olivLaw · US equity research
United Maritime Corporation USEA
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
United Maritime Corporation is an international shipping company operating, at the end of 2025, a fleet of dry bulk vessels with cargo capacity of about 577,750 dwt. The company saw vessel revenue fall in 2025 as its fleet shrank and charter rates weakened, so the trajectory of the dry bulk market matters for investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, United Maritime Corporation (USEA) stock was 2.50 USD (−1.57% on the day), with market capitalisation 22.7 m USD, dividend yield 4.93%, beta 0.50, 52-week range 1.48–3.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.4
- weak (30–45)
- Bollinger (20, 2)
- 2.37 – 2.69
- in the lower half of the band · %B 0.40 · band width 12.4%
- SMA 50 / 200
- 2.73 / 2.38
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.2% | −1.1% | −5.1 pp | — |
| 3 months | −9.1% | −0.5% | −8.6 pp | — |
| 6 months | +7.8% | +4.4% | +3.4 pp | — |
| Year to date | +47.1% | +12.3% | +34.7 pp | — |
| 1 year | +65.6% | +13.5% | +52.0 pp | +21.5% |
| 3 years | +17.4% | +76.4% | −59.0 pp | +72.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 22.8 m | 36.1 m | 45.4 m | 37.8 m |
| Revenue YoY | unavailable | +58.3% | +26.0% | −16.8% |
| Net income | 37.5 m | 221.0 k | -3.4 m | -6.2 m |
| Net income YoY | unavailable | −99.4% | −1,630.8% | unavailable |
| Diluted EPS | 4.92 | 0.02 | -0.39 | -0.70 |
| Diluted EPS YoY | unavailable | −99.6% | −2,050.0% | unavailable |
| net % | 164.5% | 0.6% | -7.4% | -16.4% |
| Free cash flow | -73.0 m | -88.0 m | 3.0 m | 1.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.2 m USD
- Financial debt
- 47.9 m USD
- Net debt
- 33.7 m USD
- Equity
- 56.5 m USD
- Total assets
- 138.7 m USD
- Debt / equity
- 0.85x
- Current ratio
- 0.68x
- ROE
- -10.6%
- ROA
- -4.0%
- FCF margin
- 4.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 22.8 m | 36.1 m | 45.4 m | 37.8 m | SEC (XBRL)· 08 Apr 2026verified |
| Operating income | 40.5 m | 7.1 m | 4.8 m | -455.0 k | SEC (XBRL)· 08 Apr 2026verified |
| Interest expense | 2.5 m | 7.2 m | 8.4 m | 6.4 m | SEC (XBRL)· 08 Apr 2026verified |
| Net income | 37.5 m | 221.0 k | -3.4 m | -6.2 m | SEC (XBRL)· 08 Apr 2026verified |
| Diluted EPS | 4.92 | 0.02 | -0.39 | -0.70 | SEC (XBRL)· 08 Apr 2026verified |
| Weighted average diluted shares | 7.3 m | 8.4 m | 8.7 m | 8.9 m | SEC (XBRL)· 08 Apr 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 54.7 m | 13.8 m | 6.4 m | 14.2 m | SEC (XBRL)· 08 Apr 2026verified |
| Receivables | 779.0 k | 252.0 k | 1.4 m | 1.4 m | SEC (XBRL)· 08 Apr 2026verified |
| Inventories | 107.0 k | 664.0 k | 650.0 k | 363.0 k | SEC (XBRL)· 08 Apr 2026verified |
| Current assets | 59.8 m | 19.1 m | 24.5 m | 33.1 m | SEC (XBRL)· 08 Apr 2026verified |
| Property, plant & equipment, net | 50.2 m | — | — | — | SEC (XBRL)· 04 Apr 2023verified |
| Total assets | 125.7 m | 174.8 m | 172.1 m | 138.7 m | SEC (XBRL)· 08 Apr 2026verified |
| Accounts payable | 3.0 m | 3.3 m | 1.8 m | 2.4 m | SEC (XBRL)· 08 Apr 2026verified |
| Short-term debt | 7.5 m | 8.7 m | 17.7 m | 14.3 m | SEC (XBRL)· 08 Apr 2026verified |
| Long-term debt | 35.1 m | 55.8 m | 61.1 m | 33.6 m | SEC (XBRL)· 08 Apr 2026verified |
| Current liabilities | 25.2 m | 53.1 m | 33.5 m | 48.6 m | SEC (XBRL)· 08 Apr 2026verified |
| Total liabilities | 61.1 m | 108.9 m | 112.0 m | 82.2 m | SEC (XBRL)· 08 Apr 2026verified |
| Equity | 64.6 m | 65.9 m | 60.1 m | 56.5 m | SEC (XBRL)· 08 Apr 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 7.9 m | -6.2 m | 3.3 m | 2.2 m | SEC (XBRL)· 08 Apr 2026verified |
| Capex | 80.8 m | 81.7 m | 249.0 k | 668.0 k | SEC (XBRL)· 08 Apr 2026verified |
| Free cash flow | -73.0 m ≈ | -88.0 m ≈ | 3.0 m ≈ | 1.5 m ≈ | SEC (XBRL)· 08 Apr 2026derived |
| Investing cash flow | 6.5 m | -59.1 m | 7.9 m | 40.4 m | SEC (XBRL)· 08 Apr 2026verified |
| Financing cash flow | 55.6 m | 9.9 m | -19.0 m | -34.8 m | SEC (XBRL)· 08 Apr 2026verified |
| Dividends paid | — | 9.4 m | 2.6 m | 1.1 m | SEC (XBRL)· 08 Apr 2026verified |
| Share repurchases | 6.0 m | 673.0 k | 469.0 k | 204.0 k | SEC (XBRL)· 08 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 22.7 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.62 – 38.47 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)15.62 – 38.47 (Mid 22.67)WACC 6.4% · starting FCFF 6.9 m USD · terminal value share of EV 84%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.3% | 7 (vs peers) | 19% |
| Net margin · Quality | -16.4% | 5 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 18.4% | 100 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.1x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.8% | 85 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 5.8% | 83 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 72.5% | 68 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality6/100 · 2/3 factors with a value
- Returns77/100 · 2/2 factors with a value
- Valuation· partial85/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
United Maritime Corp (USEA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 37.8 m USD in 2025; YoY growth -16.8%; net margin -16.4%; ROE -11.0%.
