United Maritime Corporation operates as an international shipping company. The company specializes in worldwide seaborne transportation services.
The company operates three Capesize dry bulk vessels, two Kamsarmax dry bulk vessels and three Panamax dry bulk vessels, with an aggregate cargo-carrying capacity of approximately 922,054 dwt and an age of approximately 14.7 years. In February 2024, the company entered into a bareboat charter agreement for a Kamsarmax dry bulk vessel, which is expecte...
United Maritime Corporation operates as an international shipping company. The company specializes in worldwide seaborne transportation services.
The company operates three Capesize dry bulk vessels, two Kamsarmax dry bulk vessels and three Panamax dry bulk vessels, with an aggregate cargo-carrying capacity of approximately 922,054 dwt and an age of approximately 14.7 years. In February 2024, the company entered into a bareboat charter agreement for a Kamsarmax dry bulk vessel, which is expected to be delivered to it between June and October 2024. Upon the delivery of this vessel, the company’s operating fleet will consist of nine dry bulk vessels, with an aggregate cargo carrying capacity of 1,004,289 deadweight tons (dwt).
Business Strategy
The company is well positioned to continue to opportunistically expand and maximize its current fleet due to strong customer relationships and experienced management team. The key elements of the company’s strategy include opportunistic and sector-agnostic vessel acquisition strategy; expand its fleet through accretive acquisitions; and access to attractive chartering opportunities.
Charter Hire Rates
Charter hire rates fluctuate by varying degrees among vessel size categories. The volume and pattern of trade in a small number of commodities affect demand for larger dry bulk vessels. Therefore, charter rates and vessel values of larger vessels often show greater volatility. Charter hire rates paid for vessels are primarily a function of the underlying balance between vessel supply and demand, although at times other factors may play a role.
Customers
During 2023, five of the company’s charterers accounted for 77% of its revenues.
Environmental and Other Regulations
The company's vessels are in substantial compliance with Safety of Life at Sea (SOLAS) and the LLMC (The Convention of Limitation of Liability for Maritime Claims standards). Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, the company operations are also subject to environmental standards and requirements. The company has obtained Anti-fouling System Certificates for its vessels that are subject to the Anti-fouling Convention.
The company complies and plans to comply going forward with the USCG's (United States Coast Guard), financial responsibility regulations by providing applicable certificates of financial responsibility. The company's vessels are in substantial compliance with and are certified to meet Maritime Labor Convention 2006 (MLC 2006).
Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where the company operates, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases. The company intends to comply with the various security measures addressed by the U.S. Maritime Transportation Security Act of 2002 (MTSA), the International Convention for the Safety of Life at Sea of 1974 (SOLAS Convention) and the International Ship and Port Facilities Security Code (the ISPS Code).
History
United Maritime Corporation was founded in 2022. The company was incorporated under the laws of the Republic of the Marshall Islands in 2022.