United Maritime Corporation (“United” or the “Company”) (NASDAQ:
USEA), announced today its financial results for the second quarter
and six months ended June 30, 2023. The Company also declared a
quarterly dividend of $0.075 per common share for the second
quarter of 2023.
For the quarter ended June 30, 2023, the Company
generated Net Revenues of $10.0 million and recorded an Adjusted
EBITDA1 of $2.0 million. Net Loss and Adjusted Net Loss for the
quarter were $3.0 million and $2.1 million, respectively. The Time
Charter Equivalent rate (“TCE rate”) of the fleet for the second
quarter of 2023 was $16,072 per day.
For the six-month period ended June 30, 2023,
the Company generated Net Revenues of $12.8 million and recorded an
Adjusted EBITDA of $0.5
million . Net Loss
and Adjusted Net Loss for the first six-month period were $7.9
million and $5.7 million, respectively. The TCE rate of the fleet
for the first six months of 2023 was $14,335 per day.
Cash and cash-equivalents and restricted cash as
of June 30, 2023, stood at $7.3 million. Shareholders’ equity at
the end of the second quarter was $59.2 million, while long-term
debt, finance lease liability and other financial liabilities, net
of deferred charges stood at $78.2 million as of June 30, 2023. The
book value of our fleet as of June 30, 2023, stood at $138.4
million, including a chartered-in Panamax vessel, the advance paid
for the acquisition of one Panamax vessel and the remaining LR2
tanker as held for sale.
1 Adjusted earnings / (loss) per share, Adjusted Net Income /
(loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please
see the reconciliation below of Adjusted earnings / (loss) per
share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to
net income, the most directly comparable U.S. GAAP measure.2
Including bareboat payments and purchase option prices for the two
bareboat-in Panamax vessels
3 This guidance is based on certain assumptions
and there can be no assurance that these TCE rate estimates, or
projected utilization will be realized. TCE estimates include
certain floating (index) to fixed rate conversions concluded in
previous periods. For vessels on index-linked T/Cs, the TCE rate
realized will vary with the underlying index, and for the purposes
of this guidance, the TCE rate assumed for the remaining operating
days of the quarter for an index-linked T/C is equal to the
weighted average of the Capesize (BCI) and Panamax (BPI) FFA rate
of $11,710 based on the curve of July 27, 2023. Spot estimates are
provided using the load-to-discharge method of accounting. The
rates quoted are for days currently contracted. Increased ballast
days at the end of the quarter will reduce the additional revenues
that can be booked based on the accounting cut-offs and therefore
the resulting TCE rate will be reduced accordingly.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“In the second quarter of 2023, we agreed to
sell our remaining tanker vessel, the M/T Epanastasea, completing
our first highly profitable investment cycle. The gross sale price
of $37.5 million yielded a gain of 88% on the purchase price and
approximately 400% on the equity capital employed to acquire the
M/T Epanastasea. The accounting profit, estimated at approximately
$12 million, will be recorded in the third quarter of 2023. This
sale marks the end of a series of successful tanker sale and
purchase transactions, resulting in a solid profit of approximately
$48 million, less than a year from the delivery of the first vessel
to United. The net sales proceeds have been reinvested to regrow
our fleet with focus on the larger dry bulk vessels. In addition,
we have distributed significant returns to our shareholders through
share repurchases and cash dividends. For the second quarter, our
board has approved another dividend of $0.075 per share. Since the
commencement of our operations, we have declared cash dividends of
$1.225 per share, representing 46% of our recent closing price.
Moreover, in the last 12 months following the only equity offering,
since initial listing, we have bought back $6,194,328 worth of our
shares at an average price of $1.84 per share.
“During the second quarter of 2023, we agreed to
add another two Japanese built Panamax dry bulk vessels to our
fleet. The first vessel, built in 2015, was delivered to us in
August and chartered in for 12 months on a bareboat basis with a
purchase option. The second vessel, built in 2011, will be
purchased outright and is expected to be delivered to us by October
2023. The aggregate acquisition price for both vessels will be
approximately $44.8 million, which we expect to fund through a
combination of debt and equity. Upon the delivery of the second
vessel, our fleet size will increase to eight dry bulk vessels. The
aggregate investment of $143.6 million, across two Capesize, three
Panamax and two Kamsarmax vessels, has been funded to date through
the proceeds from our first investment cycle, without diluting our
shareholders, while keeping leverage at reasonable levels. We are
driven by our commitment to balance high returns on capital and
shareholder distributions, and we are confident that the timing of
our dry bulk investments will allow us to achieve both.
