United Maritime (NASDAQ:USEA) said its second-quarter results reflected the early benefits of its strategic shift toward Capesize vessels, as stronger dry bulk freight markets and fleet changes improved profitability despite lower revenue.
Chairman and Chief Executive Officer Stamati Tsantanis said the company’s fleet repositioning has begun to produce a stronger earnings profile. United reported second-quarter net revenue of $10 million, down from $12.4 million a year earlier, primarily because it had fewer ownership days following fleet repositioning initiatives.
First-Half Profitability Improves
For the first six months of 2026, United reported net revenue of $17.9 million and adjusted EBITDA of $8.4 million, up about 40% from $6 million in the prior-year period. The company reported net income of $1 million and adjusted net income of $1.7 million, reversing a net loss of $3.5 million and adjusted net loss of $4.2 million in the first half of 2025.
Fleet time charter equivalent, or TCE, increased 35% year over year to $17,200 per day in the first half. Second-quarter TCE rose 21% to $18,654 per day, according to Gyftakis. The company said its average daily vessel operating expenses were approximately $6,400 per vessel during the first half.
Tsantanis said United expects third-quarter daily TCE of approximately $20,500 based on current forward freight agreement levels, with about 70% of operating days already fixed. Three of the company’s six vessels are operating under fixed-rate charters after being converted from index-linked employment, providing greater revenue visibility for coming quarters.
Fleet Repositioning and Liquidity
United has been repositioning its fleet toward the Capesize segment. In June, it took delivery of the Squireship, a Capesize vessel that will make its first full-quarter earnings contribution in the third quarter. Tsantanis said the vessel’s index-linked charter has been converted to a fixed-rate charter.
The company also agreed to sell the Panamax vessel Exelixsea, with delivery expected near the end of the third quarter. United expects the transaction to generate a gain of approximately $1.8 million and net cash proceeds of about $8.5 million upon completion.
Separately, United completed the monetization of its participation in an offshore energy construction vessel newbuilding project. The transaction generated approximately $15.1 million of liquidity, according to Gyftakis. Combined with the anticipated Exelixsea sale proceeds, the transactions are expected to generate approximately $23.6 million of liquidity.
As of June 30, cash equivalents and restricted cash stood at $12.1 million, a figure that included proceeds from the offshore investment monetization but excluded expected proceeds from the Exelixsea sale. Shareholders’ equity was $53.3 million, while total debt, including finance lease and other financial liabilities, was approximately $95.4 million. The book value of the fleet was $143.5 million.
Dividend and Capital Allocation
United’s board declared a quarterly cash dividend of $0.10 per share, its 15th consecutive quarterly distribution. Tsantanis said the company has returned more than $2 per share to shareholders through cash distributions since beginning its dividend program, while also repurchasing shares without issuing new public equity.
In response to an analyst question about dividend policy, Tsantanis said the company seeks consistent profitability that can support a consistent dividend. He said higher cash generation and profit-making capacity could lead to higher dividends over time.
Market Outlook and Capesize Focus
Management described the dry bulk market as constructive during the second quarter. Tsantanis said the Baltic Capesize Index averaged approximately $36,000 per day, nearly double its level in the second quarter of 2025, while the Panamax market averaged about $19,200 per day, compared with $11,800 a year earlier.
Tsantanis cited iron ore, bauxite and coal trade as sources of demand support, along with limited newbuilding deliveries, dry dockings, slower sailing speeds and environmental regulations that have constrained effective fleet growth. He said United believes the medium-term supply-demand balance remains favorable, particularly for Capesize vessels.
During the question-and-answer session, Tsantanis said United is considering additional fixed charter coverage for 2027 as forward rates have risen. He also said the company is seeking potential acquisitions of secondhand, quality-vintage Capesize vessels, subject to finding compelling opportunities, to further increase earnings capacity on a per-share basis.
About United Maritime (NASDAQ:USEA)
United Maritime Corporation is a Marshall Islands–incorporated shipping company that provides seaborne transportation of crude oil and petroleum products. Traded on the NASDAQ under the symbol USEA, the company markets its tanker services to major oil producers, traders and refiners around the world. Its business model combines vessel ownership with time-charter contracts to deliver tailored shipping solutions across the energy supply chain.
The company’s fleet is composed primarily of medium‐ and large‐sized oil tankers, including Aframax and Suezmax vessels.
