United Maritime Corporation (“United” or the “Company”) (NASDAQ:
USEA), announced today its financial results for the fourth quarter
ended December 31, 2022 and the period from commencement of its
operation on July 6, 2022 to December 31, 2022. The Company also
declared a quarterly dividend of $0.075 per share.
For the quarter ended December 31, 2022, the
Company generated net revenues of $14.9 million, while EBITDA for
the quarter was $38.9 million. Net Income and Adjusted Net Income
for the quarter were $36.5 million and $39.8 million respectively.
The daily Time Charter Equivalent (“TCE”3) of the fleet for the
fourth quarter of 2022 was $32,161.
For the period from commencement of its
operation to December 31, 2022, the Company generated net revenues
of $22.8 million, while EBITDA for the period was $41.8 million.
Net Income and Adjusted Net Income for the period were $37.5
million and $40.9 million respectively, and the daily TCE of the
fleet for the period was $28,752, while the average daily OPEX was
$7,265.
Cash, cash-equivalents and restricted cash, as
of December 31, 2022, stood at $69.9 million. Shareholders’ equity
at the end of the fourth quarter was $64.6 million. Long-term debt
net of deferred charges stood at $42.6 million, including a
cash-collateralized $15.2 million loan tranche which will be
collateralized by the two Capesize bulkers in the first quarter of
2023, while the book value of our fleet, including advances paid
for the acquisition of the two Capesize bulkers, stood at $50.2
million.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We are pleased to report a very profitable
first operating period. We generated a net income of $37.5 million
in just six months since the Company’s commencement of operations,
which represents an amount significantly higher than our current
market cap. This was achieved mainly as a result of the optimally
timed vessel acquisitions and sales. For the three vessels that we
sold, our return on equity exceeded 350% in less than six
months.
“Consistent with our commitment to reward our
shareholders, we paid a special dividend of $1 per share and
completed $6 million in buybacks of common shares, totaling an
amount of approximately $13.4 million, or approximately 52% of our
current market cap. In addition, we redeemed the $10.0 million
convertible preferred shares issued to Seanergy Maritime Holdings
Corp. (“Seanergy”) as part of our initial spin-off transaction. All
the above add up to approximately $23.4 million in shareholder
reward initiatives, a figure which is not far from our current
market cap. Finally, our board of directors has decided to initiate
a regular quarterly dividend of $0.075 per share for the fourth
quarter of 2022, that will be payable in April.
“As regards our financial performance during the
quarter, we generated net revenue of $14.9 million. Adjusted EBITDA
and Adjusted Net Income for the quarter was $42.3 million and $39.9
million respectively, including a gain of $36.1 million on the sale
of vessels. The daily TCE of the fleet for the fourth quarter of
2022 was $32,161 reflecting the solid earnings of the tankers in
the subject period, while our only Capesize vessel was earning a
fixed daily rate of approximately $28,000 until the end of November
2022. As of the balance sheet date, we had approximately $70.0
million of cash4 and $42.6 million of debt outstanding. Both
figures include a cash-collateralized $15.2 million loan,
previously secured by the LR2 tanker that was sold. Book value of
our vessels stood at approximately $50.2 million, capturing also
approximately $12.7 million in advances for the acquisition of the
two Capesize vessels. Stockholders’ equity stood at $64.6 million,
compared to a market capitalization of $25.5 million as of February
17, 2023.
“As regards United’s next steps, we believe that
the most compelling opportunities are currently in the dry bulk
space, and we position the Company in order to benefit from the
anticipated recovery, into a diversified range of vessel sizes. The
recent weakness in the dry bulk market has been driven mainly by
temporary factors, while the long-term supply and demand
fundamentals remain fully intact and are stronger than what is
implied by current vessel market values and spot rates. As the
economic reality in China gradually improves towards the second
half of 2023, we expect to see a tightening market for Capesize and
Panamax vessels in the coming months.
“We have recently agreed to acquire five dry
bulk vessels for a total consideration of approximately $98
million5, consisting of two Capesize vessels and two Kamsarmax
vessels along with an 18-month bareboat charter agreement with a
purchase option for one Panamax vessel built in Japan in 2013.
