USEA United Maritime

Dry Bulk · Capesize / Kamsarmax / Panamax · 34 documents

United Maritime's 5-vessel dry bulk fleet — 2 Panamax, 2 Capesize and 1 Kamsarmax — should earn about $23,952 a day in 2026Q3 and pay $0.10 a share. That is our forecast (PATTERN). 75% of those vessel-days are already fixed at rates United Maritime has disclosed.

Last paid · 2026Q2

$0.10

15.9% annualised

$18,654/d earned

TTM $0.39 (15.5% trailing)

2026Q3 · our model

$0.10

15.9% annualised

$23,952/d modelled

PATTERN

75% booked · declared rate held flat

2026Q4 · our model

$0.10

15.9% annualised

$25,800/d modelled

declared rate held flat

Yields annualise each quarter ×4 at the last close, $2.52 (2026-10-16). Our model is not company guidance.

What will United Maritime pay for 2026Q3?

Company said

United Maritime has booked 75% of its 2026Q3 days (2026-07-30, source; by class on the right). It does not say what it will pay — turning its rates into a dividend is our job.

$21,388/d

booked average

—

no dividend given

Our model

Booked days at those rates, open days at market rates; dividend by declared rate held flat.

$23,952/d

modelled

$0.10

modelled · PATTERN

Booked vs market $/day

Class	Booked	At	Spot now
Fleet · applied to every class	75%	$21,388	—

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now
Capesize · 2	$18,6542026Q2 · fleet avg	$21,38875% of days	—licensed index only
Kamsarmax · 1	$18,6542026Q2 · fleet avg	$21,38875% of days	—licensed index only
Panamax · 2	$18,6542026Q2 · fleet avg	$21,38875% of days	—licensed index only

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.

Your rates open days only — booked days stay at the booked rate

Capesize 75% booked at $21,388 · 46 open days

$/d

Kamsarmax 75% booked at $21,388 · 23 open days

$/d

Panamax 75% booked at $21,388 · 46 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for capesize, kamsarmax, panamax: no off-hire or drydock days are deducted there.

460

By class

Class	Days	Model $/day	Yours $/day
Capesize	184	27,804	27,804
Kamsarmax	92	21,385	21,385
Panamax	184	21,385	21,385

Fleet TCE, $/day assumed

23,953

Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

11.0

Vessel opex, $m assumed

2026Q2: $3.5m over 552 vessel-days, held per day. Source (2026Q2)

(2.9)

G&A, $m assumed

2026Q2: $2.0m over 552 vessel-days, held per day. Source (2026Q2)

(1.7)

EBITDA, $m assumed

6.4

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

2026Q2: $1.3m over 552 vessel-days, held per day. Source (2026Q2)

(1.1)

Scheduled debt amortisation, $m stated

2026Q2: $2.3m over 552 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

(1.9)

Drydock cost, $m

No separate drydock cash line on file.

—

Cash break-even, $/day assumed

Σ cash costs above ÷ vessel-days.

16,587

Cushion vs fleet TCE, $/day

7,366

Free cash flow to equity, $m assumed

Revenue − cash costs: the cash available for distribution.

3.4

Capex (memo), $m

As reported for 2025Q4. Not deducted: the model’s cash is opex, G&A, interest and scheduled principal.

(0.1)

Dividend policy pattern

No stated payout policy on file.

Dividend by declared rate held flat; it does not move with the rate, so your scenario leaves it unchanged.

Output	Model	Your scenario	Δ
Estimated DPS, $/share pattern	$0.10
Forward yield, run-rate %	15.9%
vs last declared ($0.10, 2026Q2)	+0%

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $2.52 close on 2026-10-16.

This dividend is set by declared rate held flat, not by the rate — your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared · model

Market context — rates, the dividend, and the price

Rates and dividend — realized rate and declared

Realized fleet TCEModelDeclared DPS

forecast →

$0k

$15k

$30k

2025Q3

2025Q4

2026Q1

2026Q2

2026Q3

2026Q4

Declared DPS, USD/share — solid: declared · dashed: model

$0.09

$0.10

2025Q3 rec 2025-12-29 · pay 2026-01-09 2025Q4 rec 2026-03-27 · pay 2026-04-10 2026Q1 rec 2026-06-29 · pay 2026-07-10 2026Q2 rec 2026-09-25 · pay 2026-10-09

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.

The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.

Forward (our model — model quarter ×4): $0.40/yr · @ $2.52 (as of 2026-10-16) = 15.9% yield (forward, model) · Trailing TTM $0.39/yr = 15.5%

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

No departure from the method above is recorded for USEA; the inputs and their basis are listed below.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$23,952/d

75% STATED · 10% MODELLED · 10% MODELLED (FFA forward) · 5% ASSUMED

Days already fixed

75%

at disclosed rates

How we got to the DPS

Declared rate held flat PATTERN $0.10

Stated payout policy declined — the company publishes no payout policy this model can read

Earnings bridge — 2026Q2 → 2026Q3

Anchor DPS (2026Q2) $0.10

Booked cover — issuer guidance targets a different quarter than the anchor — no same-vintage comparison TBD

