United Maritime reports Q3 adjusted EPS 95c vs 8c last year

Reports Q3 revenue $11.7M vs $7.9M last year. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “I am pleased to report our very strong financial results for the third quarter of 2023. During this period, United delivered the final LR2 tanker to its new owners, while also completing the deliveries of all previously acquired dry bulk vessels. A gain of $11.8 million was recorded on the tanker sale which led to a strong profitable result for this quarter. Following the deliveries of the last two Panamax vessels, our fleet consists of eight vessels comprising three Capesize, two Kamsarmax and three Panamax. The total vessel investment of $144 million in 2023 has been funded through the proceeds of the sales of the tankers and debt instruments, avoiding any dilutive equity raising transactions. United has not conducted any public offering of its shares since its initial public offering in July 2022. Since the beginning of the third quarter, we repurchased close to the maximum allowed level of our shares based on the market liquidity, or 182,961 shares with a total of $0.4 million at an average price of about $2.4. Being consistent with our shareholder rewards initiatives, our Board of Directors has approved another quarterly dividend of $0.075, in continuation of our existing policy, which currently represents a 14% annualized dividend yield. Since the commencement of our operations, we have declared cash dividends of $1.3 per share, or about 63% of our most recent closing price.”