United Maritime Reports Improved First Quarter 2026 Financial Results and Declares Quarterly Cash Dividend of $0.10 Per Share
May 21 2026 - 9:00AM
United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the first quarter ended March 31, 2026. The Company also declared a quarterly dividend of $0.10 per common share for the first quarter of 2026.
For the quarter ended March 31, 2026, the Company generated Net Revenues of $7.9 million, broadly in line with the same period of 2025. Net Loss and Adjusted Net Income for the quarter were $0.1 million and $0.2 million, respectively, improving significantly from Net Loss and Adjusted Net Loss of $4.5 million and $4.4 million, respectively in the first quarter of 2025. Adjusted EBITDA increased substantially to $3.2 million from $0.9 million for the same period of 2025. The Time Charter Equivalent (“TCE”) rate of the fleet for the first quarter of 2026 was $15,591 per day, compared to $9,953 in the same period of 2025.
Cash and cash-equivalents and restricted cash as of March 31, 2026, stood at $10.1 million. Shareholders’ equity at the end of the first quarter was $55.5 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $89.7 million as of March 31, 2026. The book value of our fleet as of March 31, 2026, stood at $130.2 million, including one chartered-in Capesize vessel and one Kamsarmax vessel held for sale.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“United delivered a significantly improved financial performance, driven by stronger dry bulk market conditions and continued strategic execution.
“Our Board declared another cash dividend of $0.10 per share, representing a running yield of 17% on our last closing share price2. This is our 14th consecutive quarterly distribution, and since November 2022, we have distributed approximately $1.94 per share. The Company is now on a strong path to profitability, and we remain confident in our ability to sustain meaningful cash distributions, supported by favorable market conditions and the progressive earnings contribution from our ongoing fleet repositioning.
“The decisive repositioning of our fleet, acquiring two Capesize vessels while divesting the Kamsarmax M/V Cretansea, represents a deliberate reallocation of capital toward larger, higher-earning assets at an attractive point in the Capesize cycle. The imminent delivery of M/V Squireship and the near completion of our profitable exit from the Offshore newbuilding project mark the final steps of this process. The financial benefits of this repositioning have already begun to materialize and we expect the full earnings and cash flow contribution to build progressively through the year.
“On guidance, we have secured approximately 92% of Q2 available days at an average of $17,807/day. Based on current FFA levels, we expect Q2 TCE of approximately $17,957/day. Looking beyond Q2, approximately half of our operating days are already fixed, providing a balanced combination of earnings visibility and continued market upside exposure. Needless to say, the addition of the second Capesize will further boost TCE and earnings for the second half of the year.
“Moving on to discuss market conditions, dry bulk has delivered a very strong start of the year, despite this period typically representing the seasonally weaker part of the year. Year to date, the Capesize-180 and Kamsarmax Baltic indexes have averaged daily rates of $27,103 and $16,459 respectively year-to-date, compared to $13,840 and $10,230 in the same period of 2025. While geopolitical uncertainty stemming from the conflict in Iran has complicated the broader outlook, dry bulk market performance over the past month leaves no doubt that we are currently operating in a very constructive environment. Iron ore, bauxite and grain exports have been particularly robust, while seaborne coal trade has recovered meaningfully on the back of China's import demand. Looking ahead, we expect the coal restocking season to be stronger than usual, underpinned by natural gas substitution trends and energy security priorities. Fleet supply growth remains constrained, especially in the Capesize segment, and accelerating fleet aging combined with tightening environmental regulations should continue to support effective supply discipline. United is well positioned to convert this favorable environment into tangible cash generation and shareholder value.”
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