United Maritime Corporation strengthened its fleet with a new bulk carrier, “seeing” particularly positive prospects in the market.
The president and CEO of the US-listed company, Stamatis Tsantanis, during the announcement of the results for 2023, said: “We recently entered into an agreement for the acquisition of another modern Japanese kamsarmax cargo ship, built in 2016, through an 18-month bareboat charter with right to buy.”
Upon completion of the agreement, its fleet will consist of nine bulk carriers (3 Capesize, 3 Kamsarmax, 3 Panamax), with a total transport capacity of approximately 1,004,289 dwt tons.
The Greek shipowner spoke of “extremely positive prospects” in the dry cargo market, “based on historically low orders for new vessels and increased demand for the transport of raw materials and especially iron ore and coal.”
“The limited supply of ships has recently been deteriorated by geopolitical turmoil linked to tension in the Red Sea and low water levels in the Panama Canal. Combined with the favorable dynamics of transportation demand, we expect a robust market throughout the year,” Tsantanis added.
Results
In the fourth quarter of 2023, United Maritime reported net sales of 11.6 million US dollars, compared to 14.9 million US dollars in the fourth quarter of 2022. Adjusted net losses for the quarter stood at 0.6 million US dollars, compared to adjusted net income of 39.8 million US dollars in the fourth quarter of 2022.
For 2023, net revenue reached 36.1 million US dollars from 22.8 million US dollars in 2022, and adjusted net income stood at 2.8 million US dollars from 40.9 million US dollars a year earlier.
The company continued to reward shareholders. Total dividends over the past 15 months amount to 10.7 million US dollars, or 1.38 dollars per share, representing about 45% of United’s market capitalization. This includes another quarterly regular dividend of 0.075 dollars approved by the Board, representing approximately an 11% annualized dividend yield.
