United Maritime (USEA) Q2 2024 earnings summary

Executive summary

• Returned to profitability in Q2 2024 with net income of $0.7 million, reversing a $3.0 million loss in Q2 2023, and net revenues of $12.4 million driven by strong Capesize market and improved fleet performance.

• For the first half of 2024, net revenues reached $23 million, but a net loss of $0.8 million was recorded due to Q1 hedging activities.

• Declared a Q2 cash dividend of $0.075 per share, yielding about 13%, with over $1.525 per share paid since November 2022.

• Completed profitable sale of a 2010-built Kamsarmax vessel and announced new investments in offshore and tanker sectors.

Financial highlights

• Q2 net revenues increased 24% year-over-year to $12.4 million; Adjusted EBITDA was $6.3 million, up from $2 million last year; six-month adjusted EBITDA was $10 million.

• Q2 net income was $0.7 million, compared to a net loss of $3 million in Q2 2023; adjusted net income for Q2 2024 was $0.9 million.

• Basic EPS for Q2 2024 was $0.08, compared to a loss of $0.37 in Q2 2023; adjusted basic EPS was $0.10.

• Cash and cash equivalents stood at $7.7 million as of June 30, 2024, reflecting CapEx for dry docking and vessel acquisition.

• Shareholders' equity was $64.2 million; fleet book value was $147.8 million as of June 2024.

Outlook and guidance

• Q3 2024 daily time charter equivalent expected at approximately $17,495–$18,000, with 65–75% of days already fixed.

• All vessels have returned to service, with minimal downtime expected in H2 2024, supporting improved cash flow.

• Management anticipates further profitability improvements and continued capital returns to investors, supported by strong dry bulk market conditions and low orderbook.

• Secured cash flows and fixed-rate charters support ongoing dividend payments.