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Sep 30
United Maritime Q3 2025 Earnings Report
United Maritime reported a return to profitability in Q3 2025 with increased adjusted earnings and continued focus on strategic investments and fleet optimization.
Key Takeaways
United Maritime posted a net income of $1.1 million for Q3 2025, reversing a net loss from the prior year. Revenues slightly declined year-over-year, but adjusted EBITDA rose. The company declared its 12th consecutive dividend and continued optimizing its fleet, including divesting older vessels and expanding investments in offshore and AI technology.
Generated net income of $1.1 million in Q3 2025, compared to a net loss of $0.9 million in Q3 2024
Adjusted EBITDA increased to $5.4 million from $5.2 million year-over-year
Declared a quarterly dividend of $0.09 per share, marking the 12th consecutive dividend
Sold two older Capesize vessels, releasing $18.8 million in liquidity, and expanded investment in offshore and AI projects
United Maritime
United Maritime
Forward Guidance
United anticipates a Q4 2025 TCE of approximately $15,038 based on fixed and index-linked charter agreements.
Positive Outlook
- Estimated Q4 TCE of $15,038 supported by fixed and index-linked charters
- 62% of Q4 operating days already fixed at average rate of $14,881
- Favorable Panamax/Kamsarmax market trends continue
- Ongoing index-linked exposure expected to benefit from market strength
- AI and offshore investments position the company for long-term growth
Challenges Ahead
- TCE rate slightly declined from Q2 2025 level of $15,421
- Voyage expenses increased significantly YoY
- Fleet reduced in size due to divestment of older vessels
- Negative free cash flow reported in the quarter
- Uncertainty remains regarding full quarter spot rate realization