Here are two brief analogies to describe United Maritime (USEA):

• Maersk, but for raw materials and crude oil in bulk, instead of containerized consumer goods.
• A global railway company, but using massive ships to transport raw materials like coal and grain across oceans.

• Crude Oil and Petroleum Product Transportation: Provides global seaborne transportation services for crude oil, refined petroleum products, and other liquid cargoes using a fleet of tanker vessels.
• Dry Bulk Commodity Transportation: Offers worldwide seaborne transportation services for various dry bulk commodities, such as iron ore, coal, and grain, utilizing its dry bulk carrier vessels.

United Maritime (symbol: USEA) is a dry bulk shipping company that primarily provides seaborne transportation services. As such, it sells its services primarily to other companies rather than individuals.

Based on their latest public filings (e.g., the 20-F for the fiscal year ended December 31, 2022, filed with the SEC), United Maritime does not disclose any single customer that accounted for 10% or more of its consolidated revenues for the reported period. This indicates a diversified customer base, which is common for companies operating in the dry bulk shipping sector, where vessels are often chartered for varying durations (spot or short-term time charters) to different entities.

Therefore, while no specific "major customer" companies are individually identified by name in their disclosures, their customer base generally consists of the following categories of companies:

• Large commodity trading houses: These are global companies that buy, sell, and transport vast volumes of raw materials such as iron ore, coal, grain, bauxite, and other dry bulk commodities.
• Mining companies: Entities involved in the extraction of minerals and raw materials that require large-scale transportation from mines to processing plants or end-users worldwide.
• Agricultural companies: Businesses involved in the production, processing, and distribution of agricultural products like grain, soybeans, and fertilizers that need international shipping to various markets.
• Industrial manufacturers and producers: Various industries that require the transportation of raw materials or semi-finished goods in bulk for their manufacturing processes.

These customers are typically global in nature and include both public and private entities. However, specific names and symbols of these companies are not provided by United Maritime in their public filings due to the lack of customer concentration above the disclosure threshold.

• Unitised Management Inc.
• Unitised Marine Services Inc.
• Unitised Crewing Ltd.
• Unitised Marine Technical Services Ltd.

Stamatios N. Tsantanis Chairman & Chief Executive Officer

Stamatios N. Tsantanis is the Chairman and Chief Executive Officer of United Maritime Corp.. He is also the Founder, Chairman, and Chief Executive Officer of United Maritime Corporation, which was initially established as a subsidiary of Seanergy Maritime Holdings Corp. (NASDAQ: SHIP). United Maritime was spun out of Seanergy to diversify and pursue acquisition opportunities beyond the Capesize segment. Mr. Tsantanis has served as Chairman and CEO of Seanergy Maritime Holdings Corp. since October 2012, leading its significant growth to a pure-play Capesize company. He previously held the positions of Chief Financial Officer and Director at Top Ships, Inc., and Group Chief Financial Officer of Target Marine S.A.. His experience in shipping and finance spans more than 24 years, including a role as an investment banker at Alpha Finance, a member of the Alpha Bank Group. Mr. Tsantanis is also a member of the board of directors of Breakwave Advisors LLC.

Stavros Gyftakis Chief Financial Officer & Director

Stavros Gyftakis is the Chief Financial Officer and a Director of United Maritime. He also serves as the CFO of Seanergy Maritime (NASDAQ: SHIP). Mr. Gyftakis has been instrumental in Seanergy's capital raising, debt financing, and refinancing activities since 2017. With over 19 years of experience in the shipping finance industry, his expertise covers asset-backed lending, debt and corporate restructurings, risk management, and loan syndications. Before joining Seanergy, he was a Senior Vice President at DVB Bank SE, working in their Greek shipping finance desk.

Theodora Mitropetrou General Counsel - Corporate Secretary

Theodora Mitropetrou is the General Counsel and Corporate Secretary of United Maritime, a role she also holds at Seanergy Maritime (Nasdaq: SHIP). She possesses more than 20 years of experience in shipping law, with 15 years as an in-house lawyer for US-listed shipping companies. Her background includes serving as Legal Counsel for Top Ships Inc. from 2006 to 2008, and practicing law with esteemed shipping law firms between 2001 and 2006.

