United Maritime Corp
For the period ended Mar 18, 2026. Filed Mar 18, 2026.
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Mar 18, 2026 · Filed Mar 18, 2026
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Contents
EX-99.1 · Fleet Data:
Fleet Data:
| Q4 2025 · Q4 2024 · 12M 2025 · 12M 2024 | ||||
|---|---|---|---|---|
| Ownership days (1) | 460 | 736 | 2,470 | 2,875 |
| Operating days (2) | 449 | 733 | 2,412 | 2,778 |
| Fleet utilization (3) | 97.6% | 99.6% | 97.7% | 96.6% |
| TCE rate (4) | $14,129 | $14,248 | $13,565 | $15,719 |
| Daily Vessel Operating Expenses (5) | $6,404 | $6,063 | $6,338 | $6,616 |
| (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. 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. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are on ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies. |
| (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 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |
|---|---|---|---|---|
| Vessel revenue, net | 6,592 | 10,832 | 37,785 | 45,439 |
| Less: Voyage expenses | 248 | 388 | 5,066 | 1,771 |
| Time charter equivalent revenues | 6,344 | 10,444 | 32,719 | 43,668 |
| Operating days | 449 | 733 | 2,412 | 2,778 |
| TCE rate | $14,129 | $14,248 | $13,565 | $15,719 |
| (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, if applicable, 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 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |
|---|---|---|---|---|
| Vessel operating expenses | 2,946 | 4,571 | 15,655 | 19,745 |
| Less: Pre-delivery expenses | - | 109 | - | 724 |
| Vessel operating expenses before pre-delivery expenses | 2,946 | 4,462 | 15,655 | 19,021 |
| Ownership days | 460 | 736 | 2,470 | 2,875 |
| Daily Vessel Operating Expenses | $6,404 | $6,063 | $6,338 | $6,616 |
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