Through these agreements, our fleet will increase to seven vessels
and our cargo carrying capacity will be restored to 877.3 thousand
tons, funded without diluting our shareholders.
“We strongly believe that the dry bulk market
will improve substantially within 2023 and our solid balance sheet
will allow us to take advantage of opportunities arising in the
market. We intend to follow through on our successful investment
strategy, produce strong returns and continue rewarding our
shareholders.”
______________________________1 Adjusted EPS,
Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP
measures. Please see the reconciliation below of Adjusted EPS,
Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the
most directly comparable U.S. GAAP measure. 2 Including the
bareboat hire payable throughout the 18-month period and upon
exercising purchase option at the end of bareboat period. 3 TCE
rate is a non-GAAP measure. Please see the reconciliation below of
TCE rate to net revenues from vessels, the most directly comparable
U.S. GAAP measure.4 Includes restricted cash.5 Upon exercising
purchase option at the end of bareboat period.
Current Company
Fleet:
Vessel Name |
Sector |
Capacity (DWT) |
Year Built |
Yard |
Employment Type |
Minimum T/C expiration |
Maximum T/C expiration(1) |
Gloriuship |
Dry Bulk / Capesize |
171,314 |
2004 |
Hyundai |
T/C Index Linked(2) |
Dec-22 |
Apr-23 |
Goodship |
Dry Bulk / Capesize |
177,536 |
2005 |
Mitsui |
T/C Index Linked(2) |
Jun-23 |
Dec-23 |
Chrisea(3) |
Dry Bulk / Panamax |
78,173 |
2013 |
Shin Kurushima |
Spot |
|
|
Epanastasea |
Tanker / LR2 |
109,647 |
2008 |
Dalian |
Fixed Rate T/C(4) |
Mar-23 |
Apr-23 |
Total/Average age |
|
536,670 |
15.3 years |
|
|
|
|
(1) The latest redelivery dates do not include
any additional optional periods.
(2) The Company has the option to convert the index-linked rate
to fixed for periods ranging between 1 and 12 months, based on the
prevailing Capesize FFA Rate for the selected period.
(3) The vessel is technically and commercially operated by
United on the basis of an 18-month bareboat charter-in contract
with the owners of the vessel, including a purchase option at the
end of the bareboat charter in favour of the Company.
(4) The vessel was delivered to the charterer on September 2,
2022, with an attached time-charter with A.D.N.O.C. and a remaining
period of two months. In November 2022, the T/C was further
extended until minimum March 2023, up to maximum April 2023. The
daily charter hire is currently $43,500 until the expiration of the
charterparty.
Fleet to be
delivered*:
Vessel Name |
Sector |
Capacity (DWT) |
Year Built |
Yard |
Tradership |
Dry Bulk / Capesize |
176,925 |
2006 |
Namura |
Liberty K tbr Oasea |
Dry Bulk / Kamsarmax |
82,217 |
2010 |
Tsuneishi |
Hampton Bay tbr Cretansea |
Dry Bulk / Kamsarmax |
81,508 |
2009 |
Universal |
Total/Average age |
|
340,650 |
14.6 years |
|
*The M/V Tradership is expected to be delivered
to the Company by the end of February 2023. The M/V Liberty K tbr
Oasea and the M/V Hampton Bay tbr Cretansea are expected to be
delivered to the Company by mid-April and end-April 2023,
respectively.
Fleet Data:
(Amounts in U.S. Dollars)
|
Q4 2022 |
From July 6, 2022 toDecember 31, 2022 |
Ownership days(1) |
|
366 |
|
|
614 |
|
Operating days(2) |
|
366 |
|
|
610 |
|
Fleet utilization(3) |
|
100% |
|
|
99.3% |
|
TCE rate(4) |
$32,161 |
|
$28,752 |
|
Daily Vessel Operating Expenses(5) |
$7,057 |
|
$7,265 |
|
(1) Ownership days are the total number of
calendar days in a period during which the vessels in a fleet have
been owned or chartered in. Ownership days are an indicator of the
size of the Company’s fleet over a period and affect both the
amount of revenues and the amount of expenses that the Company
recorded during a period.
(2) Operating days are the number of available
days in a period less the aggregate number of days that the vessels
are off-hire due to unforeseen circumstances. Operating days
include the days that our vessels are in ballast voyages without
having finalized agreements for their next employment.
