United Maritime Corporation

Net revenue for Q4 2025 was $6.6 million, down year over year due mainly to a smaller fleet and softer Panamax conditions. Adjusted EBITDA was $1.5 million, and net loss was $3.8 million in the quarter, including an impairment loss on one vessel. For full-year 2025, net revenue was $37.8 million, adjusted EBITDA was $12.9 million, and net loss was $6.2 million. Q4 TCE was $14,129, fleet utilization was 97.6%, and daily OpEx was about $6,404; CFO later said daily operating expenses were reduced to about $6,300 per day. Looking ahead, management expects 2026 TCE of about $15,230 per day with roughly 92% of available days already fixed. They also said the two announced asset sales should release about $21 million in net liquidity, and that the added Capesize vessels will provide contracted earnings visibility through the end of 2026.

The CEO framed 2025 as a transitional year and emphasized that the company is deliberately repositioning the fleet toward stronger earnings and cash generation. He highlighted disciplined capital reallocation, the 13th consecutive dividend, and the move into two Capesize ships on fixed charters as the core of the 2025-2026 strategy. His tone was constructive and confident, especially on 2026 freight markets, which he described as improving with supportive supply-demand fundamentals.

The CFO said Q4 net revenue declined year over year because of the smaller fleet and softer Panamax markets, while the quarter’s net loss reflected both market conditions and an impairment charge. He reported year-end cash of $14.6 million, total assets of $138 million, stockholders’ equity of $56 million, and debt of about $65 million, with LTV at roughly 65%. He also noted the company expects liquidity to normalize at about $2 million per vessel after the dry-docking and vessel transactions close, and that the new Capesize acquisition will be financed with debt and cash at hand at an expected leverage ratio around 60%-65%.

Analysts focused mainly on the dividend policy, the acquisition strategy for the new Capesize vessel, and the impact of Middle East disruptions on dry bulk markets. Management said it intends to establish a clearer dividend formula, similar to Synergy’s approach, and said payouts will remain generous as the company builds a stronger cash flow engine. On the acquisition, management said the vessel’s index-linked charter has been converted to a fixed rate close to $28,000, with free cash flow from that ship expected to be around $10,000 to $12,000 per day at the targeted leverage. On markets, management argued that disruptions in the Persian Gulf could shift trade flows and support coal demand and vessel supply tightness.