“Our results for the second quarter were
affected by the transitional growth stage of our fleet, low fleet
utilization due to the dry-docking of the M/V Tradership, as well
the increased volatility and a lack of clear direction observed in
the dry bulk market, as the optimism seen in March and April gave
way to lower charter rates in the following months. In the Panamax
segment, charter rates are weighed down by the release of vessels
from the suspension of the Ukraine grain corridor, while the coal
trade slowed down relative to prior months and after peaking in
March. Furthermore, as regards to the dry bulk market at-large,
improved port efficiencies, mainly in China, have increased
effective fleet supply exerting pressure on charter rates. We
expect that the strong dry bulk ton-mile demand seen currently will
translate into higher charter rates as supply disruptions normalize
during the coming quarters.”
Current Company
Fleet:
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) |
Jan-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 |
Oasea |
Dry Bulk / Kamsarmax |
82,217 |
2010 |
Tsuneishi |
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 |
Chrisea(3) |
Dry Bulk / Panamax |
78,173 |
2013 |
Shin Kurushima |
T/C Index Linked(2) |
Feb-24 |
Jun-24 |
Synthesea(4) |
Dry Bulk / Panamax |
78,020 |
2015 |
Sasebo |
T/C Index Linked(2) |
Oct-24 |
Jan-25 |
Epanastasea(5) |
Tanker / LR2 |
109,647 |
2008 |
Dalian |
Spot |
- |
- |
Total/Average age |
|
955,340 |
14.5 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
one 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 “Third Quarter
2023 TCE Guidance.”
(3) The vessel is operated by the Company under
an 18-month bareboat charter-in contract with the owners of the
vessel, including a purchase option at the end of the bareboat
charter.
(4) The vessel is operated by the Company under
a 12-month bareboat charter-in contract with the owners of the
vessel, including a purchase option at the end of the bareboat
charter.
(5) The vessel is scheduled to be delivered to
its new owner by mid-August 2023.
Vessel to be
delivered:
Vessel Name |
Sector |
Capacity (DWT) |
Year Built |
Yard |
Santa Barbara tbr Exelixsea |
Dry Bulk / Panamax |
76,361 |
2011 |
Oshima |
Fleet Data:
|
Q2 2023 |
6M 2023 |
Ownership days(1) |
|
611 |
|
|
916 |
|
Operating days(2) |
|
570 |
|
|
815 |
|
Fleet utilization(3) |
|
93.3% |
|
|
89.0% |
|
TCE rate(4) |
$16,072 |
|
$14,335 |
|
Daily Vessel Operating Expenses(5) |
$6,714 |
|
$7,063 |
|
(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.
(In thousands of U.S. Dollars, except operating days and TCE
rate)
|
Q2 2023 |
6M 2023 |
Vessel revenue, net |
|
10,011 |
|
12,832 |
Less: Voyage expenses |
|
850 |
|
1,149 |
Time charter equivalent
revenues |
|
9,161 |
|
11,683 |
Operating days |
|
570 |
|
815 |
TCE rate |
$16,072 |
$14,335 |
(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.
(In thousands of U.S. Dollars, except ownership days and Daily
Vessel Operating Expenses)
|
Q2 2023 |
6M 2023 |
Vessel operating expenses |
|
6,026 |
|
9,137 |
Less: Pre-delivery expenses |
|
1,924 |
|
2,667 |
Vessel operating expenses before
pre-delivery expenses |
|
4,102 |
|
6,470 |
Ownership days |
|
611 |
|
916 |
Daily Vessel Operating
Expenses |
$6,714 |
$7,063 |
Net Loss to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q2 2023 |
6M 2023 |
Net loss |
(3,027) |
|
(7,914) |
|
Add: Net interest and finance cost |
1,722 |
|
2,692 |
|
Add: Depreciation and amortization |
2,343 |
|
3,569 |
|
EBITDA |
1,038 |
|
(1,653) |
|
Add: Stock based compensation |
957 |
|
2,175 |
|
Adjusted EBITDA |
1,995 |
|
522 |
|
Earnings Before Interest, Taxes, Depreciation
and Amortization (“EBITDA”) represents the sum of net income, net
interest and finance costs, depreciation and amortization and, if
any, income taxes during a period. EBITDA is not a recognized
measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA
adjusted to exclude stock-based compensation, which the Company
believes is not indicative of the ongoing performance of its core
operations.
