United Maritime

What United Maritime does

United Maritime Corporation (Nasdaq: USEA) is an international shipping company specializing in worldwide seaborne dry bulk transportation. Founded in July 2022 and incorporated in the Republic of the Marshall Islands with executive offices in Glyfada, Greece, the company operates a fleet of five dry bulk vessels—comprising one Capesize, one Kamsarmax, and three Panamax—with aggregate cargo-carrying capacity of 496,242 deadweight tons (dwt). The fleet is composed entirely of Japanese-built vessels constructed between 2010 and 2016, transporting globally traded commodities including iron ore, coal, grains, and other dry bulk goods. Upon completion of the announced M/V Squireship acquisition, the operating fleet will expand to six vessels totaling 666,260 dwt.

The company generates revenue through time charters (fixed-period contracts with set daily hire rates), voyage charters (per-trip arrangements indexed to prevailing freight rates), and bareboat charter arrangements. Its customer base consists primarily of international commodity traders, mining companies, and agricultural producers, engaged via direct sales relationships. Additional income sources include bareboat-out arrangements to third parties and earnings from minority equity stakes in joint ventures. United Maritime has executed multiple asset transactions in 2025–2026 to optimize fleet composition, including the sale of M/V Cretansa for $14.7 million and the divestiture of a Norwegian joint venture stake for approximately €13.0 million in February 2026.

United Maritime was founded by Stamatios Tsantanis, who simultaneously serves as Chairman and CEO of Seanergy Maritime (Nasdaq: SHIP), a larger dry bulk operator. The CFO, General Counsel, and two independent directors of United Maritime also hold equivalent positions at Seanergy, creating substantial management overlap between the two Nasdaq-listed shipping companies. United Maritime maintains a shareholder return program consisting of quarterly cash dividends (with the Q1 2026 dividend increased to $0.10 per share, up from $0.01) and opportunistic share repurchases. The company filed its 2025 Annual Report on Form 20-F with the SEC in April 2026 and reported $37.78 million in revenue for the nine months ended September 30, 2025.

Name

United Maritime

Legal name

United Maritime Corporation

Website

https://unitedmaritime.gr

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

United Maritime Corporation (Nasdaq: USEA) is a Greek-headquartered international dry bulk shipping company operating five Japanese-built Capesize, Kamsarmax, and Panamax vessels serving commodity traders, miners, and agricultural producers with global seaborne transportation.

Ownership category

akta.pro rank

Product category

Maritime Shipping Services

NAICS

Deep Sea Freight Transportation (483111), Deep Sea, Coastal, and Great Lakes Water Transportation (48311)

SIC

Deep Sea Foreign Transportation Of Freight (4412), Water Transportation (4400)

akta.pro primary industry

Dry Bulk Ocean Shipping (Capesize/Panamax/Handysize) (TLADAKAA)

akta.pro secondary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

Keywords

• Dry bulk shipping
• Maritime transportation
• Ocean freight services
• Bulk carrier fleet
• Seaborne cargo transport

Headquarters

HQ city

Glyfáda

HQ country

Greece

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others

Revenue model

1. Time Charter Revenue: Revenue generated from chartering out dry bulk vessels to customers for fixed periods at predetermined daily rates. This provides predictable, recurring revenue streams from shipping capacity contracts.
2. Voyage Charter Revenue: Revenue from individual voyage contracts transporting dry bulk commodities (iron ore, coal, grains) across global shipping routes.
3. Bareboat Charter Revenue: Revenue from bareboat-out arrangements where the company charters vessels to other operators. The company also entered into bareboat-in arrangements for vessels like the MV Dukeship from Seanergy Maritime.
4. AI Startup Investment: Strategic investment in AI startups as part of fleet optimization and technology enhancement initiatives.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

United Maritime Corporation provides international dry bulk shipping services through a fleet of Capesize, Kamsarmax, and Panamax vessels, transporting iron ore, coal, grains, and other dry bulk commodities across global shipping routes. The company generates revenue primarily through time charter, voyage charter, and bareboat charter arrangements with commodity traders, mining companies, and agricultural producers.

Product overview

United Maritime operates a fleet of dry bulk vessels providing worldwide seaborne transportation services. The company operates five dry bulk vessels comprising one Capesize (M/V DUKESHIP), one Kamsarmax (M/V NISEA), and three Panamax vessels (M/V CHRISEA, M/V SYNTHESEA, M/V EXELIXSEA), with an aggregate cargo carrying capacity of 496,242 DWT. Upon completion of the announced acquisition of the M/V Squireship, the operating fleet will consist of six vessels with a total capacity of 666,260 DWT. The company is incorporated in the Republic of the Marshall Islands with executive offices in Glyfada, Greece, and trades on Nasdaq Capital Market under the symbol USEA.

