Following United Maritime Corporation’s (NASDAQ:USEA) second-quarter 2026 conference call, Capital Link interviewed Chairman and Chief Executive Officer Stamatis Tsantanis to discuss the Company’s substantially repositioned fleet, increased exposure to the Capesize market and additional liquidity available for future investments and shareholder returns. Rather than emphasizing the quarterly earnings comparison, the discussion focused on the sale of older Panamax and Kamsarmax vessels, the addition of two Capesize vessels and the profitable exit from an offshore energy construction-vessel investment.

In the following Q&A, Mr. Tsantanis discusses how United Maritime is redeploying capital, strengthening its earnings profile and balancing further growth with consistent shareholder distributions.

Click on the following links to access United Maritime Corporation’s Q2 2026 materials:

Q: What was the most important strategic development during the first half of 2026?

A: United substantially completed the fleet-repositioning strategy announced earlier in the year. Since the beginning of 2026, it has sold two vessels in the Kamsarmax/Panamax classes while adding two Capesize vessels, increasing its exposure to a segment that management considers structurally stronger.

The 2010-built Capesize M/V Dukeship joined the fleet during the first quarter, followed by the delivery of the scrubber-fitted M/V Squireship in June. At the same time, United sold the 2009-built Kamsarmax M/V Cretansea and agreed to sell the 2011-built Panamax M/V Exelixsea.

Q: How has United funded the shift toward Capesize vessels?

A: The Company has relied on asset sales and investment monetization rather than new public equity. Approximately $29.5 million of liquidity has been generated or is expected from three transactions during 2026.

The sale of the Cretansea for $14.7 million generated approximately $5.9 million of net cash after debt repayment. The agreed $17.5 million sale of the Exelixsea is expected to provide another $8.5 million of net proceeds and a gain of approximately $1.8 million when the vessel is delivered, currently expected toward the end of the third quarter. United also completed its exit from an offshore energy construction-vessel investment, generating approximately $15.1 million in cash and an accounting gain of about $0.5 million.

Q: How is United balancing additional investment with shareholder returns?

A: United declared a quarterly cash dividend of $0.10 per share, its 15th consecutive quarterly distribution. Since beginning distributions in November 2022, the Company has declared approximately $2.04 per share, or about $16.8 million in aggregate cash dividends.

The capital-allocation approach therefore has three components: recycle capital from older or non-core assets, invest selectively in higher-earning vessels and maintain recurring distributions. Management emphasized that potential acquisitions must create value on a per-share basis rather than simply increasing fleet size.

Q: How much earnings visibility does the Company have for the remainder of 2026?

A: United has converted the index-linked rates on three of its six vessels into fixed-rate employment through the end of 2026, balancing visibility with continued participation in stronger markets.

As of July 30, approximately 75% of expected third-quarter operating days had been fixed at an estimated TCE rate of approximately $21,388 per day. Including assumptions for the remaining index-linked days, United guided to a third-quarter fleet TCE of approximately $20,418 per day, compared with $18,654 in the second quarter.

Q: What supports management’s constructive dry-bulk outlook?

A: Demand strengthened across several major commodities during the first half. China’s iron ore imports increased more than 6% year over year, with second-quarter volumes reaching a record. Vale reported its strongest second-quarter production since 2018, while the Simandou project in Guinea continued ramping up exports.

On the supply side, newbuilding deliveries remain limited, particularly for Capesize vessels. Dry-dockings, slower sailing speeds and environmental regulations are constraining effective capacity, while the global fleet continues to age.

Q: What are the principal opportunities and risks for investors?

A: The main opportunity is that United’s repositioning may produce a stronger earnings and cash-flow profile without shareholder dilution. A full-quarter contribution from the Squireship, higher Capesize exposure, fixed-rate coverage and additional liquidity from the Exelixsea sale could improve the Company’s capacity to invest and distribute capital.

The risks remain significant. Dry-bulk rates and vessel values are cyclical, and United’s smaller fleet creates greater sensitivity to individual vessel performance, off-hire and chartering decisions. Additional acquisitions could increase leverage and execution risk. Demand remains exposed to China’s economy and commodity imports.

Disclosure: Capital Link works with United Maritime Corporation’s (USEA). This content is for informational purposes only and not intended to be investing advice. We would like to highlight that this is not an article with Capital Link’s editorial. It reflects only comments made by management during the company presentation

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