The following is a summary of the United Maritime Corporation (USEA) Q4 2023 Earnings Call Transcript:

Financial Performance:

• United Maritime Corporation reported a Q4 net revenue of $11.6 million, experiencing a decrease from $14.9 million compared to the same period last year.

• Adjusted EBITDA of $4.6 million and a net loss of $0.7 million were recorded for the fourth quarter.

• For the full 2023 fiscal year, the total net revenue reached $36.1 million, with an adjusted EBITDA and net income equal to $18.9 million and 200,000 respectively.

• The company closed the year with a cash position of $14.5 million.

• The book value of the fleet considerably increased from $50 million to $153 million without any dilution of equity offering, indicating strategic asset management.

Business Progress:

• In the move to become a purely dry bulk company, United Maritime Corporation acquired seven new vessels in 2023.

• The company looks forward to improving its overall financing profile backed by its enhanced position in the global shipping financing spectrum.

• Three vessels were refinanced with a reputable Chinese Lessor in the fourth quarter, marking successful debt management.

• The company recently agreed to further expand its fleet through an 18-month bear-boat chartering agreement for a high-quality KAMSAR tug vessel with a purchase option.

• Along with maintaining consistent dividend distributions and share buybacks, the company secured hedging for upcoming freight exposure and expects continued capital returns and shareholder rewards.

More details: United Maritime IR

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