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Share Name | Share Symbol | Market | Type |
---|---|---|---|
United Maritime Corporation | NASDAQ:USEA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.73% | 2.77 | 2.54 | 2.78 | 2.78 | 2.65 | 2.70 | 43,020 | 01:00:00 |
UNITED MARITIME CORPORATION
|
|||
(Registrant)
|
|||
By:
|
/s/ Stamatios Tsantanis
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||
Name:
|
Stamatios Tsantanis
|
||
Title:
|
Chief Executive Officer
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||
Date: May 22, 2023
|
■ |
Net Loss of $4.9 million and loss per share (basic & diluted) of $0.64
|
■ |
Adjusted net loss1 of $3.7 million and adjusted loss per share1 of $0.48
|
■ |
Quarterly cash dividend of $0.075 per share for Q1 2023 - resulting in total cash dividends of $1.15 per share or $8.7 million declared since November 2022
|
■ |
Agreements to acquire six vessels of total $126 million, consisting of two Capesize and two Kamsarmax vessels, as well as two Panamax vessels through bareboat charter agreements with purchase options
|
■ |
New financing transaction of $24.5 million
|
Vessel Name
|
Sector
|
Capacity (DWT)
|
Year Built
|
Yard
|
Employment Type
|
Minimum T/C expiration
|
Maximum T/C expiration(1)
|
Gloriuship
|
Dry Bulk / Capesize
|
171,314
|
2004
|
Hyundai
|
T/C Index Linked(2)
|
Feb-24
|
Jun-24
|
Goodship
|
Dry Bulk / Capesize
|
177,536
|
2005
|
Mitsui
|
T/C Index Linked(2)
|
Jun-23
|
Dec-23
|
Tradership
|
Dry Bulk / Capesize
|
176,925
|
2006
|
Namura
|
T/C Index Linked(2)
|
Aug-24
|
Jan-25
|
Chrisea(3)
|
Dry Bulk / Panamax
|
78,173
|
2013
|
Shin Kurushima
|
T/C Index Linked(2)
|
Feb-24
|
Jun-24
|
Oasea
|
Dry Bulk / Kamsarmax
|
82,217
|
2010
|
Thuneishi
|
T/C Index Linked(2)
|
Mar-24
|
Jul-24
|
Cretansea
|
Dry Bulk / Kamsarmax
|
81,508
|
2009
|
Universal
|
T/C Index Linked(2)
|
Apr-24
|
Jul-24
|
Epanastasea
|
Tanker / LR2
|
109,647
|
2008
|
Dalian
|
Fixed Rate T/C(4)
|
Sep-23
|
Nov-23
|
Total/Average age
|
|
877,320
|
15.2 years
|
|
|
|
|
(1) |
The latest redelivery dates do not include any additional optional periods.
|
(2) |
“T/C” refers to a time charter agreement. Under these index-linked T/Cs, the Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing FFA Rates for the
selected period, and has done so for certain vessels as part of its freight hedging strategy, as described below under “Second Quarter 2023 TCE Guidance.”
|
(3) |
The vessel is technically and commercially operated by the Company on the basis of an 18-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter in favour of the
Company.
|
(4) |
The daily charter hire is currently $40,000 until the expiration of the charterparty.
|
Vessel Name
|
Sector
|
Capacity (DWT)
|
Year Built
|
Yard
|
tbr Synthesea
|
Dry Bulk / Panamax
|
78,020
|
2015
|
Sasebo
|
Q1 2023
|
|
Ownership days(1)
|
305
|
Operating days(2)
|
245
|
Fleet utilization(3)
|
80.3%
|
TCE rate(4)
|
$10,294
|
Daily Vessel Operating Expenses(5)
|
$7,764
|
(1) |
Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the
amount of revenues and the amount of expenses that the Company recorded during a period.
|
(2) |
Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Operating days include the days that our vessels are in ballast voyages
without having finalized agreements for their next employment.
|
(3) |
Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period.
