Stamatis Tsantanis, President and CEO of United Maritime Corporation, expressed optimism regarding the medium- and long-term outlook for the dry bulk carrier market, following the release of the company’s first-quarter financial results.
The Wall Street-listed shipping firm reported a net turnover of $7.8 million for the first three months of 2025, down from $10.6 million in the same period of 2024.
Adjusted EBITDA dropped to $0.9 million, compared to $3.7 million in the first quarter of 2024.
Net loss and adjusted net loss reached $4.5 million and $4.4 million, respectively, compared to losses of $1.3 million and $1.1 million in Q1 2024.
The Time Charter Equivalent (TCE) was recorded at $9,953, a decline from $15,165 in the same period last year.
Total financial liabilities amounted to $94.5 million, while the fleet’s value stood at $151.3 million.
In discussing the results, Tsantanis noted, “In Q1 2025, United achieved a net income of $7.8 million and EBITDA of $0.7 million, with a daily TCE of $9,953. Despite the seasonal influences on our financial performance, we remain optimistic about the industry’s medium and long-term prospects.”
As a result, the board of directors approved a dividend of $0.01 per share for the first quarter, marking the tenth consecutive quarterly dividend.
The Dry Cargo Market
The chairman and CEO also addressed the dry cargo market, highlighting that the first quarter of 2025 was impacted by a seasonal decline in coal and iron ore trade.
“Since March, we have seen a normalizing trend with daily rates improving significantly. While the market exhibits signs of recovery, conditions remain volatile due to uncertainties in the global economic landscape and international trade policies.”
