Q2 2026 United Maritime Corp Earnings Call

July 30, 2026

Operator: Thank you for standing by, ladies and gentlemen, and welcome to the United Maritime Corporation conference call on the Q2 and H1 ended 30 June 2026 financial results. We have with us today Mr. Stamatis Tsantanis, Chairman and CEO, and Mr. Stavros Gyftakis, 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 one one 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, Thursday, 30 July 2026. The archived webcast of the conference call will soon be made available on the United Maritime website, www.unitedmaritime.gr, under the investor section.

Speaker #1: We have with us today Mr. Stamata Santanis, Chairman and CEO, and Mr. Stavros Givtakis, Chief Financial Officer of United Maritime Corporation. At this time, all participants are in a listen-only mode.

Speaker #1: There will be a question-and-answer session, at which time, if you would like to ask a question, please press star one one on your telephone keypad. You will then hear an automated message advising that your hand is raised.

Speaker #1: Please be advised that this conference call is being recorded today, Thursday, July 30, 2026. The archived webcast of the conference call will soon be made available on the United Maritime website, www.unitedmaritime.gr.

Speaker #1: Under the investor 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.

Operator: 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 Q2 and H1 ended 30 June 2026 earnings release, which is available on the United Maritime website, again, www.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 Tsantanis. Please go ahead, sir.

Speaker #1: 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 ended June 30th, 2026 earnings release, which is available on the United Maritime website again, www.unitedmaritime.gr.

Speaker #1: I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamata Santanis. Please go ahead, sir.

Speaker #2: Welcome to United Maritime's conference call to discuss our financial results for the second quarter and six-month period ended June 30, 2026. The second quarter marked an important milestone for United, as a strategic repositioning of our fleet towards the Capesize segment has begun translating into a materially stronger earnings profile.

Stamatis Tsantanis: Welcome to United Maritime's conference call to discuss our financial results for the Q2 and H1 ended 30 June 2026. The Q2 marked an important milestone for United as a strategic repositioning of our fleet towards the Capesize segment has begun, translating into a materially stronger earnings profile. Adjusted EPS of $0.50 this quarter against $0.02 a year ago. That's seven times higher, and it's the first evidence of what the repositioning does to our earnings power, given that in Q2, our second Capesize was ours for only 3 weeks. Reflecting our confidence in United's outlook, our board declared a quarterly cash dividend of $0.10 per share. At our latest closing price, that's roughly a 16% annualized yield. This represents our 15th consecutive quarterly distribution and more than $2.04 per share returned since we started.

Speaker #2: Adjusted EPS of $0.50 this quarter, compared to $0.02 a year ago. That's twenty-five times higher, and it's the first evidence of what a repositioning does to our earnings power, given that in Q2 our second Capesize was ours for only three weeks.

Speaker #2: Reflecting our confidence in United's outlook, our board declared a quarterly cash dividend of $0.10 per share. At our latest closing price, that's roughly a 16% annualized yield.

Speaker #2: This represents our 15th consecutive quarterly distribution, and more than $2.04 per share has been returned since we started. As regards our financial results, second quarter net revenues amounted to $10 million, compared to $12.4 million last year, primarily reflecting fewer ownership days following our fleet repositioning initiatives.

Stamatis Tsantanis: As regards our financial results, Q2 net revenues amount to $10 million compared to $12.4 million last year, primarily reflecting fewer ownership days following our fleet repositioning initiatives. Adjusted EBITDA for the quarter was equal to $5.2 million, while adjusted earnings per share came at $0.15, up from $0.02 in Q2 2025, as we discussed before. During H1 2026, stronger freight markets, together with strategic repositioning of our fleet towards Capesize vessels, resulted in a meaningful improvement in profitability. We achieved adjusted EBITDA and adjusted earnings per share of $8.4 million and $0.18 respectively, compared to an adjusted EBITDA of $6 million and a loss per share of $0.40 in the prior year period.

Speaker #2: Adjusted EBITDA for the quarter was $5.2 million, while EPS came in at $0.15, up from $0.02 in the second quarter of 2025, as we discussed before.

Speaker #2: During the first six months of 2026, stronger freight markets, together with strategic repositioning of our fleet towards Cape Size vessels, resulted in a meaningful improvement in profitability.