EBITDA and Adjusted EBITDA are presented as we
believe that these measures are useful to investors as a widely
used means of evaluating operating profitability. EBITDA and
Adjusted EBITDA as presented here may not be comparable to
similarly titled measures presented by other companies. These
non-GAAP measure should not be considered in isolation from, as a
substitute for, or superior to, financial measures prepared in
accordance with U.S. GAAP.
Net Loss and Adjusted Net Loss
Reconciliation and calculation of Adjusted Loss Per
Share
(In thousands of U.S. Dollars)
|
Q2 2023 |
6M 2023 |
Net loss |
(3,027) |
|
(7,914) |
|
Add: Stock based compensation |
957 |
|
2,175 |
|
Adjusted net loss |
(2,070) |
|
(5,739) |
|
Adjusted net loss – common stockholders, basic and diluted |
(2,087) |
|
(5,816) |
|
Adjusted loss per common share, basic and diluted |
(0.25) |
|
(0.72) |
|
Weighted average number of common shares outstanding, basic and
diluted |
8,291,751 |
|
8,030,666 |
|
To derive Adjusted Net Income/(Loss) and
Adjusted Earnings/(Loss) Per Share, both non-GAAP financial
measures, from Net Income/(Loss), we exclude certain non-cash
items, as provided in the table above. We believe that Adjusted Net
Income/(Loss) and Adjusted Earnings/(Loss) Per Share assist our
management and investors by increasing the comparability of our
performance from period to period since each such measure
eliminates the effects of such non-cash items as stock-based
compensation, loss on extinguishment of debt and other items which
may vary from year to year, for reasons unrelated to overall
operating performance. In addition, we believe that the
presentation of the respective measure provides investors with
supplemental data relating to our results of operations, and
therefore, with a more complete understanding of factors affecting
our business than with GAAP measures alone. Our method of computing
Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share
may not necessarily be comparable to other similarly titled
captions of other companies due to differences in methods of
calculation.
Interest and Finance Costs to Cash
Interest and Finance Costs Reconciliation:
(In thousands of U.S. Dollars)
|
Q2 2023 |
6M 2023 |
Interest and finance costs, net |
(1,722) |
|
(2,692) |
|
Add: Amortization of deferred finance charges and other
discounts |
196 |
|
370 |
|
Cash interest and finance costs |
(1,526) |
|
(2,322) |
|
Third Quarter 2023 TCE Rate Guidance:
As of the date hereof, approximately 47% of the
Company fleet’s expected operating days in the third quarter of
2023 have been fixed at an estimated TCE rate of approximately
$19,490. Assuming that for the remaining operating days of our
index-linked T/Cs, the respective vessels’ TCE rate will be equal
to the average Forward Freight Agreement (“FFA”) rate of $11,710
per day (based on the FFA curve of July 27, 2023), our estimated
TCE for the third quarter of 2023 will be approximately $15,9803.
Our TCE rate guidance for the third quarter of 2023 includes
conversions of index-linked charter to fixed.
Second Quarter and Recent Developments:
Dividend Distribution for Q1 2023 and
Declaration of Q2 2023 Dividend
On July 6, 2023, the Company paid the previously
announced quarterly dividend of $0.075 per common share, for the
first quarter of 2023, to all shareholders of record as of June 22,
2023.
The Company also declared a cash dividend of
$0.075 per common share for the second quarter of 2023 payable on
or about October 6, 2023 to all shareholders of record as of
September 22, 2023.
Buyback of Common Shares –
3rd Repurchase Plan
During the second quarter of 2023, we
repurchased 67,231 common shares in open market transactions at an
average price of $2.9 per share for an aggregate consideration of
$0.2 million pursuant to the $3.0 million share repurchase program
commenced in October 2022, as extended to date. Since the beginning
of the third repurchase plan, 67,294 common shares have been
cancelled and removed from our share capital as of the date of this
release.
