Press Release: United Maritime Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024 and Declares Dividend of $0.075 Per Share

Dow Jones2024-08-06
Total/Average             839,837   15.2 
age                                 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  $14,335 
----------------------------------  -------  -------  -------  ------- 
Daily Vessel Operating 
 Expenses((5)                        $6,538   $6,714   $6,812   $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. 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 
        on 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 2024  Q2 2023  6M 2024  6M 2023 
                                   -------  -------  -------  ------- 
Vessel revenue, net                 12,443   10,011   23,041   12,832 
Less: Voyage expenses                  374      850      978    1,149 
Time charter equivalent revenues    12,069    9,161   22,063   11,683 
Operating days                         704      570    1,363      815 
 
TCE rate                           $17,143  $16,072  $16,187  $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 2024  Q2 2023  6M 2024  6M 2023 
                                            -------  -------  -------  ------- 
Vessel operating expenses                     4,760    6,026    9,918    9,137 
Less: Pre-delivery expenses                       -    1,924        -    2,667 
Vessel operating expenses before 
 pre-delivery expenses                        4,760    4,102    9,918    6,470 
Ownership days                                  728      611    1,456      916 
 
Daily Vessel Operating Expenses              $6,538   $6,714   $6,812   $7,063 
 
 

Net Income / (Loss) to EBITDA and Adjusted EBITDA Reconciliation:

(In thousands of U.S. Dollars)

 
                                 Q2 2024  Q2 2023   6M 2024   6M 2023 
-------------------------------  -------  -------   -------   ------- 
Net income / (loss)                  672   (3,027)     (668)   (7,914) 
-------------------------------  -------  -------   -------   ------- 
Interest and finance cost, net     1,940    1,774     3,971     2,744 
-------------------------------  -------  -------   -------   ------- 
Depreciation and amortization      3,409    2,343     6,219     3,569 
-------------------------------  -------  -------   -------   ------- 
EBITDA                             6,021    1,090     9,522    (1,601) 
-------------------------------  -------  -------   -------   ------- 
Stock based compensation             240      957       430     2,175 
-------------------------------  -------  -------   -------   ------- 
Loss on extinguishment of debt         -        -        22         - 
-------------------------------  -------  -------   -------   ------- 
Adjusted EBITDA                    6,261    2,047     9,974       574 
-------------------------------  -------  -------   -------   ------- 
 

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 and loss on extinguishment of debt, which the Company believes are 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 measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

Net Income / (Loss) and Adjusted Net Income / (Loss) Reconciliation and calculation of Adjusted Earnings / (Loss) Per Share

(In thousands of U.S. Dollars)

 
                           Q2 2024    Q2 2023     6M 2024     6M 2023 
-----------------------  ---------  ---------   ---------   --------- 
Net income / (loss)            672     (3,027)       (668)     (7,914) 
-----------------------  ---------  ---------   ---------   --------- 
Stock based 
 compensation                  240        957         430       2,175 
-----------------------  ---------  ---------   ---------   --------- 
Loss on extinguishment 
 of debt                         -          -          22           - 
-----------------------  ---------  ---------   ---------   --------- 
Adjusted net income / 
 (loss)                        912     (2,070)       (216)     (5,739) 
-----------------------  ---------  ---------   ---------   --------- 
Adjusted net income / 
 (loss) -- common 
 shareholders                  912     (2,087)       (216)     (5,816) 
-----------------------  ---------  ---------   ---------   --------- 
Adjusted earnings / 
 (loss) per common 
 share, basic                 0.10      (0.25)      (0.02)      (0.72) 
-----------------------  ---------  ---------   ---------   --------- 
Adjusted earnings / 
 (loss) per common 
 share, diluted               0.09      (0.25)      (0.02)      (0.72) 
-----------------------  ---------  ---------   ---------   --------- 
Weighted average number 
 of common shares 

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August 06, 2024 09:00 ET (13:00 GMT)

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