United Maritime Corp Stock Up 30% Over Last 3 Months
Despite some reports to the contrary, the dry bulk shipping industry is expected to experience significant growth over the coming years due to rising global seaborn trade and growing demand for raw materials and bulk carriers.
From 2024 to 2029, the dry bulk shipping market is expected to grow by $3.6 billion, expanding at a compound annual growth rate of 3.9%. (Source: “Dry Bulk Shipping Market Analysis, Size And Forecast 2025-2029,” Technavio, January 2025.)
One great dry bulk shipping company that should benefit from these tailwinds is United Maritime Corp (NASDAQ:USEA).
United Maritime is a diversified international shipping company that operates a fleet of seven dry bulk vessels: two Capesize, two Kamsarmax, and three Panamax vessels, with an aggregate cargo-carrying capacity of 750,758 dead weight tonnage (dwt). That’s how much weight a ship can safely carry, and includes cargo, fuel, provision, and other materials on board. (Source: “June 2025 Corporate Presentation,” United Maritime Corp, last accessed August 11, 2025.)
It’s in the process of selling one of its vessels, the M/V Tradership. Once that sale is completed, the company’s operating fleet will consist of one Capesize, two Kamsarmax, and three Panamax vessels, with an aggregate cargo carrying capacity of 573,833 dwt.
Dry Bulk Market Has Rebounded Sharply
For the second quarter ended June 30, 2025, United Maritime announced that net revenue inched up to $12.5 million. During the quarter the company’s daily time charter equivalent (TCE) rate increased 55% on a sequential basis to $15,421. (Source: “United Maritime Reports Second Quarter and First Half Financial Results for the Periods Ended June 30, 2025,” United Maritime Corp, August 6, 2025.)
Net income increased 42% to $1.0 million, or $0.11 per share. Second-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) dipped marginally to $5.9 million, while adjusted EBITDA dropped to $5.1 million.
At the end of the second quarter, cash, cash equivalents, and restricted cash as of June 30, 2025, stood at $3.4 million. The book value of United Maritime’s fleet as of June 30, 2025 was $134.6 million.
During the quarter, the company increased its equity stake in its newbuilding energy construction offshore vessel project to 45%, advancing its broader strategy to diversify earnings and risk exposure.
United Maritime also completed the sale of its oldest Capesize vessel (M/V Gloriuship) and agreed to sell the 2006 build M/V Tradeship. These sales are expected to release roughly $18.0 million in liquidity after debt repayment.
Commenting on the second-quarter results, Stamatis Tsantanis, the company’s chairman and chief executive officer, said, “United is executing on two fronts: generating strong near-term cash flows and unlocking long-term value through disciplined capital allocation across dry bulk and offshore sectors. At the same time, having declared about $1.65 per share in dividends since inception, our commitment to returning available capital to shareholders is well proven.”
11th Consecutive Quarterly Dividend
To that end, United Maritime’s board declared a second-quarter dividend of $0.03 per share, or $0.13 per share on an annual basis, for a forward dividend yield of eight percent.
This marks the 11th consecutive quarterly distribution.
Since initiating its capital return program in November 2022, the company has declared total cash dividends of $1.65 per share, or $13.1 million in aggregate distributions.
USEA Stock Has 127% Upside Potential
USEA stock took a big hit in early April on concerns about what a global trade war could do to the economy and dry bulk demand. Since then, though, solid financial results and investor optimism that trade deals will be inked have helped USEA stock rebound.
Currently trading hands at $1.54 per share, USEA stock is up 55% since its early April lows and 30% over the last three months.
It’s not all good news, USEA stock is currently down 9.5% year to date and 31% on an annual basis. Wall Street is bullish on the stock and expects it to erase those losses over the coming quarters, with analysts providing a 12-month share price target of $3.50. This points to potential upside of 127% with USEA.
Should USEA stock hit that forecast, it would be within striking distance of its July 2022 record high of $3.77.
Chart courtesy of StockCharts.com
The Lowdown on USEA Stock
To summarize, United Maritime Corp is a dry bulk shipping company with a fleet of seven vessels. It reported solid second-quarter results, including an earnings beat and strong sequential TCE rate growth. It also has fixed roughly 68% of its third-quarter days with a TCE rate above the rate in the second quarter.
Consistent with its practice of returning capital to shareholders, USEA stock declared its 11th consecutive quarterly dividend.
Looking ahead, the company’s management noted that the dry bulk market is positioned for strength heading into 2026. And, while the dry bulk market is typically subject to high volatility, the current resiliency during a period of high macroeconomic uncertainty is “encouraging to see.”