Open cover (spot-exposed) — Capesize 25% of days without booked cover · Kamsarmax 25% of days without booked cover · Panamax 25% of days without booked cover — spot-exposed TBD

Expected DPS (2026Q3) $0.10

Dividend history & forecast accuracy

Upcoming

Quarter	Ex-date (est.)	Forecast DPS	Actual DPS
2026Q3 E	—	$0.10	—
2026Q4 E	—	$0.10	—

Period	DPS	Kind	Ex-date	Pay date	Source
2026-Q2	$0.10/share	regular	—	2026-10-09	as of 2026-08-07 declaration
2026-Q1	$0.10/share	regular	—	2026-07-10	as of 2026-05-22 declaration
2025-Q4	$0.10/share	regular	—	2026-04-10	as of 2026-03-18 declaration
2025-Q3	$0.09/share	regular	—	2026-01-09	as of 2025-11-21 declaration
2025-Q2	$0.03/share	regular	—	2025-10-10	as of 2025-08-08 declaration
2025-Q1	$0.01/share	regular	—	2025-07-10	as of 2025-05-23 declaration
2024-Q4	$0.01/share	regular	—	2025-04-10	as of 2025-03-19 declaration
2024-Q3	$0.07/share	regular	—	—	as of 2025-03-19 declaration

Older dividends (8 more)

Period	DPS	Kind	Ex-date	Pay date	Source
2024-Q2	$0.07/share	regular	—	—	as of 2025-04-10 declaration
2024-Q1	$0.07/share	regular	—	—	as of 2025-04-10 declaration
2023-Q4	$0.07/share	regular	—	—	as of 2025-04-10 declaration
2023-Q3	$0.07/share	regular	—	—	as of 2025-04-10 declaration
2023-Q2	$0.07/share	regular	—	—	as of 2025-04-10 declaration
2023-Q1	$0.07/share	regular	—	—	as of 2025-04-10 declaration
2022-Q4	$0.07/share	regular	—	—	as of 2025-04-10 declaration
2022-11-29	$1.00/share	special	—	—	as of 2022-11-29 declaration

DPS method: declared rate held flat.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$18,654/d 2026Q2

Declared DPS

$0.10 2026Q2

TTM DPS

$0.39

Coverage

—

Revenue

$10.0M

Opex

$3.5M

Net income

$1.0M

2× capesize · 1× kamsarmax · 2× panamax current

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Capesize	2	—	—	75%	21,388	—	27,804	—	5.1
Kamsarmax	1	—	—	75%	21,388	—	21,385	—	2.0
Panamax	2	—	—	75%	21,388	—	21,385	—	3.9
Total	5						23,953	—	11.0

Guided rates are issuer-booked cover for 2026Q3 blended with SSY capesize assessments and the Braemar dry-FFA curve for the open days.

Expected DPS

$0.10/share

Annualized

$0.40/yr

Revenue if rates hold

$11.0M

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Model gaps & assumptions

capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) · index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file — the open share is priced at the full index, which this issuer has not been shown to capture · capesize: using issuer guidance 75% fixed @ $21,388/day — a FLEET-wide figure applied to this class; the issuer did not split coverage by class · kamsarmax: priced off the Panamax FFA curve — the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against — their open share is priced at the full curve · kamsarmax: using issuer guidance 75% fixed @ $21,388/day — a FLEET-wide figure applied to this class; the issuer did not split coverage by class · panamax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · panamax: using issuer guidance 75% fixed @ $21,388/day — a FLEET-wide figure applied to this class; the issuer did not split coverage by class · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · DPS is the declared rate: $0.100 in each of 3 quarters (2025Q4, 2026Q1, 2026Q2) — held flat, so it is not modelled from TCE

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$10.0M	—	—
Opex	$3.5M	—	—
Net income	$1.0M	—	—

reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional

Full P&L grid — 6 quarters

Line item	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1
Revenue $M	10.0	—	—	—	—	—
Voyage expenses $M	—	—	—	—	—	—
Vessel opex $M	3.5	—	—	—	—	—
G&A $M	2.0	—	—	—	—	—
Depreciation $M	—	—	—	—	—	—
Interest expense, gross $M	1.3	—	—	—	—	—
Net income $M	1.0	—	—	—	—	—
Declared DPS	0.10	0.10	0.10	0.09	0.03	0.01

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance — forward-looking

Period	Metric	Value	Coverage	As of	Source
2027FY	Fleet charters expiring (vessels)	4 vessels	—	2026-07-30	print
2028FY	Fleet charters expiring (vessels)	1 vessels	—	2026-07-30	print

Historical guidance (1 rows)

Period	Metric	Value	Coverage	As of	Source
2026Q3	FLEET TCE booked	$21,388	75%	2026-07-30	print

Sources — press, filings & documents

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q4	6-K, 6-K exhibit	—	—	—
2026Q3	6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit	—	—	—
2026Q2	6-K, 6-K exhibit, 6-K, 6-K exhibit, 20-F	—	—	—
2026Q1	6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2025Q4	6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K, 6-K, 6-K exhibit	—	—	—
2025Q3	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit	—	—	—
2025Q2	6-K, 6-K exhibit, 20-F	—	—	—
2025Q1	6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—