United Maritime Corporation has released its financial results for the first quarter of 2024, highlighting a significant rise in net revenues to $10.6 million from $2.8 million in the same period of the previous year. Despite this increase, the company reported a net loss of $1.3 million, an improvement from the $4.9 million loss in Q1 2023.
The company also announced an adjusted net loss of $1.1 million for Q1 2024, better than the $3.7 million adjusted net loss in Q1 2023. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $3.7 million, turning around from a negative $1.5 million in the first quarter of the previous year.
In line with its capital return strategy, United Maritime declared a quarterly dividend of $0.075 per share for the first quarter of 2024. Since November 2022, the company has declared cash dividends totaling $11.4 million or $1.45 per share, which represents approximately 46% of its market capitalization as of May 22, 2024.
The company’s fleet utilization improved to a rate of $15,165 per day in the first quarter of 2024, up from $10,294 in the same period of 2023. United Maritime’s Chairman & CEO, Stamatis Tsantanis, cited a strong start to the year for the dry bulk market, particularly in the Capesize segment, and expressed optimism for high returns on capital for shareholders.
United Maritime also reported significant fleet transactions, including the sale of the 2010-built M/V Oasea at a profit and the acquisition of a 2016-built Japanese Kamsarmax, expected to be delivered in the second half of 2024. The sale of M/V Oasea is scheduled for June 2024, with an estimated accounting profit of $1.5 million to be recognized in the second quarter.