United Maritime Corp. Q3 FY2023 earnings call

• Financial highlights: Third quarter 2023 net profit was $8.9 million on $11.7 million revenue, daily TCE rate $16,200. Sold LR2 tanker for $11.8 million gain.
• Fleet developments: Completed delivery of all previously acquired dry bulk vessels; fourth quarter 2023 full dry bulk fleet operation.
• Financing: $144 million investment in 2023 financed by cash on hand and debt, no dilutive capital raises.
• Dividends: Board approved $0.075 per share dividend for third quarter, annualized yield ~14%; total $1.30 per share in 2023.
• Share buybacks: Repurchased ~3.5 million shares since Q3 2022 at avg price $1.87.
• Recent deliveries: Exelixsea (Panamax) chartered to Cargill; Synthesea (Panamax) bareboat chartered with purchase option.
• Commercial updates: Two Capesize vessels under new time charters; index-linked charters converted to fixed for most vessels.

In the third quarter of 2023, the company's fleet generated revenue of $11.7 million. The net profit was $8.9 million or $0.91 per share. A key event was the sale of the last LR2 tanker, which yielded a gain of $11.8 million. The fourth quarter of 2023 marks the first period with a full dry bulk fleet consisting of 3 Capesizes, 2 Kamsarmaxes, and 3 Panamax vessels. The revenue contribution from the tanker sale was an extraordinary gain, while the dry bulk fleet's performance is set to be fully realized in the fourth quarter.

• Fourth quarter: Fixed ~87% of operating days at estimated $14,400/day, expected to improve to ~$14,500/day on average.
• Market outlook: Drybulk market improved since September; strong demand expected to surpass fleet growth in next 2 years.

• Market volatility: Pressure on spot market due to vessel oversupply and Black Sea grain corridor unwinding.
• Liquidity constraints: Share buybacks limited by stock trading volume.

Q: On share buyback authorization and restrictions.

A: Yes, bound by stock liquidity, doing max shares possible given volume, hope liquidity picks up.

Q: Average diluted shares.

A: ~9.3 million diluted basis including outstanding warrants