Christina Anagnostara Independent Director

Christina Anagnostara is an Independent Director of United Maritime, and chairs and is a member of United's Audit and Nominating Committees. She is also a Director of Seanergy Maritime (Nasdaq: SHIP). Ms. Anagnostara previously served as Seanergy's CFO from 2008 to 2013. She brings over 24 years of maritime and international business experience, encompassing finance, banking, capital markets, consulting, accounting, and audit.

Ioannis Kartsonas Independent Director

Ioannis Kartsonas is a Director of United Maritime, serving as Chairman and a member of the Compensation Committee, and a member of the Nominating Committee. He is also a Director of Seanergy Maritime (Nasdaq: SHIP). Mr. Kartsonas is the Principal and Managing Partner of Breakwave Advisors LLC, a New York-based commodity-focused advisory firm. He has been actively involved in finance and commodities trading since 2000.

United Maritime (NASDAQ: USEA) is expected to drive future revenue growth over the next two to three years through several key strategic initiatives and favorable market dynamics:

1. Increased Investment in Offshore Energy Construction Vessels (ECV): United Maritime has significantly expanded its stake in an Offshore Energy Construction Vessel project, increasing its investment to approximately $12.8 million and becoming the largest individual shareholder. This strategic move is anticipated to provide the company with exposure to a high-potential segment that supports both the subsea oil & gas and renewable energy markets, thereby diversifying and growing its revenue streams.
2. Fleet Optimization and Renewal: The company is actively engaged in fleet optimization through the strategic divestment of older vessels and the acquisition of newer ones. For instance, United Maritime completed the profitable sale of its oldest Capesize vessels, which generated approximately $18.8 million in liquidity after debt repayment. Additionally, in the fourth quarter of 2024, the company acquired a 2016-built Kamsarmax vessel while selling an older Capesize vessel. This ongoing strategy aims to enhance operational efficiency, achieve higher Time Charter Equivalent (TCE) rates, and reduce operating costs across its dry bulk fleet.
3. Strategic Investment in AI for Ship Management: United Maritime has made a $0.5 million pre-seed investment in an AI-powered maritime technology platform. This investment is geared towards enhancing ship management efficiency. While not a direct revenue generator from new services to customers, improved operational efficiency through AI can lead to better fleet utilization, reduced downtime, and optimized routes, indirectly contributing to higher net revenues.
4. Positive Dry Bulk Market Fundamentals: Management maintains an optimistic outlook on the long-term fundamentals of the dry bulk market, citing support from global trade shifts and constraints in fleet supply. Strong market conditions, characterized by robust cargo flows and tight vessel supply, are expected to lead to higher charter rates (TCE rates), which will directly increase the revenue generated by the company's existing dry bulk fleet.

Share Repurchases

• In September and October 2022, United Maritime completed share buyback plans totaling approximately $6.0 million, repurchasing around 3.3 million common shares at an average price of $1.81 per share.
• An existing $3.0 million share repurchase plan was extended through December 31, 2025, with approximately $1.9 million remaining available for repurchase as of January 2025.
• Share buybacks totaled approximately $0.2 million during Q3 2025.

Share Issuance

• The number of shares outstanding significantly increased from approximately 1.51 million at the end of fiscal year 2021 to 8.84 million by fiscal year 2024, leading to substantial shareholder dilution.
• A public offering on July 20, 2022, raised $40 million through the issuance of 12,307,692 units, each comprising one common share and one Class A Warrant, priced at $3.25 per unit.

Outbound Investments

• United Maritime increased its ownership in an Offshore Energy Construction Vessel (ECV) project to approximately $12.8 million, becoming the largest individual shareholder.
• In October 2025, the company made a $0.5 million pre-seed investment in a maritime technology platform focusing on AI-powered solutions for ship technical management and operations.
• The company also profitably consolidated a joint venture in Q2 2025, increasing its equity stake to 32% in a newbuilding ECV, which resulted in a $1.3 million accounting profit.

Capital Expenditures

• United Maritime reported significant capital expenditure outflows of -$93.4 million in fiscal year 2022 and -$88.0 million in fiscal year 2023, primarily for vessel acquisitions to expand its fleet.
• In the latest fiscal year (likely FY2024), capital expenditures were approximately $0.25 million.
• Net cash used in investing activities was $14.9 million in the first half of 2025.