United Maritime Corporation

Thank you for standing by, ladies and gentlemen, and welcome to the United Maritime Corporation Conference call on the second quarter and first half for the periods ended June 30th, 2025 financial results. We have with us Mr. Stamatis Santanis, Chairman and CEO, and Mr. Stavros Giftakis, Chief Financial Officer of United Maritime Corporation. At this time, all participants are in a listen-only mode. There will be a question and answer session, at which time, if you would like to ask a question, please press star 1-1 on your telephone keypad, and you will then hear an automated message advising your hand is raised. Please be advised that this conference call is being recorded today, Wednesday, August 6th, 2025. The archived webcast of the conference call will soon be made available on the United Maritime website, .unitedmaritime.gr, under the Investors section. Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the second quarter and first half of the conference call. The conference call is scheduled for the period's end of June 30th, 2025 earnings release, which is available on the United Maritime website, again, .unitedmaritime.gr. I would now like to turn the conference over to one of your speakers today, the chairman and CEO of the company, Mr. Stamatis Santanis. Please go ahead, sir.

Thank you, operator. Welcome

to the United Maritime conference call to discuss our financial results for the second quarter and six-month period ended June 30th, 2025. In the second quarter, we achieved net revenues of $12.5 million, EBITDA of $5.9 million, and net income of about $1 million. Our net daily time set at equivalent of ,400,000 marks a significant improvement from the first quarter. A large portion of our net income this quarter is due to the strategic consolidation of our offshore new building investment. We are encouraged by the shift rebound in the dry bulk market following the seasonal slowdown observed early in the year. Our ability to capture high rates through a balance between index linked and fixed rate time chatters demonstrates the agility and effectiveness of our commercial strategy. At the same time, the continued strength in asset values enabled the strategic divestment of certain of our older vessels at the levels that will strengthen our profitability and enhance our liquidity reserves in the coming quarters. Based on the resilience of the dry bulk market, the successful disposal of our older vessels, the progress marked in our offshore new building project and our balance sheet position, our board of directors has declared a 3 cents per share cash dividend for the second quarter consistent with our established capital return policy and a clear signal of confidence in our performance and liquidity. This adds to our consistent record of more than $1.6 per share cash dividend payments since 2023, highlighting our commitment to returning capital to the shareholders. As part of our fleet renewal strategy, we have sold two of our oldest Cape size vessels over the last six months. The sale of the 2004 built glory ship was completed in June for a net price of $15 million. We have also agreed to sell the 2006 built trader ship for $17.8 million with delivery expected in mid August. These two sales are expected to generate approximately 17.9 million in net liquidity after debt repayments and we anticipate a book profit of about $1.5 million from the trader ship sale in Q3. We are closely monitoring market conditions and expect to deploy the net proceeds from the sales towards a combination of additional capital returns and high quality fleet replacement opportunities. Moving on to our guidance for the third quarter of the year, we have fixed 68% of our operating days at a time charter equivalent of $15,500 per day. Assuming the current FFA rates for the remaining years of the quarter, we project a total third quarter TC to be approximately $14,700. This includes one Campsat Max vessel earning a fixed daily rate of $15,700, one Cape size vessel earning $22,000 per day on a gross basis, two vessels employed on short term employment to be concluded within August and finally three vessels trading purely on index link charters until the end of the year. For the fourth quarter, we expect to have all of our vessels employed under index link daily earnings offering full exposure to what we expect to be a constructive dry bulk market. Furthermore, looking beyond our dry bulk fleet, in April, 2025, we increased United Maritime's ownership stake in our new building energy construction vessel. Our total investment in the project will reach approximately 10.4 million up from 8.8 million intended initially. This represents an approximately 32% equity stake in the project and reflects our firm belief in the commercial prospects of this investment. This marks a major step in our offshore investment strategy. The vessel is designed for high end energy construction projects, a niche market with almost no new capacity and growing demand across both renewables and oil and gas. The extremely limited order book for such vessels makes us confident in securing attractive chartering opportunities. Given that the construction timeline calls for completion within 2027, we anticipate being in a position to provide greater clarity on employment prospects by early