Speaker #2: We achieved adjusted EBITDA and adjusted earnings per share of $8.4 million and $0.18 respectively compared to an adjusted EBITDA of $6 million and a loss per share of $0.40 in the prior year period.

Speaker #2: As part of our continued repositioning towards the Capesize segment, we have entered into an agreement to sell the Excellix C, one of our Panamax vessels.

Stamatis Tsantanis: As part of our continued repositioning towards the Capesize segment, we have entered into an agreement to sell the Exelixsea, one of our Panamax vessels. The transaction is expected to generate a gain of approximately $1.8 million upon delivery, which is currently towards the end of Q3. This transaction further advances the transformation of United into a company with greater earnings capacity and cash flow generation potential. It goes without saying that we will be on the lookout for additional Capesize additions in the near future. In June, we also took delivery of the Square Ship, and we look forward to its first full quarter of contribution beginning in Q3. Importantly, the vessel's index-linked charter has already been converted to a fixed-rate charter at an attractive level, providing additional earnings visibility throughout the remainder of the year.

Speaker #2: A transaction is expected to generate a gain of approximately $1.8 million upon delivery, which is currently toward the end of the third quarter. This transaction further advances the transformation of United into a company with greater earnings capacity and cash flow generation potential.

Speaker #2: It goes without saying that we will be on a lockout for additional Capesize additions in the near future. In June, we also took delivery of the Square ship, and we look forward to its first full quarter of contribution beginning in the third quarter.

Speaker #2: Importantly, the vessel's index-linked charter has already been converted to a fixed rate charter at an attractive level providing additional earnings visibility throughout the remainder of the year.

Stamatis Tsantanis: Accordingly, Q3 will represent the vessel's first full quarter of earnings contribution. With the acquisition of two Capesize vessels and the divestment of two Panamax/Capesize vessels, and of course, the OSV, United has substantially completed the strategic fleet repositioning announced earlier in the year. Alongside the repositioning of our operating fleet, we also completed the monetization of our participation in the offshore new building project, generating approximately $15 million of additional liquidity. This transaction further strengthens our financial flexibility to pursue future investment opportunities while maintaining our commitment to shareholder returns. Turning to our commercial strategy, the improvement in the dry bulk market translated into a meaningful increase in our time charter equivalent performance. During Q2, our daily time charter equivalent reached $18,600 per day, compared to $15,400 per day in the same quarter of 2025.

Speaker #2: Accordingly, the third quarter will represent the vessel's first full quarter of earnings contribution. The acquisition of two Capesize vessels and the divestment of two Panamax/Kamsarmax vessels, and of course the OSV United, has substantially completed the strategic fleet repositioning announced earlier in the year.

Speaker #2: Alongside the repositioning of our operating fleet, we also completed the monetization of our participation in the offshore newbuilding project, generating approximately $15 million of additional liquidity.

Speaker #2: This transaction further strengthens our financial flexibility to pursue future investment opportunities while maintaining our commitment to shareholder returns. Turning to our commercial strategy, the improvement in the dry bulk market translated into a meaningful increase in our time charter equivalent performance.

Stamatis Tsantanis: Turning to our commercial strategy, the improvement in the dry bulk market translated into a meaningful increase in our time charter equivalent performance. During Q2, our daily time charter equivalent reached $18,600 per day, compared to $15,400 per day in the same quarter of 2025. In H1 2026, we achieved a daily TCE of $17,200, sharply higher than the $12,700 seen in the same period last year. Currently, three of our six vessels operate under fixed-rate charters following conversions from index-linked employment, providing increased revenue visibility over the coming quarters. Looking ahead, based on the current FFA levels, we expect our daily time charter equivalent for Q3 to be approximately $20,500 per day, with around 70% of our operating days already fixed.

Speaker #2: During the second quarter, our daily time charter equivalent reached $18,600 per day compared to $15,400 per day in the same quarter of 2025. In the first six months of 2026, we achieved a daily TCE of $17,200 sharply higher than the $12,700 seen in the same period last year.

