Quarterly ResultMay 22, 2026, 04:22 PM
United Maritime Q1 Net Loss ($0.1M) Improves; Declares $0.10 Dividend
AI Summary
United Maritime Corp reported significantly improved financial results for the first quarter of 2026, with net loss narrowing to ($0.1) million and adjusted net income turning positive at $0.2 million. Adjusted EBITDA saw a substantial increase to $3.2 million, driven by stronger dry bulk market conditions and strategic fleet repositioning. The company also declared its 14th consecutive quarterly cash dividend of $0.10 per share and provided positive guidance for Q2 2026 TCE rates.
Key Highlights
- United Maritime reported Q1 2026 Net Loss of ($0.1) million, a significant improvement from ($4.5) million in Q1 2025.
- Adjusted Net Income for Q1 2026 was $0.2 million, up from an Adjusted Net Loss of ($4.4) million in Q1 2025.
- Adjusted EBITDA increased substantially to $3.2 million in Q1 2026 from $0.9 million in Q1 2025.
- The Time Charter Equivalent (TCE) rate for Q1 2026 was $15,591 per day, compared to $9,953 in Q1 2025.
- The company declared its 14th consecutive quarterly cash dividend of $0.10 per share.
- Acquired the 2010-built Capesize M/V Squireship for $29.5 million, expected delivery in June 2026.
- Sold the 2009-built Kamsarmax M/V Cretansea for $14.7 million, generating $5.9 million in net cash proceeds.
- Exited Offshore Energy Construction Vessel investment for €13.0 million, realizing a profit of €1.7 million.
- Q2 2026 TCE rate guidance is approximately $17,957/day, with 92% of operating days fixed.
Price Impact
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