United Maritime Reports Third Quarter and Nine-Month 2026 Financial Results; Doubles Quarterly Cash Dividend to $0.20 Per Share

Stamatis Tsantanis, Chairman & Chief Executive Officer of United Maritime Corporation

“Our capital reallocation is beginning to generate meaningful returns: third-quarter Net Income tripled to $3.2 million and Adjusted EBITDA rose 48% to $8.0 million. Our fleet earned $20,737 per day – up 37% year-over-year, 11% above the second quarter and ahead of our guidance. We are now beginning to see the operating leverage benefits of our Capesize-weighted fleet. Our board has declared a quarterly dividend of $0.20 per share – double the dividend declared for the second quarter. This represents the Company’s 16th consecutive quarterly cash distribution. With our two operating Capesizes fixed for 2027, contracted cash flows support this dividend. Our third Capesize, the 2009-built M/V Friendship, is expected to be delivered in early Q1 2027, funded with debt and the proceeds of our recent asset sales. Capesizes will then represent approximately 69% of our fleet’s carrying capacity. Our strategy remains unchanged: divest lower-performing assets and redeploy capital into higher-earning assets that generate stronger results for our shareholders. Four of our five vessels are fixed for the fourth quarter, and we expect a Q4 TCE of approximately $22,689 per day, representing a further 10% increase. More importantly, our two operating Capesizes are now fixed for the whole of 2027 – the M/V Dukeship at over $35,000 per day and the M/V Squireship at over $29,100 per day. Together, these charters represent approximately $23.1 million of contracted gross hire from two vessels, while the remainder of our fleet retains exposure to potential upside in the market. The dry bulk sector performed very strongly in the third quarter, driven mainly by record bauxite volumes and continued ton-mile growth in iron ore, while grain and coal volumes have also remained supportive throughout the year. On the supply side, vessel routing inefficiencies, including those associated with the Panama Canal, and ongoing geopolitical disruptions have kept effective fleet growth limited. Looking ahead, market fundamentals remain constructive, with a relatively modest orderbook set against a rapidly aging fleet, which we believe should continue to support freight rates. Our priorities are clear: build on the earnings gains achieved to date, continue reallocating capital into higher-earning assets, and convert stronger performance into sustainable cash distributions. United is well positioned to deliver on all three.”