United Maritime Corp
For the period ended Sep 30, 2025. Filed Nov 21, 2025.
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Sep 30, 2025 · Filed Nov 21, 2025
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Contents
EX-99.2 · Performance Indicators
Performance Indicators
The figures shown below are non-GAAP statistical ratios used by management to measure performance of our vessels. For the “Fleet Data” figures, there are no comparable U.S. GAAP measures.
| Nine-month period ended September 30, | ||
|---|---|---|
| Fleet Data: | 2025 | 2024 |
| Ownership days | 2,010 | 2,139 |
| Available days(1) | 1,987 | 2,051 |
| Operating days(2) | 1,963 | 2,045 |
| Fleet utilization | 97.7% | 95.6% |
| Average Daily Results: | ||
| TCE rate(3) | $13,436 | $16,246 |
| Daily Vessel Operating Expenses(4) | $6,323 | $6,806 |
| (1) | During the nine-month period ended September 30, 2025, we incurred 23 off-hire days for scheduled dry-dockings. During the nine-month period ended September 30, 2024, we incurred 88 off-hire days for scheduled dry-dockings. |
| (2) | During the nine-month period ended September 30, 2025, we incurred 24 off-hire days due to other unforeseen circumstances. During the nine-month period ended September 30, 2024, we incurred 6 off-hire days due to other unforeseen circumstances. |
| (3) | We include TCE rate, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and assists investors and our management in evaluating our financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles our net revenues from vessels to TCE rate. |
| Nine-month period ended September 30, | ||
|---|---|---|
| (In thousands of US Dollars, except operating days and TCE rate) | 2025 | 2024 |
| Vessel revenue, net | $31,193 | $34,607 |
| Voyage expenses | $(4,818) | $(1,383) |
| Time charter equivalent revenues | $26,375 | $33,224 |
| Operating days | 1,963 | 2,045 |
| Daily time charter equivalent rate | $13,436 | $16,246 |
| (4) | We include Daily Vessel Operating Expenses, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with vessel operating expenses, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of Daily Vessel Operating Expenses may not be comparable to that reported by other companies. The following table reconciles our vessel operating expenses to Daily Vessel Operating Expenses. |
| Nine-month period ended September 30, | ||
|---|---|---|
| (In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses) | 2025 | 2024 |
| Vessel operating expenses | $12,709 | $15,174 |
| Less: Pre-delivery expenses | - | 615 |
| Vessel operating expenses before pre-delivery expenses | $12,709 | $14,559 |
| Ownership days | 2,010 | 2,139 |
| Daily Vessel Operating Expenses | $6,323 | $6,806 |
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