# EDGAR Filing Document

**Accession Number:** 0001912847
**File Stem:** 0001140361-23-008298
**Filing Date:** 2023-2
**Character Count:** 45260
**Document Hash:** 5c09d3e4f50c194f8f252ebadf6786a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-008298.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001140361-23-008298

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** United Maritime Corp
- **CENTRAL INDEX KEY:** 0001912847
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-266099
- **FILM NUMBER:** 23660189

**BUSINESS ADDRESS:**
- **STREET 1:** 154 VOULIAGMENIS AVENUE
- **CITY:** GLYFADA
- **STATE:** J3
- **ZIP:** 166 74
- **BUSINESS PHONE:** 30 2130181507

**MAIL ADDRESS:**
- **STREET 1:** 154 VOULIAGMENIS AVENUE
- **CITY:** GLYFADA
- **STATE:** J3
- **ZIP:** 166 74

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Filed Pursuant to Rule 424(b)(3)

Registration No. 333-266099

#### PROSPECTUS SUPPLEMENT NO. 15

#### (TO PROSPECTUS DATED JULY 18, 2022)

#### 3,076,924 Units

#### consisting of

#### Common Shares or Pre-Funded Warrants to Purchase Common Shares and

#### Class A Warrants to Purchase Common Shares

#### (minimum offering amount)

#### 12,307,692 Units

#### consisting of

#### Common Shares or Pre-Funded Warrants to Purchase Common Shares and

#### Class A Warrants to Purchase Common Shares

#### (maximum offering amount)

#### UNITED MARITIME CORPORATION

This is a supplement ("Prospectus Supplement") to the prospectus, dated July 18, 2022 ("Prospectus") of United Maritime Corporation (the "Company"), which forms a part of the Company's Registration Statement on Form F-1 (Registration No. 333-266099), as further amended or supplemented from time to time.

On February 23, 2023, the Company furnished a Current Report on Form 6-K with the U.S. Securities and Exchange Commission as set forth below.

This Prospectus Supplement should be read in conjunction with, and delivered with, the Prospectus and is qualified by reference to the Prospectus except to the extent that the information in this Prospectus Supplement supersedes the information contained in the Prospectus.

This Prospectus Supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to it.

**Investing in our securities involves a high degree of risk. See "<u>Risk Factors</u>" beginning on page 8 of the Prospectus for a discussion of information that should be considered in connection with an investment in our securities.**

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

#### The date of this prospectus supplement is February 23, 2023.

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR

#### 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

#### For the month of February, 2023
Commission File Number: **001-41413**

## UNITED MARITIME CORPORATION
(Translation of registrant's name into English)

#### 154 Vouliagmenis Avenue

#### 166 74 Glyfada

#### Athens, Greece
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

------

#### INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release of United Maritime Corporation (the "Company") dated February 16, 2023, titled "United Maritime Announces the Acquisition of Three Dry Bulk Vessels consisting of Two Kamsarmaxes and a Bareboat Charter Agreement with a Purchase Option for one Panamax Vessel."

Attached to this report on Form 6-K as Exhibit 99.2 is a copy of the press release of the Company dated February 22, 2023, titled "United Maritime Reports Financial Results for the Fourth Quarter ended December 31, 2022 and Period from Commencement of Operations (July 6, 2022) to December 31, 2022 & Initiates Quarterly Dividend of $0.075 Per Share."

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **<u>UNITED MARITIME CORPORATION</u>** | **<u>UNITED MARITIME CORPORATION</u>** |
|  | (Registrant) | (Registrant) |
|  | By: | /s/ Stamatios Tsantanis |
|  | Name: | Stamatios Tsantanis |
|  | Title: | Chief Executive Officer |
| Date: February 23, 2023 |  |  |

---

------

 **Exhibit 99.1**<br>

![](image00001.jpg)

**United Maritime Announces the Acquisition of Three Dry Bulk Vessels consisting of Two Kamsarmaxes and a Bareboat Charter Agreement with a Purchase Option for one Panamax Vessel**

**February 16, 2023 – Glyfada, Greece** – United Maritime Corporation (the "Company" or "United") (NASDAQ: USEA), announced today that pursuant to its fleet growth strategy, it has entered into agreements with two unaffiliated third parties to purchase two high quality Kamsarmax dry bulk vessels, with prompt deliveries. The Company also announced that it has entered into a bareboat charter agreement for one Japanese-built modern Panamax dry bulk vessel with an unaffiliated third party in Japan. The bareboat charter agreement includes a purchase option for United.