(3) Fleet utilization is the percentage of time
that the vessels are generating revenue and is determined by
dividing operating days by ownership days for the relevant
period.
(4) TCE rate is defined as the Company’s net
revenue less voyage expenses during a period divided by the number
of the Company’s operating days during the period. Voyage expenses
include port charges, bunker (fuel oil and diesel oil) expenses,
canal charges and other commissions. The Company includes the TCE
rate, a non-GAAP measure, as it believes it provides additional
meaningful information in conjunction with net revenues from
vessels, the most directly comparable U.S. GAAP measure, and
because it assists the Company’s management in making decisions
regarding the deployment and use of our vessels and because the
Company believes that it provides useful information to investors
regarding our financial performance. The Company’s calculation
of TCE rate may not be comparable to that reported by other
companies. The following table reconciles the Company’s net
revenues from vessels to the TCE rate.
(In thousands of U.S. Dollars, except operating days and TCE
rate)
|
Q4 2022 |
|
From July 6, 2022 toDecember 31, 2022 |
Vessel revenue, net |
|
14,932 |
|
22,784 |
Less: Voyage expenses |
|
3,161 |
|
5,245 |
Time charter equivalent
revenues |
|
11,771 |
|
17,539 |
Operating days |
|
366 |
|
610 |
TCE rate |
$32,161 |
$28,752 |
(5) Vessel operating expenses include crew
costs, provisions, deck and engine stores, lubricants, insurance,
maintenance and repairs. Daily Vessel Operating Expenses are
calculated by dividing vessel operating expenses, excluding pre
delivery costs of acquired vessels, by ownership days for the
relevant time periods. The Company’s calculation of daily vessel
operating expenses may not be comparable to that reported by other
companies. The following table reconciles the Company’s vessel
operating expenses to daily vessel operating expenses.
(In thousands of U.S. Dollars, except ownership days and Daily
Vessel Operating Expenses)
|
Q4 2022 |
|
From July 6, 2022 toDecember 31, 2022 |
Vessel operating expenses |
|
3,000 |
|
5,179 |
Less: Pre-delivery expenses |
|
417 |
|
718 |
Vessel operating expenses before
pre-delivery expenses |
|
2,583 |
|
4,461 |
Ownership days |
|
366 |
|
614 |
Daily Vessel Operating
Expenses |
$7,057 |
$7,265 |
|
|
|
Net Income to EBITDA and Adjusted EBITDA
Reconciliation:
(In thousands of U.S. Dollars)
|
Q4 2022 |
From July 6, 2022 toDecember 31, 2022 |
Net income |
36,462 |
37,490 |
Add: Interest and finance costs, net |
1,466 |
2,413 |
Add: Depreciation and amortization |
957 |
1,903 |
EBITDA |
38,885 |
41,806 |
Add: Stock based compensation |
2,789 |
2,789 |
Add: Loss on extinguishment of debt |
593 |
593 |
Adjusted EBITDA |
42,267 |
45,188 |
Earnings Before Interest, Taxes, Depreciation
and Amortization (“EBITDA”) represents the sum of net income, net
interest and finance costs, depreciation and amortization and, if
any, income taxes during a period. EBITDA is not a recognized
measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA
adjusted to exclude stock-based compensation and loss on
extinguishment of debt, which the Company believes are not
indicative of the ongoing performance of its core operations.
EBITDA and Adjusted EBITDA are presented as we
believe that this measure is useful to investors as a widely used
means of evaluating operating profitability. EBITDA and Adjusted
EBITDA as presented here may not be comparable to similarly titled
measures presented by other companies. This non-GAAP measure should
not be considered in isolation from, as a substitute for, or
superior to, financial measures prepared in accordance with U.S.
GAAP.
