a smaller, pure Panamax fleet during 2025.
The TCE rate averaged $14,129 per day in the fourth quarter, in line with the same period of 2024. Fleet utilization reached 97.6%, and daily vessel operating expenses averaged $6,404 per day.
For the first quarter of 2026, the company expects a TCE rate of about $15,230 per day, with roughly 92% of available days already fixed.
Management also emphasized that its balanced commercial strategy—combining index-linked exposure with fixed-rate charters—has enabled participation in market upside while providing revenue visibility.
Financial position
Chief Financial Officer Mr. Stavros Gyftakis said 2025 should be viewed as a transient year for the company, reflecting their efforts to optimise the fleet and position United for improved earnings generation.
At the end of 2025 the company held $14.6 million in cash and cash equivalents, while total assets stood at approximately $138.7 million. Outstanding debt totaled $64.8 million, or roughly $13.2 million per vessel, according to Mr. Gyftakis.
He also noted that the company is targeting liquidity levels of approximately $2 million per vessel going forward, supporting operational flexibility while maintaining a disciplined capital structure.
The company also entered into an $18.3 million sale and leaseback agreement with Huarong Leasing to finance the purchase option of the Kamsarmax Nisea.
Market outlook
According to Mr. Tsantanis, dry bulk market fundamentals have improved entering 2026, mainly due to strong commodity demand and limited fleet growth. He noted that the Baltic Kamsarmax Index averaged $14,800 year to date, compared with $9,600 in 2025, and the Baltic Capesize Index averaged $23,000, almost double the previous year level.
Demand for iron ore, bauxite and grain shipments continues to support tonne-mile growth, as vessel supply remains limited.
Management highlighted that the dry bulk orderbook remains historically low, while an aging global fleet and constrained shipyard capacity continue to limit new supply.
He added that uncertainty over environmental regulations and shipyard capacity has limited new orders too.
Geopolitical developments could further influence trade flows. Management noted that disruptions to LNG exports from the Persian Gulf could increase coal demand for power generation, potentially supporting dry bulk volumes.
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 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
