Business
United Maritime Reports Financial Results for the Period from Commencement of Operations (July 6, 2022) to September 30, 2022
Commencement Period Financial Highlights: Net revenues: $7.9 million Net income: $1.0 millionEBITDA1: $2.9 million Other Highlights and Q4 Guidance: $19
About this update from United Maritime Corporation
[{"type":"text","content":"Commencement Period Financial Highlights: Net revenues: $7.9 million Net income: $1.0 millionEBITDA1: $2.9 million Other Highlights and Q4 Guidance: $19 million approximate gain from the sale of two Aframax vessels at 50% over the vessels’ acquisition price, to be recognized in Q4 Fleet Time Charter Equivalent (“TCE1”) average rate of $33,200 per day for 88% of Q4 days Time charter agreement for one of our LR2 tankers at a daily rate of $43,500 for Q1 2023$16 million in Stock Buybacks and redemption of convertible preferred shares ATHENS, Greece, Nov. 16, 2022 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the period from commencement of its operation on July 6, 2022 to September 30, 2022. For the period from commencement of its operation to September 30, 2022, the Company generated Net Revenues of $7.9 million, while EBITDA was $2.9 million. Net Income for the period was $1.0 million. The daily Time Charter Equivalent (“TCE rate”) of the fleet was $23,639 for the period. Cash and cash-equivalents, as of September 30, 2022, were $21.2 million. Shareholders’ equity at the end of the third quarter was $44.3 million. Long-term debt net of deferred charges was at $76.3 million. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We are pleased to report United’s first financial results for its initial period of operations. Further to the successful spinoff from Seanergy Maritime and the commencement of trading on Nasdaq in July 2022, we completed the highly accretive acquisition of two Aframax and two LR2 tankers. The timing of the acquisitions was exceptional given the subsequent upsurge of tanker spot rates and accelerating tanker vessel values. “Regarding United’s financial performance, the initial reporting period ending September 30, 2022, has been transitional given that the majority of our fleet was delivered towards the end of the period with limited contribution in our revenue stream. Nonetheless, we recorded net income of $1.0 million, on TCE revenue of $5.8 million, despite the significant predelivery expenses related to the acquisition of the four tankers. This was attributed to the operation of our single capesize vessel under a profitable time-charter at a gross daily rate of approximately $28,000, well abo...