United Maritime Corporation President and CEO Stamatis Tsantanis appeared optimistic about the medium and long-term prospects of the dry bulk carrier market, following the announcement of the company’s first-quarter financial results.
According to the Wall Street-listed shipping company, during the first three months of 2025, a net turnover of 7.8 million dollars was recorded compared to 10.6 million dollars in the first quarter of 2024.
Adjusted EBITDA stood at 0.9 million dollars compared to 3.7 million in the same period in 2024.
Net loss and adjusted net loss reached 4.5 million and 4.4 million, respectively, compared to net loss and adjusted net loss of 1.3 million and 1.1 million in the first quarter of 2024.
Time Charter Equivalent (TCE) amounted to 9,953 dollars, compared to 15,165 in the same period in 2024.
Financial liabilities totaled 94.5 million dollars, while the value of the fleet reached 151.3 million dollars.
Commenting on the results, Tsantanis said that “during the first quarter of 2025, United recorded net income of 7.8 million and EBITDA of 0.7 million, while daily TCE reached 9,953.
Although our financial results were affected by the seasonality that prevailed in the dry cargo market, we remain optimistic about the medium and long-term prospects of the industry.”
On this basis, the board of directors approved the distribution of a dividend of 0.01 dollars per share for the first quarter – the tenth consecutive quarterly dividend.
The dry cargo market
The chairman and CEO of the listed company referred to the dry cargo market, emphasizing that the first quarter of 2025 was affected by the seasonal decline in the trade of coal and iron ore.
“Since March, we have observed a normalizing trend, with daily rates improving significantly. Although the market is showing signs of recovery, conditions remain volatile as we operate in a global economic environment characterized by current uncertainty over developments in international trade policies.”