Stamatis Tsantanis: In H1 2026, we achieved a daily TCE of $17,200, sharply higher than the $12,700 seen in the same period last year. Currently, three of our six vessels operate under fixed-rate charters following conversions from index-linked employment, providing increased revenue visibility over the coming quarters. Looking ahead, based on the current FFA levels, we expect our daily time charter equivalent for Q3 to be approximately $20,500 per day, with around 70% of our operating days already fixed. This would represent another sequential improvement over previous quarters and provide us with increased confidence in our earnings outlook for the remainder of the year. Overall, we're very pleased with the progress achieved during H1 2026, and the company is entering a period where the benefits of our strategic repositioning will become increasingly evident in earnings and cash flow generation.

Speaker #2: Currently, three of our six vessels operate under fixed-rate charters following conversions from index-linked employment, providing increased revenue visibility over the coming quarters. Looking ahead, based on the current FFA levels, we expect our daily time charter equivalent for the third quarter to be approximately $20,500 per day, with around 70% of our operating days already fixed.

Stamatis Tsantanis: This would represent another sequential improvement over previous quarters and provide us with increased confidence in our earnings outlook for the remainder of the year. Overall, we're very pleased with the progress achieved during H1 2026, and the company is entering a period where the benefits of our strategic repositioning will become increasingly evident in earnings and cash flow generation.

Speaker #2: This would represent another sequential improvement over previous quarters and provides us with increased confidence in our earnings outlook for the remainder of the year.

Speaker #2: Overall, we're very pleased with the progress achieved during the first half of 2026, and the company is entering a period where the benefits of our strategic repositioning will become increasingly evident in earnings and cash flow generation.

Speaker #2: Before passing the call to Stavros for an overview of our financials, let me briefly comment on the dry bulk market. The market remained particularly constructive through the second quarter of 2026.

Stamatis Tsantanis: Before passing the call to Stavros for an overview of our financials, let me briefly comment on the dry bulk market. The market remained particularly constructive through Q2 2026. The Capesize market, in particular, continued the strong momentum established earlier in the year, with the BCI averaging approximately $36,000 per day, almost double the level recorded during Q2 2025. The Panamax market also strengthened considerably, reflecting favorable fundamentals across the broader dry bulk sector, averaging about 19,200 versus 11,800 in the same period last year. The improvement in freight rates has been driven by a healthy balance between supply and demand. On the demand side, iron ore, bauxite continue to underpin Capesize employment. Iron ore trade has grown sharply since last year, with Q2 China imports up by 6%.

Speaker #2: The Cape Size market in particular continued a strong momentum established earlier in the year with the BCI averaging approximately $36,000 per day. Almost double the level recorded during the second quarter of 2025.

Speaker #2: The Panamax market also strengthened considerably reflecting favorable fundamentals across the broader dry bulk sector. Averaging about $19,200 versus $11,800 in the same period last year.

Speaker #2: The improvement in freight rates has been driven by healthy balance between supply and demand. On the demand side, Arnor Boxide continued to underpin Cape Size employment.

Speaker #2: Arnor trade has grown sharply since last year with second quarter China imports up by 6%. Vale second quarter production was the highest since 2018 while the Simandu project in Guinea is accelerating its export volumes at a fast rate that exceeds initial expectations.

Stamatis Tsantanis: Vale Q2 production was the highest since 2018, while the Simandou project in Guinea is accelerating its export volumes at a fast rate that exceeds initial expectations. Despite the high inventories in China, demand for high-quality imported iron ore remains strong, driven by environmental regulations as well as steel capacity normalization and modernization. Bauxite has emerged as one of the strongest structural demand drivers for Capesize vessels. Exports from Guinea have continued to expand, rising more than 15% in H1 of the year, supported by robust Chinese import demand and sustained activity in the alumina sector. We believe this trade will remain an important structural driver of Capesize demand over the coming years. Coal trade has also been supportive both for the Panamax and the Capesize markets, with global seaborne volume up 2.5% year on year during H1 of the year.

Speaker #2: Despite the high inventories in China, demand for high quality imported iron ore remains strong driven by environmental regulations as well as steel capacity normalization and modernization.

Speaker #2: Bauxite has emerged as one of the strongest structural demand drivers for Capesize vessels. Exports from Guinea have continued to expand, rising more than 15% in the first six months of the year.