Vessel transactions and commercial
updates
Delivery of M/V Cretansea
In April 2023, the Company took delivery of the
81,508 dwt M/V Cretansea built in 2009 in Japan. The M/V Cretansea
was acquired for a gross purchase price of $19.7 million, which was
funded by cash on hand and financing through a sale and leaseback
transaction. The M/V Cretansea is chartered out to a major European
charterer for a period with a minimum redelivery of April 2024 up
to maximum redelivery of July 2024, at an index-linked rate.
Bareboat Charter Agreement for a Panamax
dry bulk carrier – M/V Synthesea
In April 2023, the Company entered into a
bareboat charter agreement for a 78,020 dwt Panamax bulk carrier
built in 2015 in Japan, which was renamed Synthesea and delivered
to United on August 1, 2023. The vessel is chartered under a
12-month bareboat charter agreement, with a down payment of $7.0
million, a daily charter rate of $8,000 over the period of the
bareboat charter and a purchase option of $17.1 million at the end
of the bareboat charter. In aggregate, the acquisition cost for the
vessel, following exercise of the purchase option, will be
approximately $27.0 million.
Acquisition of a Panamax dry bulk
carrier - M/V Exelixsea
In June 2023, the Company entered into an
agreement to acquire a Panamax dry bulk vessel built in 2011 in
Japan, with a cargo carrying capacity of 76,361 dwt, to be renamed
Exelixsea. The aggregate purchase price is $17.8 million, and its
acquisition is expected to be funded with cash on hand and through
the facility agreement with the lender of the M/T Epanastasea. The
M/V Exelixsea will substitute M/T Epanastasea as collateral,
assuming the $15.0 million outstanding under the respective loan
tranche, under similar terms. The vessel is expected to be
delivered to the Company between August and October 2023.
Sale of M/T Epanastasea
In May 2023, the Company entered into an
agreement with an unaffiliated third party for the sale of its
remaining LR2 tanker vessel, the 2008-built M/T Epanastasea. The
vessel is scheduled to be delivered to its new owner by mid-August
2023. The vessel’s gross sale price is $37.5 million, and the
transaction is subject to customary closing procedures. The
accounting profit from the sale of the M/T Epanastasea is expected
to be approximately $12.0 million and will be realized in the third
quarter of 2023.
Financing Updates
M/V Cretansea Sale and
Leaseback
On April 26, 2023, following the delivery of the
M/V Cretansea, the Company entered into a $12.25 million sale and
leaseback facility provided by a European lessor to finance part of
the acquisition cost of the vessel. The charterhire principal bears
an interest rate of 4.25% plus 3-month Term SOFR and amortizes over
a five-year term, through 60 consecutive monthly instalments of
$0.1 million. The Company has the option to repurchase the vessel
at any time during the bareboat period and a purchase obligation at
a price of $6.4 million at maturity.
Update on Number of Common Shares Issued
and Outstanding
As of July 31, 2023, the Company has 8,892,149
common shares issued and outstanding. This includes 1,037,230
shares issued pursuant to exercises of Class A warrants for
aggregate proceeds of $2.7 million.
Conference
Call:
The Company’s senior management will host a
conference call to discuss the financial results today, Thursday,
August 3, 2023 at 10:00 a.m. Eastern Time.
Audio
Webcast:
There will be a live, and then archived, webcast
of the conference call through the Company’s website. To listen to
the archived audio file, visit the “Investors” section of our
website. Participants to the live webcast should register on the
website approximately 10 minutes prior to the start of the webcast,
following this link.
Conference Call
Details:
Participants have the option to register for the
call using the following link. You can use any number from the list
or add your phone number and let the system call you right
away.
