United Maritime Corporation announced its financial results for the first quarter of 2026 today. The company also announced the distribution of another quarterly dividend of $0.10 per share for the first quarter of 2026.
During the first quarter of 2026, the company generated net revenue of $7.9 million, a figure that remained broadly in line with the corresponding period of 2025.
Net losses and adjusted net income for the quarter were $0.1 million and $0.2 million, respectively, marking a significant improvement compared to net losses and adjusted net losses of $4.5 million and $4.4 million, respectively, in the first quarter of 2025.
Adjusted EBITDA for the quarter amounted to $3.2 million, compared to $0.9 million for the same period in 2025. The fleet’s average daily charter rate (TCE) for the first quarter of 2026 was $15,591, compared to $9,953 in the same period of 2025.
Cash and cash equivalents as of March 31, 2026, amounted to $10.1 million. Shareholders’ equity at the end of the first quarter was $55.5 million. Financial liabilities amounted to $89.7 million, while the value of the fleet reached $130.2 million.
Stamatis Tsantanis, the company’s chairman and CEO, stated:
“United significantly improved its financial results for the first quarter of 2026, capitalizing on both the significant strengthening of the dry bulk market and the consistent implementation of its fleet restructuring strategy.
The Board of Directors has approved another quarterly dividend of $0.10 per share, representing an annual dividend yield of approximately 17% based on the latest closing share price. This marks the 14th consecutive quarterly dividend, with total distributions to shareholders since November 2022 amounting to approximately $1.94 per share.
The $62.2 million investment in Capesize vessels, following the liquidity generated by the successful sales of a Kamsarmax and our stake in the ECV under construction, are yielding significant financial benefits, which have already begun to be reflected in United’s results. We also expect further strengthening of revenue and cash flows progressively throughout the year.
Regarding the performance of the second quarter, the company has already secured approximately 92% of the fleet’s available days at an average daily rate of $17,807, and based on current levels in the freight futures market (FFA), we estimate that the TCE for the second quarter will be approximately $17,957 per day.
At the same time, approximately half of the fleet’s available days for the remainder of the year have already been secured, providing high predictability for our revenue while maintaining significant exposure to the market’s upward trend. The addition of the second Capesize vessel to our fleet is expected to further boost profitability in the second half of the year.
As for the dry bulk market, its performance since the beginning of 2026 has been particularly strong, despite the fact that this period is traditionally considered a seasonally weaker one. Since the start of the year, the Baltic indices for Capesize and Kamsarmax vessels have averaged $27,103 and $16,459 per day, respectively, compared to $13,840 and $10,230 during the corresponding period of 2025.
Despite the geopolitical uncertainty caused by tensions in the Middle East, the dry bulk market continues to show remarkable resilience. Exports of iron ore, bauxite, and grain have strengthened significantly, while coal imports from China have increased markedly.
We also estimate that coal stockpiling will be positively affected, given the increased energy security needs that are leading to the gradual replacement of natural gas as an energy source. At the same time, the limited growth of the global fleet, particularly in the Capesize segment, combined with the aging of the existing fleet and stricter environmental regulations, continues to support the market.
United remains in a strong position to fully capitalize on these favorable market conditions, generating strong cash flows and creating value for its shareholders.”