Speaker #2: Supported by robust Chinese import demand and sustained activity in the alumina sector. We believe this trade will remain an important structural driver of Cape Size demand over the coming years.

Speaker #2: Coal trade has also been supportive both for the Panamax and the Cape Size markets. With global seaborne volume up 2.5% year on year during the first half of the year.

Speaker #2: The crisis in Hormuz has brought energy security concerns to the forefront. While warm weather and structurally higher energy demand provide a positive backdrop, over the next quarters, even as the outlook for seaborne coal is subject to uncertainty, the reduced domestic production in China and any potential relaxation of Indonesia's strict export policy could prove important as we enter the period of seasonal strength for restocking.

Stamatis Tsantanis: The crisis in Hormuz has brought energy security concerns to the forefront, while warm weather and structurally higher energy demand provide a positive backdrop. Over the next quarters, even as the outlook for seaborne coal is subject to uncertainty, the reduced domestic production in China and any potential relaxation of Indonesia's strict export policy could prove important as we enter the period of seasonal strength for restocking. Lastly, on the Panamax, grain trade has also provided support, particularly through increased soya bean shipments to China following the trade agreements with the United States. Loadings over the 4 months grew by double-digit percentages, while China imports jumped by nearly 10%. On the supply side, 2026 has seen low new building deliveries in the dry bulk segment, especially in Capesizes, while dry dockings, slower sailing speeds, and environmental regulations continue to constrain effective fleet growth.

Speaker #2: Lastly, on the Panamaxes, grain trade has also provided support, particularly through increased soyameal shipments to China following the trade agreements with the United States.

Speaker #2: Loadings over the first four months grew by double-digit percentages, while China imports jumped by nearly 10%. On the supply side, 2026 has seen low newbuilding deliveries in the dry bulk segment, especially in Capesizes, while dry dockings, slower sailing speeds, and environmental regulations continue to constrain effective fleet growth.

Stamatis Tsantanis: On the supply side, 2026 has seen low new building deliveries in the dry bulk segment, especially in Capesizes, while dry dockings, slower sailing speeds, and environmental regulations continue to constrain effective fleet growth. The long-term picture also remains favorable as the dry bulk order book is low by historical standards as the world fleet grows older. Stricter environmental regulations and the lower efficiency of older vessels are placing a ceiling on supply over the next years, while limited shipyard availability acts as a constraint to runaway fleet growth.

Speaker #2: The long-term picture also remains favorable, as the dry bulk order book is low by historical standards, and the world fleet grows older. Stricter environmental regulations and the lower efficiency of older vessels are placing a ceiling on supply over the next few years, while limited shipyard availability acts as a constraint to runaway fleet growth.

Stamatis Tsantanis: The long-term picture also remains favorable as the dry bulk order book is low by historical standards as the world fleet grows older. Stricter environmental regulations and the lower efficiency of older vessels are placing a ceiling on supply over the next years, while limited shipyard availability acts as a constraint to runaway fleet growth. Taken together, we continue to believe that the medium-term supply-demand balance remains favorable for dry bulk shipping, particularly in the Capesize segment, where United has strategically increased its exposure. On that note, I will turn the call over to Stavros for an overview of our financial performance before returning to me with some concluding remarks. Stavro, please go ahead.

Speaker #2: Taken together, we continue to believe that the medium-term supply demand balance remains favorable for dry bulk shipping particularly in the Cape Size segment where United has strategically increased its exposure.

Stamatis Tsantanis: Taken together, we continue to believe that the medium-term supply-demand balance remains favorable for dry bulk shipping, particularly in the Capesize segment, where United has strategically increased its exposure. On that note, I will turn the call over to Stavros for an overview of our financial performance before returning to me with some concluding remarks. Stavro, please go ahead.

Speaker #2: On that note, I will turn the call over to Stavros for an overview of our financial performance before returning to me with some concluding remarks.

Speaker #2: Stavro, please go ahead.

Speaker #1: Thank you so much, and welcome to everyone joining us today. I will now review United's financial performance for the second quarter and first half of 2026, together with the key developments that further strengthened the company's earnings profile, financial flexibility, and ability to return capital to shareholders.

