United Maritime Q4 Revenue Falls to $6.6M, Allocates $62M to Capesize Vessels
United Maritime posted Q4 revenues of $6.6M, net loss of $3.8M and adjusted EBITDA of $1.5M, compared with $10.8M revenue and $5.1M adjusted EBITDA a year earlier. The company is investing $62M in two Capesize vessels, sold a Kamsarmax for $14.7M and monetized €13M offshore project.
1. Financial Results Overview
United Maritime reported Q4 2025 net revenues of $6.6 million, net loss of $3.8 million and adjusted EBITDA of $1.5 million, compared to $10.8 million revenue and $5.1 million adjusted EBITDA in Q4 2024. Full-year 2025 net revenues fell to $37.8 million from $45.4 million in 2024, with adjusted EBITDA of $12.9 million versus $20.3 million.
2. Fleet Expansion and Capital Allocation
The company committed approximately $62.0 million to acquire two 2010-built Capesize vessels: the M/V Dukeship under an 18-month bareboat charter at a fixed gross daily rate of $29,300 and the scrubber-fitted M/V Squireship for $29.5 million, expected to deliver in April–June 2026, enhancing contracted cash flow visibility.
3. Asset Sales and Liquidity
United Maritime agreed to sell the 2009-built Kamsarmax M/V Cretansea for $14.7 million, generating about $6.0 million in net proceeds after debt repayment, and monetized its investment in an offshore energy construction vessel project for €13.0 million, realizing €1.7 million profit and releasing approximately $21.0 million in net liquidity.
4. Shareholder Returns and Balance Sheet
The company declared its 13th consecutive quarterly dividend of $0.10 per share and repurchased 67,665 shares at an average price of $1.67. It closed Q4 with $14.6 million in cash and restricted cash, shareholders’ equity of $56.5 million and net financial liabilities of $64.8 million.