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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