Stavros Gyftakis: Thank you, Stamatis, and welcome to everyone joining us today. I will now review United's financial performance for Q2 and H1 of 2026, together with the key developments that further strengthen the company's earnings profile, financial flexibility, and ability to return capital to shareholders. For Q2 of 2026, the company generated net revenues of $10 million, slightly lower than the same period of 2025, primarily reflecting fewer ownership days following our fleet repositioning initiatives. Despite lower revenues, stronger freight markets, and improved commercial performance enabled us to maintain adjusted EBITDA at $5.2 million, while delivering a significant improvement in profitability. Net income amounted to $1.2 million, while adjusted net income reached $1.5 million, compared to $1 million and $0.2 million, respectively, during Q2 of last year.

Speaker #1: For the second quarter of 2026, the company generated net revenues of 10 million slightly lower than the same period of 2025 primarily reflecting fewer ownership days following our fleet repositioning initiatives.

Speaker #1: Despite lower revenues, stronger freight markets and improved commercial performance enabled us to maintain adjusted EBITDA at $5.2 million, while delivering a significant improvement in profitability.

Speaker #1: Net income amounted to 1.2 million while adjusted net income reached 1.5 million compared to 1 million and 0.2 million respectively during the second quarter of last year.

Speaker #1: Our improved profitability was primarily driven by stronger commercial performance, with fleet time charter equivalent increasing by 21% year-over-year to $18,654 per day.

Stavros Gyftakis: Our improved profitability was primarily driven by stronger commercial performance, with fleet time charter equivalent increasing by 21% year over year to $18,654 per day. These stronger earnings and cash flow generation supported the declaration of our 15th consecutive quarterly cash dividend, consistent with our disciplined approach to returning capital to shareholders. The same positive trend was evident during H1 of the year. Net revenues amounted to $17.9 million, while adjusted EBITDA increased by approximately 40% to $8.4 million, compared to $6 million during H1 of 2025. Importantly, the company returned to profitability, reporting net income of $1 million and adjusted net income of $1.7 million, compared to a net loss of $3.5 million and an adjusted net loss of $4.2 million in the prior year period.

Speaker #1: This stronger earnings and cash flow generation supported the declaration of our 15th consecutive quarterly cash dividend, consistent with our disciplined approach to returning capital to shareholders.

Speaker #1: The same positive trend was evident during the first half of the year. Net revenues amounted to $17.9 million, while adjusted EBITDA increased by approximately 40% to $8.4 million, compared to $6 million during the first six months of 2025.

Speaker #1: Importantly, the company returned to profitability, reporting net income of $1 million and adjusted net income of $1.7 million, compared to a net loss of $3.5 million and an adjusted net loss of $4.2 million in the prior year period.

Stavros Gyftakis: Fleet TCE increased by 35% to $17,200 per day, reflecting both the stronger overall market environment and the initial benefits of our strategic fleet repositioning. At the same time, we maintained a competitive operating cost structure with average daily OpEx at approximately $6,400 per vessel. This continued cost discipline, combined with stronger charter rates, translated into improved operating leverage, profitability, and cash generation during the period. Turning to our balance sheet, we further strengthened our financial flexibility during the quarter through the execution of our capital redeployment strategy. The successful monetization of our investment in the offshore energy construction vessel project generated approximately $15.1 million of liquidity. In addition, the agreed sale of the Exelixsea is expected to contribute approximately $8.5 million of net cash proceeds upon completion, which is currently anticipated towards the end of Q3.

Speaker #1: Fleet TCE increased by 35% to 17,200 per day reflecting both the stronger overall market environment and the initial benefits of our strategic fleet repositioning.

Speaker #1: At the same time, we maintained a competitive operating cost structure, with average daily OPEX at approximately $6,400 per vessel. This continued cost discipline, combined with stronger charter rates, translated into improved operating leverage, profitability, and cash generation during the period.

Speaker #1: Turning to our balance sheet, we further strengthened our financial flexibility during the quarter through the execution of our capital redeployment strategy. The successful monetization of our investment in the offshore energy construction vessel project generated approximately $15.1 million of liquidity.

Speaker #1: In addition, the agreed sale of the Excel is expected to contribute approximately 8.5 million of net cash proceeds upon completion which is currently anticipated towards the end of the third quarter.

