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1. Company Snapshot

1.a. Company Description

United Maritime Corporation, a shipping company, provides seaborne transportation services worldwide.It owns one Capesize dry bulk vessel having a carrying capacity of 171,314 deadweight tons.The company was incorporated in 2022 and is based in Glyfada, Greece.


United Maritime Corporation operates independently of Seanergy Maritime Holdings Corp.as of July 5, 2022.

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1.b. Last Insights on USEA

United Maritime Corporation's recent performance was negatively impacted by a decline in net revenues, which decreased by 7% year-over-year to $10.8 million in Q4 2024. The company's net loss widened to $1.8 million, compared to a net income of $0.7 million in Q4 2023. Adjusted EBITDA also declined by 11% year-over-year to $5.1 million, indicating a decrease in profitability. Furthermore, the company's quarterly cash dividend of $0.01 per share, while a positive development, may not be sufficient to offset the decline in earnings.

1.c. Company Highlights

2. United Maritime Corporation's Q2 2025 Earnings: A Strong Rebound

United Maritime Corporation reported a net revenue of $12.5 million for Q2 2025, with EBITDA of $5.9 million and a net income of $1 million. The company's net daily Time Charter Equivalent (TCE) was $15,400, marking a significant improvement from Q1. Earnings per share (EPS) came in at $0.02, beating analyst estimates of -$0.15. The strong rebound in the dry bulk market and strategic divestment of older vessels contributed to the net income. The company's gross margin can be derived from the EBITDA, which stood at 47.2% ($5.9 million out of $12.5 million), indicating a relatively healthy profitability level.

Publication Date: Aug -26

📋 Highlights
  • Q2 Financial Performance:: Net revenue $12.5M, EBITDA $5.9M, net income $1M, with TCE up to $15,400/day.
  • Vessel Divestments:: Sold 2 Capesize vessels for $17.9M net liquidity and $1.5M book profit in Q3.
  • Q3 TCE Outlook:: 68% of operating days fixed at $15,500/day TCE, projecting $14,700/day average for Q3.
  • Newbuilding Investment:: $10.4M invested for 32% equity stake in high-end energy construction vessel.

Operational Highlights

The company achieved a significant improvement in its TCE, driven by the rebound in the dry bulk market. The strategic decision to divest older vessels also contributed to the improvement in net income. The company's Q3 outlook is positive, with 68% of its operating days fixed at a TCE of $15,500 per day, projecting a total Q3 TCE of approximately $14,700.

Divestment and Liquidity

The company sold two of its oldest Capesize vessels, generating approximately $17.9 million in net liquidity and a book profit of $1.5 million in Q3. The net proceeds will be deployed towards a combination of additional capital returns and high-quality fleet replacement opportunities, enhancing the company's liquidity position and ability to return capital to shareholders.

Investment in Newbuilding Energy Construction Vessel

The company increased its ownership stake in its newbuilding energy construction vessel, with a total investment of approximately $10.4 million, representing a 32% equity stake. This investment is strategic, given the vessel's design for high-end energy construction projects in a niche market with growing demand and limited new capacity.

Valuation and Dividend Yield

With a 'P/E Ratio' of -2.27, 'P/S Ratio' of 0.34, and 'EV/EBITDA' of 14.01, the market seems to be pricing in a challenging outlook for the company. However, the 'Dividend Yield (%)' of 12.62% is attractive, reflecting the company's commitment to returning capital to shareholders. The 'Free Cash Flow Yield (%)' of 15.92% also suggests that the company has the capacity to sustain its dividend payments.

