Business
United Maritime Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023 and Declares Dividend of $0.075 Per Share
Highlights (in million USD, except for per share data) Q2 20236M 2023Net Revenues $10.0$12.8Net loss ($3.0)($7.9)Adjusted net loss1 ($2.1)($5.7)EBITDA1
About this update from United Maritime Corporation
[{"type":"text","content":" Highlights (in million USD, except for per share data) Q2 20236M 2023Net Revenues $10.0$12.8Net loss ($3.0)($7.9)Adjusted net loss1 ($2.1)($5.7)EBITDA1 $1.0($1.7)Adjusted EBITDA1 $2.0$0.5 Loss per share Basic & Diluted ($0.37)($1.00)Adjusted loss per share Basic1& Diluted1 ($0.25)($0.72) Other Highlights and Developments: Successful completion of the first investment cycle: Sale of our remaining LR2 tanker vessel for a gross sale price of $37.5 million, realizing a return on equity of approximately 400% $48 million combined profit from the sale and purchase transactions of four tanker vessels in less than one year Expansion through the second investment cycle, focusing on larger size dry bulk vessels: Agreements to acquire two more Japan built Panamax dry bulk vessels including a bareboat-in charter with purchase option $143.6 million2 investment for two Capesize, two Kamsarmax and three Panamax vessels with no dilution for our shareholders Quarterly cash dividend of $0.075 per share for Q2 2023 - total cash dividends of $1.225 per share or $9.4 million declared since November 2022 Executed buybacks of about $0.2 million common shares in Q2 2023 - total repurchases of approximately $3.4 million common shares at an average price of $1.84 during the last 12 months GLYFADA, Greece, Aug. 03, 2023 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the second quarter and six months ended June 30, 2023. The Company also declared a quarterly dividend of $0.075 per common share for the second quarter of 2023. For the quarter ended June 30, 2023, the Company generated Net Revenues of $10.0 million and recorded an Adjusted EBITDA1 of $2.0 million. Net Loss and Adjusted Net Loss for the quarter were $3.0 million and $2.1 million, respectively. The Time Charter Equivalent rate (“TCE rate”) of the fleet for the second quarter of 2023 was $16,072 per day. For the six-month period ended June 30, 2023, the Company generated Net Revenues of $12.8 million and recorded an Adjusted EBITDA of $0.5 million . Net Loss and Adjusted Net Loss for the first six-month period were $7.9 million and $5.7 million, respectively. The TCE rate of the fleet for the first six months of 2023 was $14,335 per day. Cash and cash-equivalents and restricted cash as of June 30, 2023, stood ...