#### Acquisition of Two Kamsarmax Dry Bulk Vessels
The first vessel was built in 2009 at Universal Shipbuilding in Japan, has a cargo-carrying capacity of 81,508 dwt and shall be renamed M/V Cretansea. The vessel is expected to be delivered to United by the end of April 2023, subject to satisfaction of certain customary closing conditions.

The second vessel was built in 2010 at Tsuneishi Zhoushan Shipbuilding, has a cargo-carrying capacity of 82,217 dwt and shall be renamed M/V Oasea. The vessel is expected to be delivered to United by mid-April 2023, subject to satisfaction of certain customary closing conditions.

The Company expects to fund the combined purchase price of $39.2 million through a combination of cash on hand and proceeds from new credit facilities which are currently being negotiated.

#### Bareboat Charter Agreement with a Purchase Option
The Company entered into an eighteen-month, bareboat charter agreement with an unaffiliated third party for a 2013-built Japanese Panamax dry-bulk vessel of 78,173 dwt. Pursuant to the terms of the bareboat charter, United has advanced a down payment of $3.5 million on signing and will further pay $3.5 million on delivery of the vessel to the Company which is estimated to take place within February 2023 and a daily charter rate of $7,300 over the period of the bareboat charter. At the end of the 18-month bareboat period, United has an option to repurchase the Vessel for $12.36 million.

#### Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"Following our recent highly-profitable sale of three of our tankers, we are further expanding United's fleet with the addition of these three vessels, an investment of approximately $63 million upon full consummation of the purchase of the bare-boat transaction.

Our total recent investment in dry bulk will exceed $98 million in five vessels, as we strongly believe that it is the right time to invest in the particular sector. The attractive values of the acquired ships is intended to place United in a position to generate high returns with moderate leverage from an investment funded without diluting our shareholders.

Notwithstanding the seasonal softening of the dry bulk market, the outlook remains strong, supported by all-time low orderbook and the gradually improving global economy. Therefore, these transactions are consistent with our diversified business model, focused on attractive opportunities in sectors with strong fundamentals and upside potential."

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#### Other Fleet Updates
On February 10, 2023, the Company took delivery of the M/V Goodship, a Capesize dry bulk vessel of 177,536 dwt built in 2005 by Mitsui Engineering & Shipbuilding in Japan. As previously announced, the vessel is chartered by an international charterer for a period until minimum June 2023 up to maximum December 2023, at an index-linked rate. The acquisition of the M/V Goodship was financed by cash on hand and secures an existing loan facility of the Company.

#### About United Maritime Corporation
United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. Including the newly delivered M/V Goodship, the Company operates a fleet of 1 tanker vessel and 2 Capesize dry bulk vessels.

Upon completion of the aforementioned transactions and the previously announced acquisition of the M/V Tradership, the Company's operating fleet will consist of 7 vessels (1 LR2 tanker, 3 Capesize, 2 Kamsarmax, 1 Panamax), with an aggregate cargo carrying capacity of 877,320 dwt.

The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "USEA".

Please visit the Company's website at: www.unitedmaritime.gr.

#### Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; the impact of changes in regulatory requirements or actions taken by regulatory authorities on the Company's operating or financial results; the Company's financial condition and liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; increased operating costs associated with vessel aging; vessel damage; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; dependence on affiliates of the Company's former parent and third-party managers to operate the Company's business; availability of crew, number of off-hire days, classification survey requirements and insurance costs; changes in the Company's relationships with contract counterparties; potential liability from future litigation and incidents involving the Company's vessels; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for crude oil, petroleum products, dry bulk products, other types of products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, including its registration statement on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

------

#### For further information please contact:
United Investor Relations

Tel: +30 213 0181 522

E-mail: ir@usea.gr

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue Suite 1540

New York, NY 10169

Tel: (212) 661-7566

E-mail: usea@capitallink.com

------

**Exhibit 99.2**<br>

![](image00002.jpg)

**United Maritime Reports Financial Results for the Fourth Quarter ended December 31, 2022 and Period from Commencement of Operations (July 6, 2022) to December 31, 2022**

