Business
United Maritime Reports First Quarter 2023 Financial Results and Declares Quarterly Dividend of $0.075 Per Share
Financial Highlights of the First Quarter of 2023: Net Loss of $4.9 million and loss per share (basic & diluted) of $0.64Adjusted net loss1 of $3.7 million
About this update from United Maritime Corporation
[{"type":"text","content":"Financial Highlights of the First Quarter of 2023: Net Loss of $4.9 million and loss per share (basic & diluted) of $0.64Adjusted net loss1 of $3.7 million and adjusted loss per share1 of $0.48 Other Highlights and Developments: Quarterly cash dividend of $0.075 per share for Q1 2023 - resulting in total cash dividends of $1.15 per share or $8.7 million declared since November 2022Agreements to acquire six vessels of total $126 million, consisting of two Capesize and two Kamsarmax vessels, as well as two Panamax vessels through bareboat charter agreements with purchase optionsNew financing transaction of $24.5 million GLYFADA, Greece, May 18, 2023 (GLOBE NEWSWIRE) -- United Maritime Corporation (“United” or the “Company”) (NASDAQ: USEA), announced today its financial results for the first quarter ended March 31, 2023 and declared a quarterly dividend of $0.075 per share for the first quarter of 2023. For the quarter ended March 31, 2023, the Company generated net revenues of $2.8 million and recorded a negative Adjusted EBITDA1 of $1.5 million. Net Loss and Adjusted Net Loss for the quarter were $4.9 million and $3.7 million, respectively. The Time Charter Equivalent rate (“TCE rate”) of the fleet for the first quarter of 2023 was $10,294 per day. Cash and cash-equivalents as of March 31, 2023 stood at $20.0 million. Shareholders’ equity at the end of the first quarter was $61.9 million, while long-term debt, lease liability and other financial liabilities net of deferred charges stood at $69.5 million as of March 31, 2023. The book value of our fleet as of March 31, 2023, stood at $117.0 million, including a chartered-in Panamax vessel and the advance paid for the acquisition of one Kamsarmax vessel. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “Following the highly profitable sales of three of our tankers by the end of 2022, our average fleet size in Q1 2023 was reduced to less than 3 ships including our remaining tanker vessel which was drydocked for its special survey for most of the first quarter. Our profitable ship disposals affected our quarterly operating results, recording an average daily TCE of $10,294. However, we swiftly executed transactions to re-grow our fleet through the acquisition of six dry bulk vessels for approximately $126 million. We have fully funded the acquisition of t...