United Maritime Raises Q1 Adjusted EBITDA to $3.2 M and Adds $62.2 M Capesizes
United Maritime reported Q1 2026 net revenues of $7.9 million, an adjusted net income of $0.2 million and adjusted EBITDA of $3.2 million versus losses a year earlier. The company invested $62.2 million in two Capesize vessels, optimized $21.0 million in asset sales and declared a $0.10 quarterly dividend.
1. Q1 Financial Performance
United Maritime delivered Q1 2026 net revenues of $7.9 million, broadly flat year-over-year, with a net loss narrowed to $0.1 million and adjusted net income of $0.2 million compared with a $4.4 million adjusted loss in Q1 2025. Adjusted EBITDA rose to $3.2 million from $0.9 million, the fleet’s TCE rate jumped to $15,591 per day and cash plus restricted cash reached $10.1 million at quarter end.
2. Fleet Repositioning and Asset Sales
During the quarter, the company invested $62.2 million to acquire two Capesize vessels: the M/V Dukeship (delivered and fixed at $29,300 per day through year-end 2026) and the scrubber-fitted M/V Squireship (due June 2026). Portfolio optimization and capital recycling released $21.0 million through the sale of the Kamsarmax M/V Cretansea (net $5.9 million) and the exit from an offshore energy vessel investment (€13 million in proceeds).
3. Dividend and Forward Coverage
The board declared a $0.10 per share cash dividend, marking the 14th consecutive quarterly distribution and $1.94 cumulative payout since November 2022. The company has fixed approximately 92% of Q2 available days at an average of $17,807 per day, guiding to a Q2 TCE of about $17,957 per day and maintaining a balance of contracted days and market upside beyond Q2.