United Maritime Corp. Q4 FY2025 earnings call

Executed strategic initiatives to enhance earnings, strengthen balance sheet, and increase free cash flow. Declared 13th consecutive quarterly dividend, cumulative cash dividends ~$1.84 per share since 2022. Sold lower returning assets and redeployed proceeds. Took delivery of 2010 Capesize Dukeship in Feb 2026, agreed to acquire Squareship in May 2026. 2025 was a transitional year. Successfully reduced daily operating expenses. Cash position at year end was $14,600,000

Fourth quarter net revenues were $6,600,000 and EBITDA was $1,500,000. Full year net revenue totaled $37,800,000, adjusted EBITDA was $12,900,000 and net loss was $6,200,000. Fourth quarter TCE was $14,129, in line with Q4 2024. Fleet utilization was 97.6% and OpEx daily was ~$6,404. For 2026, anticipated daily TCE ~$15,230 with 92% of available days fixed

Anticipate daily TCE of approximately $15,230 per day in 2026 with ~92% of available days fixed. Acquisition of Dukeship and Squareship provides immediate contracted cash flow visibility. Proceeds from asset sales release liquidity. Expect meaningful returns on capital from Capesize vessels under profitable charters

Geopolitical crisis in Middle East adds uncertainty to global outlook. Low dry bulk order book leads to aging fleet. Uncertainty about future environmental regulations

Q: About dividend, how is it going forward, will pay portion of gains on ship transactions or remind of dividend policy?

A: Intending to set a formula, always generous, will continue being generous.

Q: Acquisition of Squareship, fixed rate?

A: Coordinated to convert index link time charter to fixed, leverage around 60-65%.

Q: Implications of coal trade flows related to Strait of Hormuz disruption?

A: Crisis leads to countries like China, Korea, Japan increasing coal inventories for electrification needs.

Q: Portion of Capesize fleet in Gulf area?

A: ~2% of fleet in the area, effects will be seen soon in market