Differentiator

Problem solved

Functional benefit

Products and services

• Time Charter Services

Quantifiable outcome

• Fleet capacity of 577,750 dwt across six dry bulk vessels
• +3 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Seanergy Maritime HoldingscoreStrategic or Co-development Partner · 17 February 2026United Maritime entered into an 18-month bareboat charter agreement with Seanergy Maritime Holdings for a 2010-built Japanese Capesize dry-bulk vessel of 181,453 dwt (M/V Dukeship). Both companies share senior management including CEO Stamatios Tsantanis and CFO Stavros Gyftakis. This partnership materially upgrades United Maritime's earnings profile and enhances free cash flow potential.
• Norwegian Joint Venture (Energy Construction Vessel)minorStrategic or Co-development Partner · 17 February 2026United Maritime sold its early-stage investment in a Norwegian joint venture that owns an Energy Construction Vessel under construction. The sale generated approximately €13.0 million. This represents a strategic divestment from offshore vessel investments as part of the company's capital strategy.

Scale indicators7 records

Recent moves14 records

Expansion highlights4 records

Direct peers

• Safe Bulkers: NYSE-listed (SB) dry bulk owner-operator of Panamax, Kamsarmax, Post-Panamax, and Capesize vessels. Highly comparable in vessel class exposure (particularly Panamax and Kamsarmax), Greek-shipping management structure, and focus on Japanese-built modern tonnage.
• Genco Shipping & Trading: NYSE-listed (GNK) dry bulk shipper with a diversified fleet of Capesize, Ultramax, and Supramax vessels. Directly comparable business model of time/voyage chartering dry bulk tonnage to commodity traders, miners, and producers globally.
• Star Bulk Carriers: Major Nasdaq-listed dry bulk shipper (SBLK) operating 100+ Newcastlemax/Capesize/Supramax vessels. Directly comparable in core business (international dry bulk seaborne transportation of iron ore, coal, grains) and customer base (commodity traders, miners), but at materially larger scale than United Maritime.
• Golden Ocean Group: Nasdaq-listed (GOGL) dry bulk shipper with a fleet of ~90 Newcastlemax, Capesize, and Panamax vessels. Operates in the same dry bulk segments (Capesize, Panamax) as United Maritime with a similar time/voyage charter revenue model, though at much larger scale.
• Pacific Basin Shipping: HKEX-listed (2343) dry bulk owner with Handysize, Supramax/Ultramax, and Panamax vessels. Explicitly referenced in United Maritime's investor materials as a comparable; serves the same commodity trader/miner customer base with a focus on minor bulks and regional dry bulk trades.
• Seanergy Maritime Holdings: Closest comparable: shares the same CEO (Stamatios Tsantanis), CFO, General Counsel, and multiple board members with United Maritime. Operates a larger Capesize-focused dry bulk fleet (3.0M+ dwt) on Nasdaq under SHIP, providing the same commodity exposure, charter structure, and management approach. United Maritime is effectively a satellite platform of Seanergy.
• Diana Shipping: NYSE-listed (DSX) dry bulk owner with a fleet of Capesize, Kamsarmax, Panamax, and Ultramax vessels. Highly comparable in vessel mix (including Kamsarmax and Panamax segments that overlap with United Maritime) and time charter-oriented revenue model targeting major commodity houses.
• Grindrod Shipping: Small-cap dry bulk owner-operator (GRIN, taken private in 2022) with Handysize and Supramax tonnage focused on Atlantic and Pacific dry bulk trades. Comparable scale and small-fleet operating model to United Maritime, though operating in different vessel size classes.
• Pangaea Logistics Solutions: Nasdaq-listed (PANL) dry bulk shipper focused on niche high-margin trades (ice-class, project cargo, specialty bulks). Comparable in size and dry bulk focus, though differentiated by trade mix and ice-class vessel specialization.
• Eagle Bulk Shipping: US-listed (EGLE) dry bulk owner-operator of Supramax/Ultramax vessels. Comparable in fleet composition strategy (modern Japanese-built tonnage), customer base, and capital allocation focus on shareholder returns via dividends and buybacks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/united_maritime
• LinkedInlinkedin.com/company/united-maritime

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about United Maritime