#### &

#### Initiates Quarterly Dividend of $0.075 Per Share

#### Financial Highlights of the Fourth Quarter of 2022:

---

| | |
|:---|:---|
| ◾ | **Net income: $36.5 million** |

---

---

| | |
|:---|:---|
| ◾ | **Adjusted net income**<sup>1</sup>**: $39.8 million** |

---

---

| | |
|:---|:---|
| ◾ | **EBITDA**<sup>1</sup>**: $38.9 million** |

---

---

| | |
|:---|:---|
| ◾ | **Earnings per share ("EPS") (basic & diluted): $4.86 & $3.55** |

---

---

| | |
|:---|:---|
| ◾ | **Adjusted EPS**<sup>1</sup> **(basic & diluted): $5.36 & $3.90** |

---

#### Financial Highlights of the period from commencement of operations:

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| | |
|:---|:---|
| ◾ | **Net income: $37.5 million** |

---

---

| | |
|:---|:---|
| ◾ | **Adjusted net income**<sup>1</sup>**: $40.9 million** |

---

---

| | |
|:---|:---|
| ◾ | **EBITDA**<sup>1</sup>**: $41.8 million** |

---

---

| | |
|:---|:---|
| ◾ | **Earnings per share ("EPS") (basic & diluted): $7.79 & $4.92** |

---

---

| | |
|:---|:---|
| ◾ | **Adjusted EPS**<sup>1</sup> **(basic & diluted): $8.54 & $5.39** |

---

---

| | |
|:---|:---|
| ◾ | **Completed shareholder rewards of $23.4 million** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | **$7.4 million in special dividend distribution** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | **$6.0 million in stock buybacks** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | **$10.0 million of convertible preferred shares redemption** |

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#### Other Highlights and Developments:

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| | |
|:---|:---|
| ◾ | **Initiates a regular quarterly dividend of $0.075 per share** |

---

---

| | |
|:---|:---|
| ◾ | **Commences second investment cycle of $98 million**<sup>2</sup> **consisting of:** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | **Two Capesize vessels for a total purchase price of $36.25 million** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | **Two Kamsarmax vessels for a total purchase price of $39.2 million** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | **One Panamax vessel under a bareboat charter agreement with a purchase option** |

---

**February 22, 2023 - Glyfada, Greece** – United Maritime Corporation ("United" or the "Company") (NASDAQ: <u>USEA</u>), announced today its financial results for the fourth quarter ended December 31, 2022 and the period from commencement of its operation on July 6, 2022 to December 31, 2022. The Company also declared a quarterly dividend of $0.075 per share.

For the quarter ended December 31, 2022, the Company generated net revenues of $14.9 million, while EBITDA for the quarter was $38.9 million. Net Income and Adjusted Net Income for the quarter were $36.5 million and $39.8 million respectively. The daily Time Charter Equivalent ("TCE"<sup>3</sup>) of the fleet for the fourth quarter of 2022 was $32,161.

------

<sup>1</sup> Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.

<sup>2</sup> Including the bareboat hire payable throughout the 18-month period and upon exercising purchase option at the end of bareboat period.

<sup>3</sup> TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.

------

For the period from commencement of its operation to December 31, 2022, the Company generated net revenues of $22.8 million, while EBITDA for the period was $41.8 million. Net Income and Adjusted Net Income for the period were $37.5 million and $40.9 million respectively, and the daily TCE of the fleet for the period was $28,752, while the average daily OPEX was $7,265.

Cash, cash-equivalents and restricted cash, as of December 31, 2022, stood at $69.9 million. Shareholders' equity at the end of the fourth quarter was $64.6 million. Long-term debt net of deferred charges stood at $42.6 million, including a cash-collateralized $15.2 million loan tranche which will be collateralized by the two Capesize bulkers in the first quarter of 2023, while the book value of our fleet, including advances paid for the acquisition of the two Capesize bulkers, stood at $50.2 million.

#### Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"We are pleased to report a very profitable first operating period. We generated a net income of $37.5 million in just six months since the Company's commencement of operations, which represents an amount significantly higher than our current market cap. This was achieved mainly as a result of the optimally timed vessel acquisitions and sales. For the three vessels that we sold, our return on equity exceeded 350% in less than six months.