Stavros Gyftakis: In addition, the agreed sale of the Exelixsea is expected to contribute approximately $8.5 million of net cash proceeds upon completion, which is currently anticipated towards the end of Q3. Together, these transactions are expected to generate approximately $23.6 million of liquidity, materially strengthening our financial flexibility and providing additional capacity both to pursue future investment opportunities and to continue returning capital to shareholders. As of 30 June 2026, cash equivalents, and restricted cash stood at $12.1 million. This balance already reflects the proceeds from the offshore investment but does not yet include the cash expected from the sale of the Exelixsea. Shareholders' equity stood at $53.3 million, while total debt, including finance lease and other financial liabilities, amounted to approximately $95.4 million.

Speaker #1: Together this transactions are expected to generate approximately 23.6 million of liquidity materially strengthening our financial flexibility and providing additional capacity both to pursue future investment opportunities and to continue returning capital to shareholders.

Stavros Gyftakis: Together, these transactions are expected to generate approximately $23.6 million of liquidity, materially strengthening our financial flexibility and providing additional capacity both to pursue future investment opportunities and to continue returning capital to shareholders. As of 30 June 2026, cash equivalents, and restricted cash stood at $12.1 million. This balance already reflects the proceeds from the offshore investment but does not yet include the cash expected from the sale of the Exelixsea. Shareholders' equity stood at $53.3 million, while total debt, including finance lease and other financial liabilities, amounted to approximately $95.4 million. The book value of our fleet reached $143.5 million, reflecting the successful completion of United's strategic expansion into the Capesize segment. Before I conclude, I'd like to briefly step back and put this quarter into perspective. The strategic initiatives we have executed over the past several months have materially strengthened our financial profile.

Speaker #1: As of June 30, 2026, cash cash equivalents and restricted cash stood at 12.1 million. This balance already reflects the proceeds from the offshore investment but does not yet include the cash expected from the sale of the Exceli.

Speaker #1: Shareholders’ equity stood at $53.3 million, while total debt, including finance leases and other financial liabilities, amounted to approximately $95.4 million. The book value of our fleet reached $143.5 million, reflecting the successful completion of United’s strategic expansion into the Capesize segment.

Stavros Gyftakis: The book value of our fleet reached $143.5 million, reflecting the successful completion of United's strategic expansion into the Capesize segment. Before I conclude, I'd like to briefly step back and put this quarter into perspective. The strategic initiatives we have executed over the past several months have materially strengthened our financial profile.

Speaker #1: Before I conclude, I'd like to briefly step back and put this quarter into perspective. The strategic initiatives we have executed over the past several months have materially strengthened our financial profile.

Speaker #1: Today, we have a larger proportion of higher-earning assets, improved earnings visibility, enhanced free cash flow generation potential, and greater financial flexibility. At the same time, we have maintained a disciplined balance sheet and continued returning capital to shareholders through our quarterly dividend.

Stavros Gyftakis: Today, we have a larger proportion of higher-earnings assets, improved earnings visibility, enhanced free cash flow generation potential, and greater financial flexibility. At the same time, we have maintained a disciplined balance sheet and continued returning capital to shareholders through our quarterly dividend. Looking ahead, with our repositioned fleet now largely in place and a constructive dry bulk market backdrop, United is very well-positioned to translate these strategic initiatives into continued earnings and cash flow growth while preserving the flexibility to pursue additional value-enhancing opportunities and continue delivering attractive returns for our shareholders. With that, I will now turn the call back to Stamatis for his concluding remarks. Stamatis, please go ahead.

Speaker #1: Looking ahead, with our repositioned fleet now largely in place and a constructive dry bulk market backdrop, United is very well positioned to translate these strategic initiatives into continued earnings and cash flow growth, while preserving the flexibility to pursue additional value-enhancing opportunities and continue delivering attractive returns for our shareholders.

Speaker #1: With that, I will now turn the call back to Samatis for his concluding remarks. Samatis, please go ahead.

Speaker #2: Thank you, Stavro. The first half of 2026 has been a defining period for United. Over the past several months, we have executed a series of strategic initiatives that have fundamentally strengthened the company's platform, positioning us with a more capable fleet, greater exposure to the Capesize market, and a stronger foundation for long-term value creation.

