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- **Q2 Financial Performance**: $12.5 million revenue, $1 million net income, and $0.03 dividend declared.
- **Fleet Optimization**: $17.9 million liquidity from vessel sales, reducing legacy fleet exposure.
- **Market Recovery**: Dry bulk rates up 23-43% QoQ, driven by coal and iron ore demand.
- **Offshore Expansion**: $10.4 million investment in high-spec vessel with 32% equity stake.
- **Liquidity Outlook**: $10 million cash inflow expected in Q3 from vessel sale.

**【CEO Summary Section】**
- Q2 2025 net revenues: $12.5 million; EBITDA: $5.9 million; net income: $1 million.
- Net Daily Time Charter Equivalent (NDTCE) improved to $15,400, up from Q1.
- Sold 2 older Capesize vessels (Gloriuship and Tradership) for total net liquidity of $17.9 million, with $1.5 million book profit expected in Q3.
- Declared $0.03 per share dividend, maintaining 3-year track record of $1.65 per share total dividends.
- Q3 2025 guidance: 68% of operating days fixed at $15,500 TCE, with remaining exposure to index-linked rates.
- Invested $10.4 million in high-specification offshore energy construction vessel, targeting 32% equity stake.
- Dry bulk market recovery: Kamsarmax Index up 23% QoQ to $11,800; Capesize Index up 43% QoQ to $18,600. Panamax rates rebounding due to coal and grain exports.
- Vessel supply constrained: Capesize order book 8-9% of fleet; 20%+ fleet older than 15 years. Newbuilding prices high, limiting supply growth.

**【CFO Financial Commentary】**
- Q2 2025: Net revenue $12.5 million; EBITDA $5.1 million; net income $1 million (vs. $0.7 million YoY). 
- H1 2025: Net revenue $20.2 million (down $2.8 million YoY); EBITDA $6 million; net loss $3.5 million (vs. $0.7 million loss YoY).
- Operating expenses reduced to $6,300 per vessel daily. 
- Cash position: $3.4 million (Q2 end); $10 million expected from Tradership sale in Q3.
- Debt: $86 million (including $12 million per vessel under bareboat charter). 
- Repaid $7.5 million Huarong loan and $2 million Seanergy bridge loan from Gloriuship sale proceeds.
- Confident in returning to sustained profitability with disciplined capital allocation.

**【Q&A Highlights】**
- Offshore vessel project: Final $2 million equity payment due in November; future installments to be debt-funded. 
- Lending terms: 65-75% advance on contract price, similar to prior financings. 
- Vessel construction underway, with employment prospects to be clarified by early 2026.

United Maritime (USEA)-6 Aug 25-2025 Q2 Earnings call transcript

- **Dividend reduction announced**: Q4 2024 dividend cut to $0.01/share, but 2024 total dividends ($1.60) near current share price.
- **Share buyback extension**: $1.9M remaining under $3M program, representing 11% of shares at current price.
- **Fleet optimization**: Sold oldest vessel for $15M, reinvesting in modern, compliant fleet.
- **Financial resilience**: 2024 adjusted EBITDA $20.3M (+7% YoY), with 60% loan-to-fleet ratio.
- **Offshore expansion**: 24% stake in energy vessel ($7.9M total investment), targeting subsea renewables and oil/gas.
- **Market outlook**: Capesize/Panamax recovery driven by Atlantic iron ore (+170M tons), West African bauxite growth, and aging fleet replacement.

**【CEO Opening Remarks】**
- Completed second investment cycle without shareholder dilution, securing long-term financing for new vessels.
- 2024 dividends of $1.60 per share (vs. current share price), with 450,000 shares repurchased (5% of outstanding). Extended share buyback program by 12 months, with $1.9M remaining.
- Q4 2024 net revenue $10.8M (-7% YoY) due to coal/iron ore export slowdown; TCE $14,250 (-9% YoY). Gloriuship sold for $15M, with $7M cash impact in Q2 2025.
- Fleet optimized with high-quality Japanese vessels; 94% Q1 2025 TCE guidance at $10,300, expecting rebound in subsequent quarters.
- Entered offshore market with 24% stake in energy construction vessel (delivery Q1 2027), $3.5M invested, $4.5M committed in 2025.
- Positive long-term outlook for Capesize/Panamax due to Atlantic iron ore expansion, West African bauxite growth, and aging fleet replacement needs.

**【CFO Financial Commentary】**
- Q4 2024: Net loss $1.8M (vs. $0.7M YoY), adjusted EBITDA $5.1M (+11% YoY). Full year: Net revenue $45.4M (+38% YoY), adjusted EBITDA $20.3M (+7% YoY).
- Cash position $6.8M at year-end; $7M cash inflow expected from Gloriuship sale. Debt $99.4M (60% loan-to-fleet ratio), refinanced $48.3M in 2024.
- Offshore project: $3.5M deployed, $4.5M committed in 2025; debt financing pending.

**【Q&A Highlights】**
- Offshore vessel delivery: Q1 2027 (potential Q4 2026), with $4.5M remaining equity payments in 2025.
- Red Sea closure disrupts trade routes; potential Ukraine ceasefire could reopen grain corridor, benefiting Panamax/Kamsarmax segment.
- Gloriuship sale: $15M gross, $7M net cash after fees and debt repayment.
- CEO confident in dry bulk fundamentals despite short-term volatility, citing aging fleet and regulatory tightening.

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