"Consistent with our commitment to reward our shareholders, we paid a special dividend of $1 per share and completed $6 million in buybacks of common shares, totaling an amount of approximately $13.4 million, or approximately 52% of our current market cap. In addition, we redeemed the $10.0 million convertible preferred shares issued to Seanergy Maritime Holdings Corp. ("Seanergy") as part of our initial spin-off transaction. All the above add up to approximately $23.4 million in shareholder reward initiatives, a figure which is not far from our current market cap. Finally, our board of directors has decided to initiate a regular quarterly dividend of $0.075 per share for the fourth quarter of 2022, that will be payable in April.

"As regards our financial performance during the quarter, we generated net revenue of $14.9 million. Adjusted EBITDA and Adjusted Net Income for the quarter was $42.3 million and $39.9 million respectively, including a gain of $36.1 million on the sale of vessels. The daily TCE of the fleet for the fourth quarter of 2022 was $32,161 reflecting the solid earnings of the tankers in the subject period, while our only Capesize vessel was earning a fixed daily rate of approximately $28,000 until the end of November 2022. As of the balance sheet date, we had approximately $70.0 million of cash<sup>4</sup> and $42.6 million of debt outstanding. Both figures include a cash-collateralized $15.2 million loan, previously secured by the LR2 tanker that was sold. Book value of our vessels stood at approximately $50.2 million, capturing also approximately $12.7 million in advances for the acquisition of the two Capesize vessels. Stockholders' equity stood at $64.6 million, compared to a market capitalization of $25.5 million as of February 17, 2023.

"As regards United's next steps, we believe that the most compelling opportunities are currently in the dry bulk space, and we position the Company in order to benefit from the anticipated recovery, into a diversified range of vessel sizes. The recent weakness in the dry bulk market has been driven mainly by temporary factors, while the long-term supply and demand fundamentals remain fully intact and are stronger than what is implied by current vessel market values and spot rates. As the economic reality in China gradually improves towards the second half of 2023, we expect to see a tightening market for Capesize and Panamax vessels in the coming months.

"We have recently agreed to acquire five dry bulk vessels for a total consideration of approximately $98 million<sup>5</sup>, consisting of two Capesize vessels and two Kamsarmax vessels along with an 18-month bareboat charter agreement with a purchase option for one Panamax vessel built in Japan in 2013. Through these agreements, our fleet will increase to seven vessels and our cargo carrying capacity will be restored to 877.3 thousand tons, funded without diluting our shareholders.

"We strongly believe that the dry bulk market will improve substantially within 2023 and our solid balance sheet will allow us to take advantage of opportunities arising in the market. We intend to follow through on our successful investment strategy, produce strong returns and continue rewarding our shareholders."

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<sup>4</sup> Includes restricted cash.

<sup>5</sup> Upon exercising purchase option at the end of bareboat period.

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#### Current Company Fleet:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Vessel Name** | **Sector** | **Capacity**<br> (DWT) | **Year Built** | **Yard** | **Employment**<br> **Type** | **Minimum**<br> **T/C**<br> **expiration** | **Maximum**<br> **T/C**<br> **expiration**<sup>(1)</sup> |
| Gloriuship | Dry Bulk / Capesize | 171314 | 2004 | Hyundai | T/C Index Linked<sup>(2)</sup> | Dec-22 | Apr-23 |
| Goodship | Dry Bulk / Capesize | 177536 | 2005 | Mitsui | T/C Index Linked<sup>(2)</sup> | Jun-23 | Dec-23 |
| Chrisea<sup>(3)</sup> | Dry Bulk / Panamax | 78173 | 2013 | Shin Kurushima | Spot |  |  |
| Epanastasea | Tanker / LR2 | 109647 | 2008 | Dalian | Fixed Rate T/C<sup>(4)</sup> | Mar-23 | Apr-23 |
| Total/Average age |  | 536670 | 15.3 years |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The latest redelivery dates do not include any additional optional periods.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The vessel is technically and commercially operated by United on the basis of an 18-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter in favour of the
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The vessel was delivered to the charterer on September 2, 2022, with an attached time-charter with A.D.N.O.C. and a remaining period of two months. In November 2022, the T/C was further extended until minimum March 2023, up to maximum
 April 2023. The daily charter hire is currently $43,500 until the expiration of the charterparty.

