United Maritime Q4 2023

Dry bulk shipping co United Maritime (USEA) released their Q4 2023 results earlier today

  • Rev of $11.6M
  • Net income of ($0.7M)
  • Declared a dividend of 7.5c/sh
  • In Feb 2024, USEA announced a deal to acquire a Kamsarmax via a Sale & Leaseback deal

USEA started off with a single Cape vessel dropped down from parent/sponsor, Seanergy (SHIP). The company then acquired 4 Aframax/LR2 vessels at an opportune time, and monetized on the four tankers within a year. The company used much of the tanker proceeds to expand its dry bulk fleet, by acquiring 7 additional dry bulk vessels in 2023. USEA management seem to be doing the right thing - sharing some of the proceeds with shareholders, and buying back shares at lower prices.
IIRC, there is/was some preferred shares issued to SHIP