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United Maritime Q1 2025 Earnings Report
United Maritime reported its first quarter 2025 financial results, including net revenues of $7.8 million and a net loss of $4.5 million.
Key Takeaways
United Maritime Corporation reported a decrease in net revenues and a higher net loss for Q1 2025 compared to Q1 2024, primarily due to seasonally weak conditions in the dry bulk market. Despite the softer quarter, the company declared a quarterly dividend and increased its equity stake in an Energy Construction Vessel joint venture, signaling strategic diversification.
Net Revenues for Q1 2025 were $7.8 million, a decrease from $10.6 million in Q1 2024.
The company reported a Net Loss of $4.5 million for Q1 2025, compared to a Net Loss of $1.3 million in Q1 2024.
Adjusted EBITDA for Q1 2025 was $0.9 million, down from $3.7 million in the same period last year.
United Maritime declared a quarterly cash dividend of $0.01 per share for Q1 2025, marking its tenth consecutive quarterly distribution.
United Maritime
United Maritime
Forward Guidance
For the second quarter of 2025, approximately 79% of the Company's fleet operating days are fixed at an estimated TCE rate of $16,835. The estimated TCE for the full second quarter of 2025 is approximately $15,653, based on current FFA values.
Positive Outlook
- Secured approximately 79% of Q2 2025 operating days at a healthy average rate of $16,835.
- Expected daily TCE for the full Q2 2025 to be approximately $15,653, based on current FFA values.
- Increased equity stake in the Energy Construction Vessel ("ECV") joint venture to approximately 30%, diversifying earnings base.
- Four vessels currently employed on fixed daily rates, providing more visibility and earnings stability.
- Dry bulk market fundamentals remain constructive, underpinned by limited fleet growth and continued demand for key commodities.
Challenges Ahead
- First quarter 2025 was impacted by a seasonal slowdown in coal and iron ore trade.
- Near-term conditions remain relatively soft, pending a more sustained recovery in trade volumes.
- Market volatility introduced by recent trade policy uncertainties.
- Risks of more adverse outcomes from tariffs and trade restrictions cannot yet be fully discounted.
- Increased ballast days at the end of the quarter could reduce additional revenues and the resulting TCE rate.