3. NewsRoom

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United Maritime Corporation (USEA) Q2 2025 Earnings Call Transcript

Aug -09

Source: seekingalpha.com

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United Maritime Reports Second Quarter and First Half Financial Results for the Periods Ended June 30, 2025

Aug -06

Source: globenewswire.com

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Squarepoint Ops LLC Acquires 18,117 Shares of United Maritime Co. (NASDAQ:USEA)

Jun -11

Source: https://www.defenseworld.net

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United Maritime Announces the Date for the First Quarter Ended March 31, 2025, Financial Results

May -19

Source: globenewswire.com

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United Maritime Announces Availability of its 2024 Annual Report on Form 20-F

Apr -11

Source: globenewswire.com

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United Maritime Corporation (USEA) Q4 2024 Earnings Call Transcript

Mar -18

Source: seekingalpha.com

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United Maritime Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2024 and Declares Quarterly Cash Dividend of $0.01 Per Share

Mar -18

Source: globenewswire.com

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United Maritime Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024 and Declares Cash Dividend of $0.075 Per Share

Nov -26

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Time Charters and Pool Agreements

Expected Growth: 4.5%

United Maritime Corporation's Time Charters and Pool Agreements optimize fleet utilization and revenue, driving growth. Increasing demand for efficient shipping operations, coupled with the company's expertise in collaborative vessel operation, will fuel market expansion.

Spot Charters

Expected Growth: 4.5%

Growing demand for customized shipping solutions, increasing need for flexibility in logistics, and rising global trade volumes drive the growth of spot charters. United Maritime Corporation's spot charter services cater to these needs, positioning the company for growth.

7. Detailed Products

Ship Management

United Maritime Corporation provides comprehensive ship management services, including technical management, crew management, and commercial management, to ensure the safe and efficient operation of vessels.

Crew Management

United Maritime Corporation offers crew management services, including crew recruitment, training, and deployment, to ensure that vessels are manned by competent and qualified crew members.

Vessel Inspection and Audit

United Maritime Corporation provides vessel inspection and audit services to ensure compliance with international regulations and standards, and to identify areas for improvement.

Marine Consulting

United Maritime Corporation offers marine consulting services, including feasibility studies, market research, and business strategy development, to support clients in the maritime industry.

Ship Brokerage

United Maritime Corporation provides ship brokerage services, including sale and purchase, chartering, and newbuilding, to support clients in the maritime industry.

8. United Maritime Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for United Maritime Corporation is medium due to the availability of alternative modes of transportation such as air and road transportation.

Bargaining Power Of Customers

The bargaining power of customers for United Maritime Corporation is high due to the presence of large shipping companies that have the ability to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers for United Maritime Corporation is low due to the presence of many suppliers of fuel, equipment, and other necessary materials.

Threat Of New Entrants

The threat of new entrants for United Maritime Corporation is low due to the high capital requirements and regulatory barriers to entry in the shipping industry.

Intensity Of Rivalry

The intensity of rivalry for United Maritime Corporation is high due to the presence of many established players in the shipping industry, leading to a competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 59.30%
Debt Cost 5.05%
Equity Weight 40.70%
Equity Cost 5.05%
WACC 5.05%
Leverage 145.67%

11. Quality Control: United Maritime Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
United Maritime

A-Score: 4.9/10

Value: 8.9

Growth: 5.9

Quality: 2.1

Yield: 10.0

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Diana Shipping

A-Score: 4.6/10

Value: 8.7

Growth: 3.3

Quality: 4.6

Yield: 7.5

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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Navios Maritime Partners

A-Score: 4.4/10

Value: 9.0

Growth: 5.3

Quality: 5.6

Yield: 1.2

Momentum: 1.5

Volatility: 4.0

1-Year Total Return ->

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Capital Product Partners

A-Score: 4.4/10

Value: 5.6

Growth: 2.7

Quality: 4.8

Yield: 6.2

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Performance Shipping

A-Score: 4.2/10

Value: 10.0

Growth: 3.8

Quality: 7.9

Yield: 0.0

Momentum: 3.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Toro

A-Score: 4.0/10

Value: 5.8

Growth: 6.2

Quality: 5.2

Yield: 0.0

Momentum: 7.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.84$

Current Price

1.84$

Potential

-0.00%

Expected Cash-Flows