Highlights           (in million USD, except EPS & LPS)   Q2 2024 Q2 2023 6M 2024 6M 2023 Net Revenues   $12.4 $10.0 $23.0 $12.8 Net income / (loss)   $0.7 ($3.0) ($0.7) ($7.9) Adjusted net income / (loss)1   $0.9 ($2.1) ($0.2) ($5.7) EBITDA1   $6.0 $1.1 $9.5 ($1.6) Adjusted EBITDA1   $6.3 $2.0 $10.0 $0.6             Earnings / (loss) per share Basic   $0.08 ($0.37) ($0.08) ($0.99) Earnings / (loss) per share Diluted   $0.07 ($0.37) ($0.08) ($0.99) Adjusted earnings / (loss) per share Basic1   $0.10 ($0.25) ($0.02) ($0.72) Adjusted earnings / (loss) per share Diluted1   $0.09 ($0.25) ($0.02) ($0.72) Other Highlights and Developments: Quarterly cash dividend of $0.075 per share for Q2 2024 Total cash dividends of $1.525 per share or $12.0 million declared since November 2022, representing approximately 60% of United's market capitalization2 Completion of the sale of a 2010-built Chinese Kamsarmax at a profit New initiatives adhering to our strategy for a diversified investment approach: Minority investment in a newbuilding energy construction offshore vessel ("ECV") project Participation in a tanker time-charter agreement Aggregate financings of $48.3 million year-to-date __________________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 Based on the closing price on August 5, 2024. GLYFADA, Greece, Aug. 06, 2024 (GLOBE NEWSWIRE) -- United Maritime Corporation ("United" or the "Company") (NASDAQ:USEA), announced today its financial results for the second quarter and six months ended June 30, 2024. The Company also declared a quarterly dividend of $0.075 per common share for the second quarter of 2024. For the quarter ended June 30, 2024, the Company generated Net Revenues of $12.4 million compared to $10.0 million in the second quarter of 2023. Net Income and Adjusted Net Income for the quarter were $0.7 million and $0.9 million, respectively, compared to Net Loss of $3.0 million and Adjusted Net Loss of $2.1 million in the second quarter of 2023. Adjusted EBITDA1 for the quarter was $6.3 million, compared to $2.0 million for the same period of 2023. The Time Charter Equivalent rate ("TCE rate")3 of the fleet for the second quarter of 2024 was $17,143 per day. For the six-month period ended June 30, 2024, the Company generated Net Revenues of $23.0 million, compared to $12.8 million in the same period of 2023. Net Loss and Adjusted Net Loss for the period were $0.7 million and $0.2 million, respectively, compared to Net Loss of $7.9 million and Adjusted Net Loss of $5.7 million in the respective period of 2023. Adjusted EBITDA for the first half of 2024 was $10.0 million, compared to $0.6 million for the same period of 2023. The TCE rate of the fleet for the first six months of 2024 was $16,187 per day. Cash and cash-equivalents and restricted cash as of June 30, 2024, stood at $7.7 million. Shareholders' equity at the end of the second quarter was $64.2 million, while long-term debt, finance lease liabilities and other financial liabilities, net of deferred finance costs stood at $90.3 million as of June 30, 2024. The book value of our fleet as of June 30, 2024, stood at $147.8 million, including two chartered-in Panamax vessels and a Kamsarmax vessel held for sale. Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated: "We are delighted to announce United's return to profitability in the second quarter, driven by continued positive momentum in the dry bulk market. Our fleet was strategically positioned to capitalize on this trend through a blend of fixed and index-linked charters. We remain highly optimistic about the long-term prospects of the market and United's ability to deliver high returns on capital. "Given the strong dry bulk market conditions, we are pleased to declare our seventh consecutive quarterly dividend of $0.075, yielding approximately 13% annually. Having paid over $1.50 in dividends since our listing two years ago demonstrates our unwavering commitment to consistent shareholder rewards, a core element of our business strategy. "Commercially, we expect our daily time charter equivalent to be around $17,500 for the third quarter, based on current FFA values. This reflects four of our vessels operating under fixed-rate employment through FFA fixings or time charter trips. Specifically, one of our Capesize vessels, the Goodship, completed its scheduled dry-docking and had energy-saving devices installed, leading to the renewal of its index-linked time charter at a higher daily rate. We successfully executed an extensive capex program, including the dry-docking of three Capesize vessels and one Kamsarmax vessel. Additionally, the M/V Gloriuship has been fixed on a round voyage of 70 to 80 days at a gross daily rate of $22,500. We are pleased with the secured cash flows for the second half of the year, supporting a healthy dividend. "Fleet-wise, post-quarter, we delivered the 2010-built Chinese Kamsarmax, M/V Oasea, to her new owners, completing this profitable sale. This vessel will be replaced by a 2016-built Japanese Kamsarmax, renamed "Nisea", acquired through a bareboat-in structure earlier this year, with delivery expected by the end of October 2024. Our fully delivered fleet will remain at eight vessels, while we continue to explore acquisition candidates with high return potential. "In line with our diversified investment strategy, we have decided to invest in the offshore sector through a minority stake in a newbuilding Energy Construction Vessel. This project, in partnership with experienced Norwegian counterparts, is expected to complete in 2027. The vessel will serve both the oil and gas and renewable energy sectors, addressing the shortage of such vessels amidst growing demand. Additionally, United has partnered to charter-in an Aframax tanker for up to nine months, operated by a prominent tanker pool operator. This move reflects our commitment to deploying capital across different shipping sectors to deliver optimal outcomes for our shareholders, and we are optimistic about our recent investments. "Our outlook for the dry bulk market remains positive, with the orderbook at historically low levels due to strict environmental regulations and resulting fleet renewal needs. We see the commitment of major miners to large projects providing a stable long-term demand backdrop. This year, strong volume growth in iron ore, coal, bauxite, and grains, coupled with the ton-mile effect of increasing long-haul cargoes, amplifies market strength. We expect this trend to continue, positioning United advantageously to benefit." __________________3 TCE Rate is a non-GAAP measure. Please see the reconciliation below of TCE Rate to net revenues from vessels, the most directly comparable U.S. GAAP measure. 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) Oct-25 Dec-25 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 Cretansea Dry Bulk / Kamsarmax 81,508 2009 Universal T/C Index Linked(2) Apr-24 Aug-24 Chrisea(3) Dry Bulk / Panamax 78,173 2013 Shin Kurushima T/C Index Linked(2) May-25 Sep-25 Synthesea(4) Dry Bulk / Panamax 78,020 2015 Sasebo T/C Index Linked(2) Aug-25 Dec-25 Exelixsea Dry Bulk / Panamax 76,361 2011 Oshima T/C Index Linked(2) Jun-25 Oct-25 Total/Average age   839,837 15.2 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 "Third Quarter 2024 TCE Rate Guidance". (3)   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. (4)   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:   Q2 2024   Q2 2023   6M 2024   6M 2023   Ownership days(1) 728   611   1,456   916   Operating days(2) 704   570   1,363   815   Fleet utilization(3) 96.7%   93.3%   93.6%   89.0%   TCE rate(4) $17,143   $16,072   $16,187