The estimated value range is 15.62–38.47 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 22.67 USD, the price of 2.50 USD leaves a potential of 806.8% (value / price − 1) and a margin of safety of 89.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 18.4%
- FCF yield: 6.8%
- Shareholder yield (distributions): 5.8%
- The price is below the estimated value range
What contradicts it
- ROIC: -0.3%
- Net margin: -16.4%
- Interest coverage: -0.1x
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 89.1 bn | 19.7 | 41.7% | 23.8% | +8.8% | +25% / +210% |
| CCLCarnival Corp Ltd. | 42.1 bn | 13.7 | 24.0% | 11.4% | +6.4% | +21% / +108% |
| BIPBrookfield Infrastructure Partners L.P. | 11.3 bn | 42.4 | 7.7% | 11.0% | +9.8% | +6% / +46% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.5 bn | 10.2 | 31.2% | 8.2% | +3.7% | +1% / +22% |
| KEXKirby Corporation | 6.8 bn | 19.7 | 10.4% | 10.2% | +3.0% | +13% / +67% |
| MATXMatson, Inc. | 6.3 bn | 14.2 | 17.2% | 13.4% | −2.3% | +94% / +121% |
| INSWInternational Seaways, Inc. | 4.9 bn | 6.4 | 37.4% | 62.0% | −11.4% | +88% / +118% |
| GLNGGolar Lng Limited | 4.5 bn | 69.2 | 3.4% | 16.7% | +51.1% | +21% / +108% |
| TDWTidewater Inc | 3.7 bn | 14.9 | 19.5% | 18.3% | +0.5% | +36% / +22% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / −2% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.5 bn | 117.0 | 2.6% | 4.2% | −16.6% | +93% / +81% |
| FLNGFLEX LNG Ltd. | 1.5 bn | 19.5 | 9.8% | 21.5% | −2.4% | +6% / −7% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +4% |
| CMDBCostamare Bulkers Holdings Limited | 441.3 m | — | -11.2% | -6.3% | unavailable | +11% / unavailable |
| KNOPKNOT Offshore Partners LP | 297.6 m | 12.8 | — | 6.4% | +14.4% | −12% / +63% |
| EDRYEurodry Ltd. | 110.7 m | — | -4.0% | — | +8.9% | +195% / +93% |
| OMEXOdyssey Marine Exploration, Inc. | 27.5 m | — | — | -13,366.3% | −54.0% | +469% / +218% |
| USEAUnited Maritime Corp | 22.7 m | — | -11.0% | -16.4% | −16.8% | +66% / +17% |
| RUBIRubico Inc. | 778.7 k | 0.0 | 6.6% | 11.2% | −2.8% | −100% / unavailable |
| DLNGDynagas Lng Partners LP | — | 2.3 | 12.9% | — | −100.0% | −13% / +20% |
| TNKTeekay Tankers Ltd. | — | 8.8 | 18.5% | 36.9% | −22.6% | +54% / +79% |
| VIKViking Holdings Ltd | — | 35.5 | 263.5% | 17.7% | +21.9% | +37% / unavailable |
1- and 3-year price returns: for USEA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 08 Apr 2026; since then the company filed 6-K (02 Oct 2026), 6-K (07 Aug 2026), 6-K (22 May 2026), 6-K (09 Apr 2026).
In brief
United Maritime Corporation is an international shipping company operating, at the end of 2025, a fleet of dry bulk vessels with cargo capacity of about 577,750 dwt. The company saw vessel revenue fall in 2025 as its fleet shrank and charter rates weakened, so the trajectory of the dry bulk market matters for investors.
SWOT
Strengths
- A relatively young fleet compared with the market average, supported by sale and leaseback financing and access to new vessels.
- Falling operating and depreciation costs that help the company hold up better when charter rates are weak.
- Access to capital through a Nasdaq listing and the relationship with Seanergy, which also offers acquisition opportunities.