Stamatis Tsantanis: Thank you, Stavros. The H1 of 2026 has been a defining period for United. Over the past several months, we have executed a series of strategic initiatives that have fundamentally strengthened the company's platform, positioning us with a more capable fleet, greater exposure to the Capesize market, and a stronger foundation for long-term value creation. Perhaps most importantly, we're now beginning to see these strategic decisions translate into improved operating and financial performance. While the full earnings contribution from our recent initiatives will become increasingly evident over the coming quarters, the progress achieved so far reinforces our confidence that we have positioned United for a new phase of sustainable earnings growth. Throughout this transformation, we have remained committed to disciplined capital allocation.

Speaker #2: Perhaps most importantly, we're now beginning to see the strategic decisions translate into improved operating and financial performance. While the full earnings contribution from our recent initiatives will become increasingly evident over the coming quarters, the progress achieved so far reinforces our confidence that we have positioned United for a new phase of sustainable earnings growth.

Speaker #2: Throughout this transformation, we have remained committed to disciplined capital allocation. Since initiating our dividend, we have returned more than $2.00 per share to shareholders through cash distributions, while also executing share repurchases.

Stamatis Tsantanis: Since initiating our dividend, we have returned more than $2 per share to shareholders through cash distributions while also executing share repurchases, all without issuing new public equity. No dilution. This balanced approach to growth, financial discipline, and shareholder returns will continue to differentiate United going forward. Looking ahead, United enters the H2 of the year from a position of strength. With a strategically repositioned fleet, improving commercial coverage, and a constructive outlook for the dry bulk market, we're confident in our ability to continue creating long-term value for our shareholders. On behalf of the board of directors and the entire United team, I would like to thank you, our shareholders, customers, employees, and business partners for the continued trust and support. Thank you. Operator, we're now happy to take any questions. Please take the call.

Speaker #2: All without issuing new public equity—no dilution. This balanced approach to growth, financial discipline, and shareholder returns will continue to differentiate United Maritime going forward.

Speaker #2: Looking ahead, United enters the second half of the year from a position of strength. With a strategically repositioned fleet improving commercial coverage and a constructive outlook for the dry bulk market, we're confident in our ability to continue creating long-term value for our shareholders.

Speaker #2: On behalf of the Board of Directors and the entire United team, I would like to thank you—our shareholders, customers, employees, and business partners—for your continued trust and support.

Speaker #2: Thank you. Operator, we're now happy to take any questions. Please open the line.

Speaker #3: Thank you. As a reminder, to ask a question you will need to press star one one on your telephone and wait for your name to be announced.

Operator: Thank you. As a reminder, to ask a question, you will need to press * one one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. Our first question will come from the line of Tate Sullivan with Maxim Group. Please go ahead.

Speaker #3: Please stand by while we compile the Q&A roster. Our first question will come from the line of Tate Sullivan with Maxim Group. Please go ahead.

Speaker #4: All right. Thank you, and good to talk to you again today. The press release for United Maritime shows— I think that you fixed a portion of the ships for the rest of the year, not just Q3.

Tate Sullivan: Hi. Thank you, and good to talk to you again today. The press release for United Maritime shows, I think, that you fixed a portion of the ships for the rest of the year, not just Q3 at fixed rates. Are you considering fixing some rates into 2027 already, or have you already done that?

Speaker #4: If fixed rates—are you considering fixing some rates into 2027 already, or have you already done that, please?

Speaker #2: Well, Tate, hello again. By the time that, you know, when we initially considered fixing the ships, the forward rate looked at very compelling levels.

Stamatis Tsantanis: Well, Tate, hello again. By the time that we initially considered fixing the ships, the forward rate looked at very compelling levels. Right now, of course, we see that the market has gone up even further. We are in close discussions internally to potentially fix some additional coverage for 2027. I must remind everybody here on the call that the benefit of the Capesizes is only starting to show on its full scale. H2 of the year will be much, much greater, reflecting in the financials. To answer your question, yes, we will be looking into fixing some coverage for 2027, especially on days where you see big jumps on the forward curve, as we see today.

