United Maritime Corp. Q2 FY2025 earnings call

• In Q2, net revenues, EBITDA, and net income improved; net daily TCE was up from Q1.
• Strategic consolidation of offshore newbuilding contributed to net income.
• Dry bulk market rebounded post-seasonal slowdown; commercial strategy balanced index-linked and fixed rate charters.
• Sold 2 older Capesize vessels: Gloriuship in June for $15M, Tradership agreed to sell for $17.8M with delivery in mid-August.
• Declared $0.03 per share cash dividend for Q2, consistent with capital return policy.
• Increased ownership in offshore newbuilding energy construction vessel, total investment ~$10.4M (32% equity stake).
• Achieved reductions in daily operating expenses per vessel and total G&A despite inflation.

In the second quarter, United Maritime Corporation achieved net revenues of $12.5 million, EBITDA of $5.9 million, and net income of about $1 million. The net daily Time Charter Equivalent was $15,400. For the first half of 2025, net revenue totaled $20.2 million, adjusted EBITDA was $6 million, and there was a net loss of $3.5 million. Daily operating expenses per vessel were reduced to $6,300. Cash position at year-end was $3.4 million, total assets were $161 million, stockholders' equity was $60 million, and outstanding debt was $86 million.

• Q3 projection: fixed 68% of operating days at $15,500 TCE, total Q3 TCE ~$14,700; includes various vessel earnings.
• Q4: all vessels on index-linked charters, exposure to constructive dry bulk market.
• Anticipated net proceeds from Tradership sale in Q3 (~$10M) for capital returns and fleet replacement.
• Offshore newbuilding construction to complete in 2027, expecting clarity on employment prospects early 2026.

• Environmental regulations tightening could penalize older, higher fuel consumption vessels.
• Market conditions fluctuations affecting charter rates and vessel values.
• Potential impact of macroeconomic uncertainty on dry bulk market demand.

Q: Tate Sullivan from Maxim Group asked about capital commitment for the offshore vessel and financing terms.

A: Stavros Gyftakis responded that the initial commitment for the ECV project was ~$8.5M, increased to ~$10.5M, with a last $2M payment due in November; similar financing terms to previous financings expected, advance depends on employment development, and expect 65%-75% advance of contract price