United Maritime CorporationUnaudited Condensed
Consolidated Balance Sheets(In thousands of U.S. Dollars) |
|
|
|
|
|
June 30,2023 |
|
|
December31, 2022* |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents and restricted cash |
|
7,282 |
|
|
69,932 |
|
Vessels, vessels held for sale, right-of-use assets, net and
advances for vessels’ acquisitions |
|
138,437 |
|
|
50,200 |
|
Other assets |
|
7,861 |
|
|
5,523 |
|
TOTAL
ASSETS |
|
153,580 |
|
|
125,655 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Long-term debt, finance lease liability and other financial
liabilities, net of deferred finance costs |
|
78,248 |
|
|
42,606 |
|
Other liabilities |
|
16,156 |
|
|
18,481 |
|
Stockholders’ equity |
|
59,176 |
|
|
64,568 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
153,580 |
|
|
125,655 |
|
* Derived from the audited consolidated financial statements as
of the period as of that date
United Maritime CorporationUnaudited Condensed
Consolidated Statements of Operations(In thousands of U.S. Dollars,
except for shareand per share data) |
|
|
|
|
|
|
|
|
Three months period endedJune 30, 2023 |
|
|
|
Six months periodended June 30, 2023 |
|
|
Vessel revenue,
net |
|
|
10,011 |
|
|
|
12,832 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
|
(850 |
) |
|
|
(1,149 |
) |
|
Vessel operating expenses |
|
|
(6,026 |
) |
|
|
(9,137 |
) |
|
Management fees |
|
|
(594 |
) |
|
|
(826 |
) |
|
General and administrative expenses |
|
|
(1,506 |
) |
|
|
(3,325 |
) |
|
Depreciation and amortization |
|
|
(2,343 |
) |
|
|
(3,569 |
) |
|
Operating
loss |
|
|
(1,308 |
) |
|
|
(5,174 |
) |
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
Interest and finance costs, net |
|
|
(1,722 |
) |
|
|
(2,692 |
) |
|
Other, net |
|
|
3 |
|
|
|
(48 |
) |
|
Total other expenses,
net: |
|
|
(1,719 |
) |
|
|
(2,740 |
) |
|
Net loss |
|
|
(3,027 |
) |
|
|
(7,914 |
) |
|
Net loss attributable
to common stockholders |
|
|
(3,044 |
) |
|
|
(7,991 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share, basic and diluted |
|
|
(0.37 |
) |
|
|
(1.00 |
) |
|
Weighted average number of commonshares
outstanding, basic and diluted |
|
|
8,291,751 |
|
|
|
8,030,666 |
|
|
|
|
|
|
|
|
|
|
|
|
United Maritime CorporationUnaudited Condensed
Consolidated Cash Flow Data (In thousands of U.S. Dollars) |
|
|
|
|
|
|
Six months period endedJune 30, 2023 |
|
Net cash used in operating
activities |
|
(844 |
) |
Net cash used in investing
activities |
|
(75,776 |
) |
Net cash provided by financing
activities |
|
13,970 |
|
About United Maritime Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. The Company operates a fleet of one LR2 tanker vessel and
seven dry bulk vessels, comprising three Capesize, two Kamsarmax
and two Panamax vessels. Upon completion of the delivery of the M/V
Exelixsea and the sale of the M/T Epanastasea, the Company’s
operating fleet will consist of eight dry bulk vessels (three
Capesize, two Kamsarmax and three Panamax), with an aggregate cargo
carrying capacity of 922,054 dwt.
The Company is incorporated under the laws of
the Republic of the Marshall Islands and has executive offices in
Glyfada, Greece. The Company's common shares trade on the Nasdaq
Capital Market under the symbol “USEA”.
Please visit the Company’s website at:
www.unitedmaritime.gr.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates, which are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, shipping
industry trends, including charter rates, vessel values and factors
affecting vessel supply and demand; the impact of changes in
regulatory requirements or actions taken by regulatory authorities
on the Company's operating or financial results; the Company's
financial condition and liquidity, including its ability to service
its indebtedness or to pay dividends; competitive factors in the
market in which the Company operates; increased operating costs
associated with vessel aging; vessel damage; future, pending or
recent acquisitions and dispositions, business strategy, areas of
possible expansion or contraction, and expected capital spending or
operating expenses; dependence on affiliates of the Company’s
former parent and third-party managers to operate the Company’s
business; availability of crew, number of off-hire days,
classification survey requirements and insurance costs; changes in
the Company’s relationships with contract counterparties; potential
liability from future litigation and incidents involving the
Company’s vessels; broader market impacts arising from war (or
threatened war) or international hostilities, such as between
Russia and Ukraine; risks associated with the length and severity
of pandemics (including COVID-19), including its effects on demand
for crude oil, petroleum products, dry bulk products, other types
of products and the transportation thereof; and other factors
listed from time to time in the Company's filings with the SEC,
including its registration statement on Form 20-F. The Company's
filings can be obtained free of charge on the SEC's website at
www.sec.gov. Except to the extent required by law, the Company
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
United Investor RelationsTel: +30 213 0181 522E-mail:
ir@usea.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail: usea@capitallink.com
United Maritime (NASDAQ:USEA)
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