Net Income and Adjusted Net income
Reconciliation and calculation of Adjusted Earnings Per
Share
(In thousands of U.S. Dollars)
|
Q4 2022 |
From July 6, 2022 toDecember 31, 2022 |
Net income |
36,462 |
37,490 |
Add: Stock based compensation |
2,789 |
2,789 |
Add: Loss on extinguishment of debt |
593 |
593 |
Adjusted net income |
39,844 |
40,872 |
Adjusted net income – common stockholders, basic |
36,279 |
38,469 |
Adjusted net income – common stockholders, diluted |
37,328 |
39,317 |
Adjusted net income per common share, basic |
5.36 |
8.54 |
Weighted average number of common shares outstanding, basic |
6,769,246 |
4,503,397 |
Adjusted net income per common share, diluted |
3.90 |
5.39 |
Weighted average number of common shares outstanding, diluted |
9,565,410 |
7,299,561 |
To derive Adjusted Net Income and Adjusted
Earnings Per Share from Net Income, we exclude certain non-cash
items, as provided in the table above. We believe that Adjusted Net
Income and Adjusted Earnings Per Share assist our management and
investors by increasing the comparability of our performance from
period to period since each such measure eliminates the effects of
such non-cash items as stock based compensation, loss on
extinguishment of debt and other items which may vary from year to
year, for reasons unrelated to overall operating performance. In
addition, we believe that the presentation of the respective
measure provides investors with supplemental data relating to our
results of operations, and therefore, with a more complete
understanding of factors affecting our business than with GAAP
measures alone. Our method of computing Adjusted Net Income and
Adjusted Earnings Per Share may not necessarily be comparable to
other similarly titled captions of other companies due to
differences in methods of calculation.
Interest and Finance Costs to Cash
Interest and Finance Costs Reconciliation:
(In thousands of U.S. Dollars)
|
Q4 2022 |
|
From July 6, 2022 toDecember 31, 2022 |
Interest and finance costs, net |
(1,466 |
) |
(2,413 |
) |
Add: Amortization of deferred finance charges and other
discounts |
234 |
|
352 |
|
Cash interest and finance costs |
(1,232 |
) |
(2,061 |
) |
Fourth Quarter and Recent Developments:
Distributions to
shareholders
Introduction of regular quarterly
dividend
The Company announced the initiation of a
regular quarterly cash dividend of $0.075 per common share and
declared a dividend of $0.075 per share for the fourth quarter of
2022. The quarterly dividend for the fourth quarter of 2022 is
payable on or about April 6, 2023, to all shareholders of record as
of March 22, 2023.
Special Dividend
Distribution
In November 2022, the Company declared a special
cash dividend of $1.00 per common share in connection with the
profitable sale of two Aframax vessels. The dividend was paid
around January 10, 2023.
Share Buybacks
In September and October 2022, the Company
completed two share buyback plans, repurchasing an aggregate of
approximately 3.3 million common shares at an average price of
$1.81 per share for a total amount of $6.0 million.
In October 2022, as previously announced, the
Board of Directors authorized an additional share buyback plan,
under which the Company may repurchase up to $3.0 million of its
outstanding common shares in the open market through the period
ending March 31, 2023. Substantially, all of this $3.0 million
authorization remains available for buybacks.
Redemption of the Series C Preferred
Shares
In November 2022, the Company fully redeemed the
10,000 Series C preferred shares issued to Seanergy at a price
equal to 105% of the original issue price for a total cash outflow
of $10.6 million, including all accrued and unpaid dividends up to
the redemption date.
Vessel transactions and commercial
updates
Sale of LR2 tanker (M/T
Minoansea)
In December 2022, the Company sold one of its
LR2 product tankers, the 2008-built MT Minoansea to an unaffiliated
third party. The vessel’s gross sale price was $39.0 million, which
represents a premium of over 100% of the vessel’s acquisition
price.
Capesize Acquisitions (M/V Goodship and
M/V Tradership)
In February 2023, the Company took delivery of
the 177,536 dwt M/V Goodship built in 2005 in Japan, while the
176,925 dwt M/V Tradership built in 2006 in Japan is expected to be
delivered to the Company by the end of February 2023. We agreed to
purchase from Seanergy the vessels for an aggregate price of $36.25
million which will be funded by the Company’s cash reserves,
including a cash-collateralized $15.2 million loan, previously
secured by the LR2 tanker that was sold in December 2022. M/V
Goodship is chartered by an international charterer for a period
until minimum June 2023 up to maximum December 2023, at an
index-linked rate. The M/V Tradership is chartered by a major
European charterer for a period until minimum June 2023 up to
maximum October 2023, at an index-linked rate.
