United Maritime (USEA) Q2 2026 earnings summary

Executive summary

• Strategic fleet repositioning into Capesize vessels, including acquisitions and divestments, significantly improved earnings and cash flow potential, with adjusted EPS rising to $0.50 in Q2 2026 from $0.02 a year ago.

• Board declared the 15th consecutive quarterly dividend of $0.10 per share, totaling $2.04 per share in cumulative distributions since November 2022 and yielding 16% annualized.

• Monetization of offshore newbuilding project and sale of Panamax vessels generated substantial liquidity, supporting future investments and shareholder returns.

Financial highlights

• Q2 2026 net revenues were $10 million, stable year-over-year despite fewer ownership days; first half 2026 net revenues totaled $17.9 million.

• Q2 2026 adjusted EBITDA was $5.2 million; first half 2026 adjusted EBITDA reached $8.4 million, up 42% year-over-year.

• Q2 2026 adjusted EPS was $0.15, up from $0.02 in Q2 2025; first half 2026 adjusted EPS was $0.18, compared to a loss per share of $0.40 in the prior year.

• Q2 2026 net income was $1.2 million; adjusted net income was $1.5 million; first half net income was $1 million and adjusted net income was $1.7 million, reversing prior year losses.

• Cash and cash equivalents at June 30, 2026, were $12.1 million; shareholders' equity at $53.3 million.

Outlook and guidance

• Q3 2026 TCE guidance is approximately $20,400–$20,500 per day, with 70–75% of operating days already fixed.

• Management expects further sequential improvement in earnings and cash flow in the second half of 2026, supported by strategic repositioning and strong market conditions.

• Considering fixing additional charter coverage into 2027 as forward rates remain attractive.