United Maritime reported significantly improved first quarter 2026 results as management continued repositioning the fleet toward larger dry bulk vessels while maintaining its shareholder return strategy. The company generated net revenues of $7.9 million, broadly unchanged from the same period last year. Profitability improved considerably, with adjusted net income of $0.2 million compared to an adjusted net loss of $4.4 million in the first quarter of 2025. Adjusted EBITDA increased to $3.2 million from $0.9 million a year earlier, reflecting stronger dry bulk market conditions and improved fleet earnings. The company also declared its 14th consecutive quarterly cash dividend of $0.10 per share.

Strategic Fleet Repositioning

A key theme during the quarter was United Maritime’s strategic shift toward the Capesize segment. The company took delivery of the 2010-built Capesize vessel M/V Dukeship, which is employed at an average rate of approximately $29,300 per day through the end of 2026. United Maritime also agreed to acquire the scrubber-fitted Capesize M/V Squireship, expected to join the fleet in June 2026. Together, these transactions significantly increase the company’s exposure to one of the strongest-performing segments of the dry bulk market.

Capital Recycling Initiatives

To support this repositioning, United Maritime completed a series of capital recycling initiatives. The company sold the Kamsarmax vessel M/V Cretansea, generating approximately $5.9 million of net cash proceeds after debt repayment. It also exited its offshore energy construction vessel investment, realizing a profit of approximately €1.7 million. Management described these actions as a deliberate reallocation of capital toward larger, higher-earning assets at what it views as an attractive point in the Capesize cycle.

Operational Performance and Outlook

United’s fleet achieved a Time Charter Equivalent (TCE) rate of $15,591 per day during the first quarter, up from $9,953 per day during the same period of 2025. Fleet utilization remained strong at 95.4%, while daily vessel operating expenses declined modestly year-over-year. Looking ahead, management expects momentum to continue. Approximately 92% of second-quarter operating days have already been secured at an estimated TCE rate of $17,807 per day, with projected second-quarter TCE expected to reach approximately $17,957 per day based on current Forward Freight Agreement levels. The company has also secured roughly half of its operating days beyond the second quarter.

Chairman and Chief Executive Officer, Mr. Stamatis Tsantanis noted that the financial benefits of this fleet repositioning have already begun to emerge and are expected to build progressively throughout the year. He emphasized that the company is now on a stronger path toward profitability while maintaining its commitment to returning capital to shareholders through dividends. Management remains constructive on dry bulk fundamentals, citing strength in iron ore, bauxite, grain, and coal trade flows, alongside constrained fleet supply growth, particularly in the Capesize segment.