Kamsarmax Acquisitions (M/V Hampton Bay
tbr Cretansea and M/V Liberty K tbr Oasea)
In February 2023, the Company entered into
agreements to purchase two Kamsarmax bulk carriers which upon their
delivery will be renamed M/V Cretansea and M/V Oasea for an
aggregate purchase price of $39.2 million. The 81,508 dwt M/V
Cretansea was built in Japan in 2009 while the 82,217 dwt M/V Oasea
was built by a first-class Japanese yard in China in 2010. Their
deliveries are expected by mid and end April 2023, respectively.
The acquisitions are expected to be funded by a combination of cash
on hand and proceeds from new debt financings.
Bareboat Agreement for one Panamax bulk
carrier
In February 2023, the Company entered into a
bareboat charter agreement for the 2013 Japanese-built Panamax bulk
carrier, which was renamed M/V Chrisea. The vessel is chartered by
the Company under an 18-month bareboat charter agreement, with a
downpayment of $7.0 million, a daily charter rate of $7,300 over
the period of the bareboat charter and a purchase option of $12.4
million at the end of the bareboat charter. In aggregate the
acquisition cost for the vessel, in the event that the purchase
option is exercised, will be approximately $23.4 million.
Financing Updates
Amended “August 2022 Entrust” Facility
(Previous Four Tankers Facility)
In December 2022, as part of the sale of the M/T
Minoansea and the acquisitions of the M/V Goodship and M/V
Tradership, the Company reached an agreement to replace the
collateral under the loan tranche formerly secured by the M/T
Minoansea. Under the terms of the amended agreement, the $15.2
million tranche, is replaced by two tranches of $7.0 and $8.2
million, secured by the M/V Goodship and M/V Tradership (upon her
delivery to the Company), respectively, bearing a fixed rate of
9.0% per annum. The amended facility, has an outstanding balance of
$31.2 million, is secured by the M/T Epanastasea, the M/V Goodship
and the M/V Tradership and amortizes through three quarterly
instalments averaging $2.0 million commencing nine months after the
original drawdown date, followed by a $25.2 million balloon payable
at maturity.
Update on Number of Common Shares Issued
and Outstanding
As of February 21, 2023, the Company has
8,596,243 common shares issued and outstanding. This includes
674,030 shares issued pursuant to exercises of Class A warrants for
aggregate proceeds of $1.9 million.
Conference
Call:
The Company’s management will host a conference
call to discuss the financial results today, Wednesday, February
22, 2023 at 10:00 a.m. Eastern Time.
Audio
Webcast:
There will be a live, and then archived, webcast
of the conference call through the Company’s website. To listen to
the archived audio file, visit our website, in the “Investors”
section. Participants to the live webcast should register on the
website approximately 10 minutes prior to the start of the webcast,
following this link.
Conference Call
Details:
Participants have the option to register for the
call using the following link. You can use any number from the list
or add your phone number and let the system call you right
away.
