Highlights     (in million USD except LPS)   Q1 2024 Q1 2023 Net Revenues   $10.6 $2.8 Net Loss   ($1.3) ($4.9) Adjusted Net Loss1   ($1.1) ($3.7) EBITDA1   $3.5 ($2.7) Adjusted EBITDA1   $3.7 ($1.5)         Loss per share Basic & Diluted   ($0.15) ($0.64) Adjusted Loss per share Basic1 & Diluted1   ($0.13) ($0.48) Other Highlights and Developments: Quarterly cash dividend of $0.075 per share declared for Q1 2024 Total cash dividends of $11.4 million, or $1.45 per share, declared since November 2022, representing approximately 46% of United's market capitalization2 Agreement to acquire a 2016-built Japanese Kamsarmax3 Agreement to sell a 2010-built Chinese Kamsarmax at a profit A new $18.0 million sale and leaseback arrangement – aggregate financings of $31.8 million year-to-date GLYFADA, Greece, May 24, 2024 (GLOBE NEWSWIRE) -- United Maritime Corporation ("United" or the "Company") (NASDAQ:USEA), announced today its financial results for the first quarter ended March 31, 2024 and declared a quarterly dividend of $0.075 per share for the first quarter of 2024. For the quarter ended March 31, 2024, the Company generated Net Revenues of $10.6 million compared to $2.8 million in the first quarter of 2023. Net Loss and Adjusted Net Loss for the quarter were $1.3 million and $1.1 million, respectively, compared to Net Loss and Adjusted Net Loss of $4.9 million and $3.7 million in the first quarter of 2023. Adjusted EBITDA1 for the quarter was $3.7 million, compared to a negative Adjusted EBITDA of $1.5 million for the same period of 2023. The Time Charter Equivalent ("TCE") rate4 of the fleet for the first quarter of 2024 was $15,165 per day, compared to $10,294 in the same period of 2023. Cash and cash-equivalents and restricted cash as of March 31, 2024, stood at $9.8 million. Shareholders' equity at the end of the first quarter was $64.0 million, while long-term debt, finance lease liabilities and other financial liabilities net of deferred charges stood at $93.5 million as of March 31, 2024. The book value of our fleet as of March 31, 2024, stood at $150.2 million, including the two chartered-in Panamax vessels. Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated: "In the first quarter of the year, we witnessed a strong start for the dry bulk market, reflecting positively on the Capesize segment of our fleet, while our smaller vessels recorded a moderate performance. The strong market conditions are paving the way for high returns on capital for our shareholders, mainly through the appreciation of our Capesize and Panamax acquisitions concluded in 2023. Our results for the quarter were affected by our hedging activities, as we had converted about half of our operating days ahead of the counter-seasonal increase in the market as a means of ensuring downside protection. Our performance in the first quarter of 2024 was also affected by lower utilization rates due to increased scheduled dry-docking activity. "Consistent with our practice of returning capital to our shareholders, we declared our sixth consecutive quarterly dividend of $0.075, representing an annualized yield of about 11% based on our current share price. We remain optimistic that the positive market conditions will allow us to consistently reward our shareholders in the next quarters. We are pleased to see that United is building a consistent track record of returning capital to our shareholders, highlighted by the total declared dividends of approximately $1.45 per share over the past 18 months, while we note that distributions commenced just six months after the Company's initial listing. "In terms of major transactions relating to our fleet development, we have recently agreed to sell the 2010-built M/V Oasea, at a profit over its acquisition price. We have already agreed to replace the M/V Oasea, with the previously announced acquisition of a 2016-built Japanese vessel, the M/V Nisea. Besides the financial profit from the sale of the M/V Oasea, these transactions will significantly benefit United commercially based on the improved fuel efficiency and considerably better environmental rating of our newest acquisition. Following these deliveries, our fleet will consist of 8 dry bulk vessels with a total carrying capacity of approximately 1 million dwt. We are optimistic that our focus on larger vessels and favorable capital structure should allow us to benefit considerably from the positive market environment. "Turning to our commercial highlights, we have fixed approximately 95% of our second quarter days at an average rate of $17,300, while we expect the daily TCE for the full quarter to be at similar levels, based on current FFA values. I am pleased with the visibility of our earnings for the coming quarter, which points to improving financial performance, while we have so far opted to maintain high spot market exposure for the second half of the year. Concerning our forward utilization, we had some additional drydock off-hire days in the second quarter of the year, although this has now been completed and we do not expect further similar off-hires for 2024. "With regards to the market outlook, the recent dry bulk strength has been driven by higher seaborne trade across most commodities in the face of limited vessel deliveries, while disruptions involving the Panama and Suez canals have contributed to significant restrictions in vessel availability in the sub-Cape segments. Looking ahead, our outlook remains constructive based on limited new deliveries and continuing strong dry bulk commodity demand as highlighted by strong steel production growth outside China and Atlantic basin agricultural exports. Our mixed fleet of Panamax and Capesize vessels is well placed to take advantage of these developments and I hope that we will be in position to handsomely reward our shareholders." Current Company Fleet: Vessel Name Sector Capacity (DWT) Year Built Yard Employment Type Minimum T/C expiration Maximum T/C expiration(1) Goodship Dry Bulk / Capesize 177,536 2005 Mitsui T/C Index Linked(2) Aug-24 Nov-24 Tradership Dry Bulk / Capesize 176,925 2006 Namura T/C Index Linked(2) Jan-25 Jun-25 Gloriuship Dry Bulk / Capesize 171,314 2004 Hyundai Time Charter Trip N/A N/A Oasea(3) Dry Bulk / Kamsarmax 82,217 2010 Tsuneishi Time Charter Trip N/A N/A Cretansea Dry Bulk / Kamsarmax 81,508 2009 Universal T/C Index Linked(2) Apr-24 Jul-24 Chrisea(4) Dry Bulk / Panamax 78,173 2013 Shin Kurushima T/C Index Linked(2) May-25 Sep-25 Synthesea(5) Dry Bulk / Panamax 78,020 2015 Sasebo T/C Index Linked(2) Oct-24 Dec-24 Vessel Name Sector Capacity (DWT) Year Built Yard Employment Type Minimum T/C expiration Maximum T/C expiration(1) Exelixsea Dry Bulk / Panamax 76,361 2011 Oshima T/C Index Linked(2) Jul-24 Nov-24 Total/Average age   922,054 14.9 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 a period of minimum two 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 "Second Quarter 2024 TCE Rate Guidance." (3)   The vessel is expected to be delivered to her new owners in June 2024. (4)   The vessel is technically and commercially operated by the Company on the basis of an 18-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter in favour of the Company. (5)   The vessel is technically and commercially operated by the Company on the basis of a 12-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter in favour of the Company. Vessel to be delivered Vessel Name Sector Capacity (DWT) Year Built Yard tbr Nisea Dry Bulk / Kamsarmax 82,235 2016 Oshima Fleet Data: (Amounts in U.S. Dollars)   Q1 2024 Q1 2023