Speaker #2: Right now, of course, we see that the market has gone up even further. So, we are in close discussions internally to potentially fix some additional coverage for 2027.

Speaker #2: I must remind everybody here on the call that the benefit of the Capesizes is already starting to show on its full scale, so the second half of the year will be much, much greater, reflecting in the financials.

Speaker #2: But to answer your question, yes, we will be looking into fixing some coverage for 2027, especially on days where you see big jumps on the forward curve, as we see today.

Speaker #4: Okay great. And can you remind on the dividend policy I mean with with the sale of of the Panamax ship creating the 1.8 million gain for this current quarter the third quarter I mean are you looking I mean that could fund two quarters of dividends is it is it a variable dividend policy that you're looking at cash flow from operations to evaluate the dividend?

Tate Sullivan: Okay. Great. Can you remind, on the dividend policy, with the sale of the Panamax ship, creating the $1.8 million gain for this current quarter, Q3, that could fund two quarters of dividends. Is it a variable dividend policy that you're looking at cash flow from operations to evaluate the dividend?

Stamatis Tsantanis: We want to have a consistent profitability, which we expect to have very strong consistency on our profitability going forward, and that is going to lead into a very consistent, strong dividend for United. As you can see right now, the forward yield of the company, if you annualize that, we're talking about 16%. That, we believe, is very, very generous, considering that especially for the size of the company yielding 16%, I think that's kind of spectacular. A lot of our peers don't even pay dividend, or they pay a couple of cents here and there for the full year. We will continue having the dividend as part of our top priorities, but we will also continue to increase the cash generation and profit-making of the company going forward, which will, in its turn, lead to higher dividends. Yes.

Speaker #2: We want to have consistent profitability, which will now—we expect to have very strong consistency on our profitability going forward, and that is going to lead into a very consistent, strong dividend for United.

Speaker #2: As you can see right now the forward yield of the company if you annualize that we're talking about 16% and that we believe is very very generous considering that the especially for the size of the company yielding 16% I think that's kind of spectacular.

Speaker #2: a lot of our peers don't even pay dividend or they pay a couple of cents here and there for the full year. So we will continue having the dividend as part of our top priorities but we will also continue to increase the cash generation and profit making of the company going forward which will in its turn lead to higher dividends.

Speaker #2: Yes.

Speaker #4: And then, last, thank you for taking the questions. Focusing on the sale of the Panamax—you implied earlier that you're focusing on potential Capesize acquisitions, as opposed to looking at other size ships?

Tate Sullivan: The last thank you for taking the questions is focusing with the sale, the Panamax. Did you imply earlier that you're focusing potential Capesize acquisitions as opposed to looking at other size ships?

Speaker #2: For the time being yes. we find some secondhand Cape Size opportunities to be quite compelling. given where the rates are if we're able to pin them down so the answer is yes we will be seeking for additional secondhand quality vintage Cape Sizes for United in order to drive up the earnings capacity of the company very very substantially.

Stamatis Tsantanis: For the time being, yes. We find some secondhand Capesize opportunities to be quite compelling, given where the rates are if we're able to pin them down. The answer is yes, we will be seeking for additional secondhand quality vintage Capesizes for United in order to drive up the earnings capacity of the company very, very substantially. Of course, I remind everyone that this is a company that has never really done any public offerings since its IPO in 2022. We try to keep the accretion on a per-share basis as our top priority, and of course, the dividends.

Speaker #2: And of course, I remind everyone that this is a company that has never really done any public offerings since its IPO in 2022. So, we try to keep the accretion on a per-share basis as our top, top priority.

Speaker #2: And of course the dividends.

Speaker #4: Okay, thank you very much. Thanks for the call.

Tate Sullivan: Okay. Thank you very much. Thanks for the call.

Speaker #2: Thanks Tate. Thank you.

Stamatis Tsantanis: Thanks, Tate. Thank you.

Speaker #3: Thank you. I'm showing no further questions in the queue at this time. This concludes today's conference call. Thank you all for participating. You may now disconnect.

Operator: Thank you. I'm showing no further questions in the queue at this time. This concludes today's conference call. Thank you all for participating. You may now disconnect. Speakers, please stand by.

Q2 2026 United Maritime Corp Earnings Call

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