Weaknesses
- Revenue highly sensitive to spot and index-linked rates, making results volatile from one quarter to the next.
- Dependence on Seanergy for management and vessels, with potential conflicts of interest and concentrated control through Series B shares.
- Net losses in 2025 and significant debt, which limit financial flexibility in weak periods.
Opportunities
- If dry bulk rates recover, existing and acquired vessels could generate higher revenue.
- Acquiring vessels from the Seanergy fleet could expand capacity without the cost of a new build order.
- Lower debt costs could ease financial pressure and allow more favorable refinancing.
Threats
- Oversupply from newbuilding deliveries could pressure rates over the medium term.
- Geopolitical risks in the Red Sea, the Strait of Hormuz and Ukraine could disrupt routes and costs.
- A breach of loan covenants could lead to accelerated repayment demands.
Risks
- Dry bulk rate volatilityhigh
Charter rates are cyclical and can fall sharply, affecting revenue and the ability to meet loan covenants.
- Dependence on Seanergymedium
Partial management and vessel acquisitions through Seanergy create conflict-of-interest and operational dependence risks.
- Fleet agingmedium
The average vessel age could raise maintenance costs and reduce appeal to customers, and replacing vessels requires large capital.
- Currency and interest rate exposuremedium
Most general and administrative expenses are in euros, and debt carries floating rates linked to SOFR, which could raise costs.
- Customer concentration and counterparty risklow
A limited number of customers generate a large share of revenue, and a failure by them to meet obligations could affect results.
Investment thesis
What would need to be true (bull case)
- If dry bulk rates recover from 2025 levels, revenue from the current fleet and newly acquired ships could rise considerably.
- Lower operating and financing costs could improve margins even at moderate rate levels.
- Expanding the fleet through charters and Seanergy acquisitions could add capacity without the cost of a new build order.
What would break the thesis
- If rates stay under pressure, net losses could continue and limit the ability to pay dividends.
- Newbuilding orders could create oversupply and keep rates low for an extended period.
- Dependence on Seanergy management and control through preferred voting shares could limit the influence of minority shareholders.
What to watch
- Completion of the Cretansea sale and receipt of net proceedsMay 2026
- Closing of the Squireship acquisition and its financingQ2 2026
- Development of time charter equivalent rates and vessel revenueQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 08 Apr 2026; since then the company filed 6-K (02 Oct 2026), 6-K (07 Aug 2026), 6-K (22 May 2026), 6-K (09 Apr 2026).
The business
Revenue comes mainly from chartering vessels, largely in the spot market and under index-linked time charters, which makes earnings sensitive to freight-rate cycles 1. The company sold several vessels in 2025, including the Gloriuship, Tradership and Goodship, and used the proceeds to reduce debt 1. It relies partly on Seanergy and its management subsidiaries to run the business, which creates potential conflicts of interest 1.
Market context
The dry bulk market is cyclical and volatile. The Baltic Dry Index ranged in 2025 from 715 to 2,845 points, and stood at 2,066 on April 2, 2026 1. The dry bulk orderbook was about 12.6% of the existing world fleet at the end of March 2026, which could weigh on rates if deliveries outpace demand 1.
Demand depends on global economic growth, trade in energy and commodities, geopolitical tensions in the Middle East, the Red Sea and Ukraine, and trade tariffs 1. Sanctions and disruption around the Strait of Hormuz could change shipping routes and costs 1.
Trends
- Lower charter rates in 2025headwind
Vessel revenue fell 17% in 2025 and the time charter equivalent rate was 14% lower than in 2024, pointing to pressure on rates 1. If rates stay low, revenue and margins could remain under pressure.
- Lower operating and depreciation coststailwind
Vessel operating expenses fell in 2025 as the fleet shrank, and depreciation declined after three Capesize vessels were sold 1. These lower costs help limit losses during weak rate periods.
- Fleet expansion through charters and acquisitionsmixed
Taking the Dukeship on bareboat charter and planning the Squireship acquisition could raise fleet capacity, but they require extra financing and advance payments 1. The effect depends on execution and future rates.
Competitive position
Competition intensifies in periods of vessel oversupply, when newbuilding orders add capacity to the market 1. The company differentiates through a mixed fleet of different sizes and the option to choose between spot and longer-term charters 1.
- Other dry bulk vessel operators
The source does not name individual competitors; the company competes for charters with other dry bulk owners.
- Large clients and charterers
Revenue concentration on a limited number of customers means negotiations with charterers directly affect the company.
- Seanergy Maritime
The original parent company, part of the management relationship and of the right of first refusal on Capesize vessels.
- Newbuilding vessel owners
Newbuilding deliveries can add capacity and pressure rates for all operators.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)22 May 2026
- Current report (foreign issuer)09 Apr 2026
- Annual report (foreign issuer)08 Apr 2026
- Current report (foreign issuer)18 Mar 2026
- Current report (foreign issuer)19 Feb 2026
- Current report (foreign issuer)21 Nov 2025
- Current report (foreign issuer)03 Nov 2025
- Current report (foreign issuer)06 Oct 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / United Maritime Corporation · 08 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.