United Maritime Corporation has announced its financial results for the second quarter and the six months ended June 30, 2026. The company also declared a quarterly dividend of $0.10 per common share for the second quarter.

Second Quarter 2026 Results

For the quarter ended June 30, 2026, United Maritime generated Net Revenues of $10.0 million, broadly consistent with the same period in 2025, despite fewer ownership days attributable to the company's ongoing fleet repositioning strategy. Net Income and Adjusted Net Income for the quarter were $1.2 million and $1.5 million, respectively, compared to $1.0 million and $0.2 million in the second quarter of 2025. Adjusted EBITDA remained stable at $5.2 million, versus $5.1 million for the same period in 2025. The fleet's Time Charter Equivalent (TCE) rate—a standard dry bulk shipping metric expressing average daily revenue per vessel—was $18,654 per day, up from $15,421 in the same period of 2025.

First Half 2026 Results

For the six months ended June 30, 2026, the company generated Net Revenues of $17.9 million, compared to $20.2 million in the same period in 2025. Net Income and Adjusted Net Income for the period were $1.0 million and $1.7 million, respectively, compared to a Net Loss of $3.5 million and Adjusted Net Loss of $4.2 million in the corresponding period of 2025. Adjusted EBITDA for the first half of 2026 was $8.4 million, up from $6.0 million in the same period in 2025. The fleet's TCE rate for the first six months of 2026 was $17,202 per day, compared to $12,744 in the same period of 2025. Average daily OPEX was $6,442, compared to $6,332 for the same period in 2025.

Balance Sheet and Fleet

Cash and cash equivalents and restricted cash as of June 30, 2026 stood at $12.1 million. Shareholders' equity at the end of the second quarter was $53.3 million. Bank debt, finance lease liabilities, and other financial liabilities, net of deferred finance costs, totaled $94.2 million as of June 30, 2026. The book value of the company's fleet as of that date was $143.5 million, reflecting United Maritime's strategic expansion into the Capesize segment—the largest class of dry bulk carriers, typically above 150,000 deadweight tons, primarily transporting iron ore and coal on long-haul routes.

CEO Commentary

Stamatis Tsantanis, the company's Chairman & Chief Executive Officer, stated:

"In the second quarter of 2026, United benefited from the strong dry bulk market, delivering Net Income of $1.2 million, Adjusted EPS of $0.15 and Adjusted EBITDA of $5.2 million."

"Based on our strong performance, United will distribute a quarterly dividend of $0.10 per share, corresponding to a running yield of 16% on our last closing share price. Our fifteenth consecutive quarterly cash dividend reflects a sustainable distribution supported by contracted cash flows and highlights our continued focus on delivering strong capital returns to shareholders. Supported by favorable dry bulk market conditions and our enhanced fleet earnings profile, we remain optimistic about our performance over the coming quarters and our ability to maintain strong capital returns."

"Since our last update, we have agreed to sell the 2011-built Panamax M/V Exelixsea, which is expected to generate an expected gain on sale, with delivery to its new owners expected to take place towards the end of the third quarter, while we have also taken delivery of the Capesize M/V Squireship. Since the start of 2026, United has sold two vessels in the Kamsarmax/Panamax class while acquiring two Capesize vessels. This strategic repositioning has materially strengthened United's earnings profile and free cash flow generation potential by increasing our exposure to the structurally stronger Capesize market. Concurrently, the completion of our profitable exit from the offshore newbuilding project in June 2026 marked the culmination of our strategic capital redeployment cycle, enabling a full refocusing of capital on our core shipping operations."

"As regards our commercial performance, the index-linked charter rates on three of our six vessels have been converted into fixed-rate charters at profitable rates through the end of 2026, providing a disciplined balance between earnings visibility and exposure to favorable market conditions upside participation. Based on the current FFA curve, our third quarter daily TCE guidance of about $20,400 demonstrates a clear sequential improvement over the $18,654 achieved in the second quarter, reinforcing our expectation of sequential earnings growth."

Dry Bulk Market Outlook

"Dry bulk market conditions remain strong, driven by strong growth in all major dry bulk commodities. Second quarter China Iron Ore imports were at a record high while import growth in the first half of the year exceeded 6% over the same period in 2025. Second quarter Soybean imports into China were more than double the first quarter volume, while China's Coal imports for the first half of 2026 also grew modestly. Looking ahead, the completion of additional iron ore projects in Brazil, the continued ramp-up of Simandou exports and higher Coal demand driven by energy security factors should provide a positive demand backdrop during the seasonally stronger second half of the year. Vessel supply growth remains low, as a result of limited ordering of newbuilds, slower sailing speeds and high dry-docking off-hires across the global fleet. Taken together, these market fundamentals continue to support a constructive outlook for freight rates throughout the remainder of the year."

"With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment."

Source: United Maritime via Hellenic Shipping News