# United Maritime reports stronger earnings as Capesize strategy advances

- **Source:** https://pelavox.com/united-maritime-reports-stronger-earnings-as-capesize-strategy-advances/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-14T20:00:00+00:00
- **Updated:** 2026-11-14T20:00:00+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Capesize, Dividends, Dry Bulk Shipping, Fleet Repositioning, Shipping Earnings, United Maritime

United Maritime Corporation reported a sharp increase in third-quarter earnings as stronger dry bulk freight rates and a greater contribution from Capesize vessels supported its financial performance. The company also doubled its quarterly dividend and outlined further progress in its fleet repositioning strategy.

According to United Maritime’s financial results released on November 12, 2026, net income increased to $3.2 million in the third quarter, compared with $1.1 million a year earlier. Net revenues rose to $12 million from $11 million, despite fewer vessel ownership days, while adjusted EBITDA increased to $8 million from $5.4 million. The fleet achieved an average time charter equivalent (TCE) rate of $20,737 per day, representing a 37% year-on-year increase.

For the first nine months of 2026, United Maritime returned to profitability, recording net income of $4.2 million compared with a loss of $2.4 million in the corresponding period of 2025. Adjusted EBITDA increased to $16.4 million from $11.4 million, although net revenues declined to $29.9 million from $31.2 million. The average fleet TCE rate increased by 37% to $18,446 per day, reflecting stronger market conditions and changes in the company’s fleet composition.

## Capesize employment supports earnings outlook

United Maritime has strengthened its forward earnings visibility by converting the index-linked charter rates of its two operating Capesize vessels to fixed rates for 2027. The *Dukeship* has secured a gross daily hire rate exceeding $35,000, while the *Squireship* has been fixed at more than $29,100 per day. Together, the arrangements represent approximately $23.1 million in contracted gross hire for the year.

Stamatis Tsantanis, Chairman and Chief Executive Officer of United Maritime, said the company’s capital reallocation strategy was beginning to deliver improved financial results. He highlighted the stronger contribution from Capesize vessels and the company’s decision to redirect investment towards assets with greater earnings potential.

United Maritime also expects its fourth-quarter fleet TCE to reach approximately $22,689 per day, based on existing charter commitments and assumptions for the remaining index-linked operating days. As of the announcement, approximately 88% of expected fourth-quarter operating days had been fixed at an estimated average TCE of $23,339 per day. The final result will depend on market conditions and the performance of the remaining charter exposure.

## Fleet repositioning and shareholder distributions

The company continues to shift its fleet towards larger dry bulk vessels. In November, United Maritime agreed on the main terms for the acquisition of the 2009-built Capesize *Friendship* from Seanergy Maritime Holdings for $33 million. The proposed transaction remains subject to financing approval and final documentation, with delivery expected in early 2027.

Upon completion of the acquisition, United Maritime’s fleet would increase to six vessels, comprising three Capesize, one Kamsarmax and two Panamax bulk carriers, with an aggregate capacity of approximately 766,851 dwt. Capesize vessels would then account for around 69% of the fleet’s total carrying capacity.

The acquisition follows the completed sale of the 2011-built Panamax *Exelixsea* in September for approximately $17.5 million. The disposal generated net cash proceeds of around $8.7 million after debt repayment and a gain of approximately $1.8 million recognised during the third quarter.

United Maritime’s board declared a quarterly cash dividend of $0.20 per common share, doubling the previous quarter’s distribution of $0.10. The payment, representing the company’s sixteenth consecutive quarterly cash dividend, is scheduled for January 8, 2027, to shareholders of record on December 24, 2026.

At September 30, United Maritime held $24.4 million in cash, cash equivalents and restricted cash, while outstanding debt and other financial liabilities, including finance leases, stood at $83.7 million. The company reduced its total debt by approximately $10.5 million during the quarter, primarily following the disposal of *Exelixsea*.

The results reflect United Maritime’s continued transition towards a Capesize-weighted fleet, with stronger charter earnings and additional contracted revenue supporting its fleet investment and shareholder distribution strategy.

---
Cite as: "United Maritime reports stronger earnings as Capesize strategy advances", pelavox., 14 November 2026, https://pelavox.com/united-maritime-reports-stronger-earnings-as-capesize-strategy-advances/