United Maritime reports on fourth quarter and year end results

Stamatis Tsantanis, the company’s Chairman & CEO, stated:

"Our strategic priority for 2023 was to regrow our fleet by reinvesting the proceeds from our first, successful investment cycle, this time focusing on the dry bulk sector. The total investment was US$144 million, for the acquisition of seven vessels, namely two capesize, two kamsarmax and three panamax bulkers. In this transitional year, the company generated net revenues of US$36.1 million in 2023 and Adjusted EBITDA of US$18.9 million, resulting in an adjusted net income of US$2.8 million. In addition to achieving a positive net income, we tripled the book value of our fleet. This was accomplished organically, without resorting to any dilutive equity offering.

“With regards to our investment strategy, we are pleased with the timing of our transition towards larger sizes of dry bulk vessels, as we are currently witnessing the strongest first quarter for the dry bulk market of the past decade. Looking to further grow and renew our fleet, we recently agreed to enter into an 18-month bareboat charter-in agreement for a 2016-built Japanese kamsarmax, that will be delivered to our fleet later this year, with a purchase option for the company at the end of the charter.

“Most importantly, our shareholders’ reward program continued uninterrupted in 2023, through buybacks of common shares and payments of regular cash dividends. The total amount of cash dividends declared in the last 15 months is US$10.7 million, or US$1.38 per share, representing approximately 45% of United’s market capitalisation. This includes another quarterly dividend of US$0.075 that our Board of Directors approved, representing approximately an 11% annualised dividend yield, which will be paid in April 2024.

“For the first quarter of 2024, we estimate our daily net TCE rate will average approximately US$14 157 per day. Following our freight hedging strategy and in anticipation of the seasonal slowdown of the first quarter, we fixed approximately half of our ownership days at an average gross rate of about US$14 300 per day. Taking advantage of the recent strength in our market and the resulting rally in freight futures, we are now covering some of our second quarter ownership days at higher rates.

“Looking ahead, our outlook for the dry bulk market remains constructive based on limited new capesize deliveries and continuing strong dry bulk commodity demand across the board, while disruptions involving low Panama Canal water levels and tensions in the Red Sea have reduced vessel availability, especially in the panamax segment. The healthy dry bulk market seen so far in the first quarter seems to be sustainable through the rest of the year, making us optimistic about our financial performance in 2024 with a fleet that will consist of three capesize, three kamsarmax and three panamax vessels.”

Read the article online at: https://www.drybulkmagazine.com/shipping/21022024/united-maritime-reports-on-fourth-quarter-and-year-end-results/