|
(4) |
TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil)
expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from
vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful
information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the
TCE rate.
|
Q1 2023
|
||||
Vessel revenue, net
|
2,821
|
|||
Less: Voyage expenses
|
299
|
|||
Time charter equivalent revenues
|
2,522
|
|||
Operating days
|
245
|
|||
TCE rate
|
$
|
10,294
|
(5) |
Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre
delivery costs of acquired vessels, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles
the Company’s vessel operating expenses to daily vessel operating expenses.
|
Q1 2023
|
||||
Vessel operating expenses
|
3,111
|
|||
Less: Pre-delivery expenses
|
743
|
|||
Vessel operating expenses before pre-delivery expenses
|
2,368
|
|||
Ownership days
|
305
|
|||
Daily Vessel Operating Expenses
|
$
|
7,764
|
Q1 2023
|
|
Net loss
|
(4,887)
|
Add: Interest and finance costs, net
|
970
|
Add: Depreciation and amortization
|
1,226
|
EBITDA
|
(2,691)
|
Add: Stock based compensation
|
1,218
|
Adjusted EBITDA
|
(1,473)
|
Q1 2023
|
|
Net loss
|
(4,887)
|
Add: Stock based compensation
|
1,218
|
Adjusted net loss
|
(3,669)
|
Adjusted net loss – common stockholders, basic and diluted
|
(3,729)
|
Adjusted loss per common share, basic and diluted
|
(0.48)
|
Weighted average number of common shares outstanding, basic and diluted
|
7,766,681
|
Q1 2023
|
|
Interest and finance costs, net
|
(970)
|
Add: Amortization of deferred finance charges and other discounts
|
174
|
Cash interest and finance costs
|
(796)
|
Operating Days
|
TCE
|
|
TCE - fixed rate (index-linked conversion)
|
182
|
16,115.45
|
TCE - fixed rate
|
87
|
38,284.78
|
TCE – index-linked unhedged
|
336
|
13,617.62
|
Total / Average
|
605
|
17,922.61
|
March 31,
2023
|
December 31,
2022* |
|||||||
ASSETS
|
||||||||
Cash and cash equivalents and restricted cash
|
20,001
|
69,932
|
||||||
Vessels and right-of-use assets, net and advances for vessels’ acquisitions
|
117,028
|
50,200
|
||||||
Other assets
|
5,332
|
5,523
|
||||||
TOTAL ASSETS
|
142,361
|
125,655
|
||||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Long-term debt, lease liability and other financial liabilities, net of deferred finance costs
|
69,455
|
42,606
|
||||||
Other liabilities
|
10,963
|
18,481
|
||||||
Stockholders’ equity
|
61,943
|
64,568
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
142,361
|
125,655
|
Three months period ended
March 31, 2023
|
||||
Vessel revenue, net
|
2,821
|
|||
Expenses:
|
||||
Voyage expenses
|
(299
|
)
|
||
Vessel operating expenses
|
(3,111
|
)
|
||
Management fees
|
(232
|
)
|
||
General and administrative expenses
|
(1,819
|
)
|
||
Depreciation and amortization
|
(1,226
|
)
|
||
Operating loss
|
(3,866
|
)
|
||
Other expenses:
|
||||
Interest and finance costs, net
|
(970
|
)
|
||
Other, net
|
(51
|
)
|
||
Total other expenses, net:
|
(1,021
|
)
|
||
Net loss
|
(4,887
|
)
|
||
Net loss attributable to common stockholders
|
(4,947
|
)
|
||
|
||||
Net loss per common share, basic and diluted
|
(0.64
|
)
|
||
Weighted average number of common shares outstanding, basic and diluted
|
7,766,681
|
Three months ended
March 31, 2023
|
||||
Net cash used in operating activities
|
(4,060
|
)
|
||
Net cash used in investing activities
|
(52,135
|
)
|
||
Net cash provided by financing activities
|
6,264
|
1 Year United Maritime Chart |
1 Month United Maritime Chart |
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