|
United Maritime CorporationUnaudited Condensed
Consolidated Balance Sheets(In thousands of U.S. Dollars) |
|
|
|
|
|
|
December 31,2022 |
|
ASSETS |
|
|
|
Cash and cash equivalents and restricted cash |
|
69,932 |
|
Vessels, net and advances for vessels’ acquisitions |
|
50,199 |
|
Other assets |
|
5,524 |
|
TOTAL
ASSETS |
|
125,655 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Long-term debt |
|
42,606 |
|
Other liabilities |
|
18,481 |
|
Stockholders’ equity |
|
64,568 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
125,655 |
|
|
|
|
|
|
United Maritime CorporationUnaudited Condensed
Consolidated Statements of Operations(In thousands of U.S. Dollars,
except for shareand per share data, unless otherwise stated) |
|
|
|
|
|
|
|
|
|
Three months period endedDecember 31, 2022 |
|
|
From January 20, 2022(date of inception) toDecember 31, 2022 |
|
Vessel revenue,
net |
|
14,932 |
|
|
22,784 |
|
Expenses: |
|
|
|
|
|
|
Voyage expenses |
|
(3,161 |
) |
|
(5,245 |
) |
Vessel operating expenses |
|
(3,000 |
) |
|
(5,179 |
) |
Management fees |
|
(295 |
) |
|
(526 |
) |
General and administrative expenses |
|
(5,082 |
) |
|
(5,524 |
) |
Depreciation and amortization |
|
(957 |
) |
|
(1,903 |
) |
Gain on sale of vessels |
|
36,095 |
|
|
36,095 |
|
Operating
income |
|
38,532 |
|
|
40,502 |
|
Other
expenses: |
|
|
|
|
|
|
Interest and finance costs, net |
|
(1,466 |
) |
|
(2,413 |
) |
Loss on extinguishment of debt |
|
(593 |
) |
|
(593 |
) |
Other, net |
|
(11 |
) |
|
(6 |
) |
Total other expenses,
net: |
|
(2,070 |
) |
|
(3,012 |
) |
Net income |
|
36,462 |
|
|
37,490 |
|
Net income attributable
to common stockholders |
|
32,897 |
|
|
35,086 |
|
|
|
|
|
|
|
|
Net income per common
share, basic |
|
4.86 |
|
|
7.79 |
|
Net income per common
share, diluted |
|
3.55 |
|
|
4.92 |
|
Weighted average number of common
shares outstanding, basic |
|
6,769,246 |
|
|
4,503,397 |
|
Weighted average number of common
shares outstanding, diluted |
|
9,565,410 |
|
|
7,299,561 |
|
|
|
|
|
|
|
|
|
United
Maritime CorporationUnaudited Condensed Consolidated Cash
Flow Data(In thousands of U.S. Dollars) |
|
|
|
|
|
|
From January 20, 2022(date of inception) toDecember 31, 2022 |
|
Net cash provided by
operating activities |
|
6,737 |
|
Net cash provided by
investing activities |
|
36,327 |
|
Net cash provided by
financing activities |
|
26,868 |
|
|
|
|
|
About United Maritime Corporation
United Maritime Corporation is an international
shipping company specializing in worldwide seaborne transportation
services. Including the newly delivered M/V Goodship and M/V
Chrisea, the Company operates a fleet of 1 tanker vessel, 2
Capesize and 1 Panamax dry bulk vessels.
Upon completion of the previously announced
transactions, the Company's fleet will consist of 7 vessels (1 LR2
tanker, 3 Capesize, 2 Kamsarmax, 1 Panamax), with an aggregate
cargo carrying capacity of 877,320 dwt.
The Company is incorporated under the laws of
the Republic of the Marshall Islands and has executive offices in
Glyfada, Greece. The Company's common shares trade on the Nasdaq
Capital Market under the symbol “USEA”.
Please visit the Company’s website at:
www.unitedmaritime.gr
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates, which are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of the Company. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, shipping
industry trends, including charter rates, vessel values and factors
affecting vessel supply and demand; the impact of changes in
regulatory requirements or actions taken by regulatory authorities
on the Company's operating or financial results; the Company's
financial condition and liquidity, including its ability to service
its indebtedness; competitive factors in the market in which the
Company operates; increased operating costs associated with vessel
aging; vessel damage; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
dependence on affiliates of the Company’s former parent and
third-party managers to operate the Company’s business;
availability of crew, number of off-hire days, classification
survey requirements and insurance costs; changes in the Company’s
relationships with contract counterparties; potential liability
from future litigation and incidents involving the Company’s
vessels; broader market impacts arising from war (or threatened
war) or international hostilities, such as between Russia and
Ukraine; risks associated with the length and severity of the
ongoing novel coronavirus (COVID-19) outbreak, including its
effects on demand for crude oil, petroleum products, dry bulk
products, other types of products and the transportation thereof;
and other factors listed from time to time in the Company's filings
with the SEC, including its registration statement on Form 20-F.
The Company's filings can be obtained free of charge on the SEC's
website at www.sec.gov. Except to the extent required by law, the
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
United Investor RelationsTel: +30 213 0181 522E-mail:
ir@usea.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail: usea@capitallink.com
Grafico Azioni United Maritime (NASDAQ:USEA)
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Da Mag 2024 a Giu 2024
Grafico Azioni United Maritime (NASDAQ:USEA)
Storico
Da Giu 2023 a Giu 2024