United Maritime Corporation has reported a modest increase in profitability for the second quarter of 2025, with a slight rise in net income compared to the same period last year, despite lower daily earnings for its fleet.
For the three months ending June 30, the dry bulk shipping firm generated net revenues of $12.5 million, holding steady from the $12.4 million reported in the second quarter of 2024. This resulted in a net income of $1 million, a slight improvement on the $0.7 million profit recorded in the prior-year period.
The company did not provide a consolidated figure for its outgoings, but noted that its average daily time charter equivalent (TCE) rate for the quarter was $15,421, down from $17,143 in the same period of 2024.
The results for the first half of the year reflect a more challenging start to 2025. For the six months ending June 30, the company posted a net loss of $3.5 million, a significant increase from the $0.7 million loss in the first half of 2024. This was on the back of net revenues falling to $20.2 million from $23.0 million in the corresponding period last year.
Chairman and CEO Stamatis Tsantanis highlighted the positive momentum within the quarter, stating, "In the second quarter of 2025 United Maritime achieved a daily TCE of $15,421, up 55 per cent from Q1. This sharp recovery in our daily earnings confirms the strength of the dry bulk rebound and our ability to capture the upside."
The company said it is continuing its fleet modernization, having completed the sale of its oldest Capesize bulk carrier Gloriuship and agreed to sell the 2006-built Tradership. It also increased its equity stake in an offshore energy construction vessel project. Tsantanis also noted that the board declared its 11th consecutive quarterly dividend of three cents per share.