United Maritime narrows Q1 loss to $0.1M on capesize pivot

United Maritime (NASDAQ:USEA) reported a sharp reduction in its first-quarter net loss alongside a return to positive adjusted earnings, driven by a strategic fleet reallocation into the higher-earning Capesize dry bulk sector and substantial capital recycling.

The Glyfada, Greece-based shipping company announced Thursday that net revenues for the three months ended March 31, 2026, totaled $7.9 million, remaining relatively flat compared to the $7.8 million recorded in the first quarter of 2025.

Despite the stable top line, United Maritime significantly improved its bottom-line performance, narrowing its GAAP net loss to $0.1 million, or loss per share of $0.01, from a net loss of $4.5 million, or loss per share of $0.52, in the prior-year period.

On an adjusted basis, the company swung to a net income of $0.2 million, turning around from an adjusted net loss of $4.4 million a year earlier.

Adjusted EBITDA for the quarter jumped to $3.2 million from $0.9 million, fueled by an improved Time Charter Equivalent (TCE) rate framework and lower overall vessel operating costs.

The operational rebound coincided with an aggressive portfolio optimization program that yielded $21 million in proceeds during the period.

United Maritime completed the sale of its 2009-built Kamsarmax vessel, M/V Cretansea, for $14.7 million, freeing up approximately $5.9 million in net cash after accounting for related debt repayments.

The firm also fully exited its investment in an Offshore Energy Construction Vessel (OECV) joint venture for roughly €13 million, banking a net profit of €1.7 million.

Management reallocated this capital toward expanding its large-scale dry bulk capacity.

During the quarter, the company took delivery of the 2010-built Capesize vessel M/V Dukeship, which is locked into a fixed time charter of roughly $29,300 per day through the end of 2026.

United Maritime also finalized an agreement to purchase the 2010-built, scrubber-fitted Capesize M/V Squireship for expected delivery in June 2026, which is anticipated to further elevate the company’s average daily earning power.