United Maritime Corp stayed in the red for a second consecutive quarter but maintained its dividend payment unchanged on an upbeat outlook.
The Athens-based, US-listed owner of eight large bulkers posted a net loss of $1.3m in the first three months after a $700,000 deficit in the previous quarter.
“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,” chief executive Stamatis Tsantanis said.
Anticipating the traditional first-quarter lull in the market, the company had fixed about half its ownership days for the period at an average gross rate of about $14,300 per day.
Increased dry-dock activity was a further drag on results.
United Maritime, however, expects its income to rise, as it has now fixed about 95% of its second-quarter days at an average rate of $17,300 per day.
“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,” Tsantanis said.
As a result of this upbeat outlook, Tsantanis maintained the dividend unchanged at $0.075 per share for a sixth consecutive quarter.
“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,” he said.
Asset player
The company has already started realising some of these profits. In its earnings results on Friday, United Maritime revealed it has agreed to sell the 82,200-dwt kamsarmax Oasea (built 2010).
It did not disclose any information about the price, other than to say that it made a profit compared with what it had paid to acquire the vessel about a year ago.
Tsantanis has found a younger replacement for the Oasea: his company has already announced that it has agreed to charter in on an 18-month bareboat charter the 82,200-dwt Nisea (ex-Scarlet Robin, built 2016).
United Maritime has a good record in asset plays. It has posted close to $48m in vessel sale gains over the past two years, as it flipped four product tankers amid soaring prices.
United Maritime currently manages three capesizes, two kamsarmaxes and three panamaxes.
“We are optimistic that our focus on larger vessels and favourable capital structure should allow us to benefit considerably from the positive market environment,” Tsantanis said.
United Maritime was set up in 2022 as a spin-off of Seanergy Maritime, another company led by Tsantanis.
Tsantanis and other officers and directors of United Maritime combined hold a 17.5% stake.