#### Fleet to be delivered\*:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Vessel Name** | **Sector** | **Capacity**<br> (DWT) | **Year Built** | **Yard** |
| Tradership | Dry Bulk / Capesize | 176925 | 2006 | Namura |
| Liberty K tbr Oasea | Dry Bulk / Kamsarmax | 82217 | 2010 | Tsuneishi |
| Hampton Bay tbr Cretansea | Dry Bulk / Kamsarmax | 81508 | 2009 | Universal |
| Total/Average age |  | 340650 | 14.6 years |  |

---

\*The M/V Tradership is expected to be delivered to the Company by the end of February 2023. The M/V Liberty K tbr Oasea and the M/V Hampton Bay tbr Cretansea are expected to be delivered to the Company by mid-April and end-April 2023, respectively.

#### Fleet Data:
*(Amounts in U.S. Dollars)*

---

| | | |
|:---|:---|:---|
|  | Q4 2022 | From July 6, 2022 to<br> December 31, 2022 |
|  Ownership days<sup>(1)</sup> | 366 | 614 |
|  Operating days<sup>(2)</sup> | 366 | 610 |
|  Fleet utilization<sup>(3)</sup> | 100% | 99.3% |
|  TCE rate<sup>(4)</sup> | $32161 | $28752 |
|  Daily Vessel Operating Expenses<sup>(5)</sup> | $7057 | $7265 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 in. 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;(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. Operating days include the days that our vessels are in ballast voyages without
 having finalized agreements for their next employment.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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)*

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| | | |
|:---|:---|:---|
|  | Q4 2022 | From July 6, 2022 to<br> December 31, 2022 |
| Vessel revenue, net | 14932 | 22784 |
| Less: Voyage expenses | 3161 | 5245 |
| Time charter equivalent revenues | 11771 | 17539 |
| *Operating days* | *366* | *610* |
| TCE rate | $32161 | $28752 |

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&nbsp;&nbsp;&nbsp;&nbsp;(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, 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)*

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| | | |
|:---|:---|:---|
|  | Q4 2022 | From July 6, 2022 to<br> December 31, 2022 |
| Vessel operating expenses | 3000 | 5179 |
| Less: Pre-delivery expenses | 417 | 718 |
| Vessel operating expenses before pre-delivery expenses | 2583 | 4461 |
| *Ownership days* | *366* | *614* |
| Daily Vessel Operating Expenses | $7057 | $7265 |

---

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#### Net Income to EBITDA and Adjusted EBITDA Reconciliation:
*(In thousands of U.S. Dollars)*

---

| | | |
|:---|:---|:---|
|  | **Q4 2022** | **From July 6, 2022 to**<br> **December 31, 2022** |
| **Net income** | **36462** | **37490** |
| Add: Interest and finance costs, net | 1466 | 2413 |
| Add: Depreciation and amortization | 957 | 1903 |
| **EBITDA** | **38885** | **41806** |
| Add: Stock based compensation | 2789 | 2789 |
| Add: Loss on extinguishment of debt | 593 | 593 |
| **Adjusted EBITDA** | **42267** | **45188** |

---

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income, net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation and loss on extinguishment of debt, which the Company believes are not indicative of the ongoing performance of its core operations.

EBITDA and Adjusted EBITDA are presented as we believe that this measure is useful to investors as a widely used means of evaluating operating profitability. EBITDA and Adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. This non-GAAP measure should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

#### Net Income and Adjusted Net income Reconciliation and calculation of Adjusted Earnings Per Share

*(In thousands of U.S. Dollars)*

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| | | |
|:---|:---|:---|
|  | **Q4 2022** | **From July 6, 2022 to**<br> **December 31, 2022** |
| **Net income** | **36462** | **37490** |
| Add: Stock based compensation | 2789 | 2789 |
| Add: Loss on extinguishment of debt | 593 | 593 |
| **Adjusted net income** | **39844** | **40872** |
| Adjusted net income – common stockholders, basic | 36279 | 38469 |
| Adjusted net income – common stockholders, diluted | 37328 | 39317 |
| Adjusted net income per common share, basic | 5.36 | 8.54 |
| Weighted average number of common shares outstanding, basic | 6769246 | 4503397 |
| Adjusted net income per common share, diluted | 3.90 | 5.39 |
| Weighted average number of common shares outstanding, diluted | 9565410 | 7299561 |

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To derive Adjusted Net Income and Adjusted Earnings Per Share from Net Income, we exclude certain non-cash items, as provided in the table above. We believe that Adjusted Net Income and Adjusted Earnings Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as stock based compensation, loss on extinguishment of debt and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income and Adjusted Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.

#### Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation:
*(In thousands of U.S. Dollars)*

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| | | |
|:---|:---|:---|
|  | **Q4 2022** | **From July 6, 2022 to**<br> **December 31, 2022** |
| **Interest and finance costs, net** | **(1466)** | **(2413)** |
| Add: Amortization of deferred finance charges and other discounts | 234 | 352 |
| **Cash interest and finance costs** | **(1232)** | **(2061)** |

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#### Fourth Quarter and Recent Developments:

#### <br>

#### Distributions to shareholders

#### Introduction of regular quarterly dividend
The Company announced the initiation of a regular quarterly cash dividend of $0.075 per common share and declared a dividend of $0.075 per share for the fourth quarter of 2022. The quarterly dividend for the fourth quarter of 2022 is payable on or about April 6, 2023, to all shareholders of record as of March 22, 2023.

#### Special Dividend Distribution
In November 2022, the Company declared a special cash dividend of $1.00 per common share in connection with the profitable sale of two Aframax vessels. The dividend was paid around January 10, 2023.

#### Share Buybacks
In September and October 2022, the Company completed two share buyback plans, repurchasing an aggregate of approximately 3.3 million common shares at an average price of $1.81 per share for a total amount of $6.0 million.

In October 2022, as previously announced, the Board of Directors authorized an additional share buyback plan, under which the Company may repurchase up to $3.0 million of its outstanding common shares in the open market through the period ending March 31, 2023. Substantially, all of this $3.0 million authorization remains available for buybacks.

#### Redemption of the Series C Preferred Shares
In November 2022, the Company fully redeemed the 10,000 Series C preferred shares issued to Seanergy at a price equal to 105% of the original issue price for a total cash outflow of $10.6 million, including all accrued and unpaid dividends up to the redemption date.

#### Vessel transactions and commercial updates

#### Sale of LR2 tanker (M/T Minoansea)
In December 2022, the Company sold one of its LR2 product tankers, the 2008-built MT Minoansea to an unaffiliated third party. The vessel's gross sale price was $39.0 million, which represents a premium of over 100% of the vessel's acquisition price.

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#### Capesize Acquisitions (M/V Goodship and M/V Tradership)
In February 2023, the Company took delivery of the 177,536 dwt M/V Goodship built in 2005 in Japan, while the 176,925 dwt M/V Tradership built in 2006 in Japan is expected to be delivered to the Company by the end of February 2023. We agreed to purchase from Seanergy the vessels for an aggregate price of $36.25 million which will be funded by the Company's cash reserves, including a cash-collateralized $15.2 million loan, previously secured by the LR2 tanker that was sold in December 2022. M/V Goodship is chartered by an international charterer for a period until minimum June 2023 up to maximum December 2023, at an index-linked rate. The M/V Tradership is chartered by a major European charterer for a period until minimum June 2023 up to maximum October 2023, at an index-linked rate.

#### Kamsarmax Acquisitions (M/V Hampton Bay tbr Cretansea and M/V Liberty K tbr Oasea)
In February 2023, the Company entered into agreements to purchase two Kamsarmax bulk carriers which upon their delivery will be renamed M/V Cretansea and M/V Oasea for an aggregate purchase price of $39.2 million. The 81,508 dwt M/V Cretansea was built in Japan in 2009 while the 82,217 dwt M/V Oasea was built by a first-class Japanese yard in China in 2010. Their deliveries are expected by mid and end April 2023, respectively. The acquisitions are expected to be funded by a combination of cash on hand and proceeds from new debt financings.

#### Bareboat Agreement for one Panamax bulk carrier
In February 2023, the Company entered into a bareboat charter agreement for the 2013 Japanese-built Panamax bulk carrier, which was renamed M/V Chrisea. The vessel is chartered by the Company under an 18-month bareboat charter agreement, with a downpayment of $7.0 million, a daily charter rate of $7,300 over the period of the bareboat charter and a purchase option of $12.4 million at the end of the bareboat charter. In aggregate the acquisition cost for the vessel, in the event that the purchase option is exercised, will be approximately $23.4 million.

#### Financing Updates

#### Amended "August 2022 Entrust" Facility (Previous Four Tankers Facility)
In December 2022, as part of the sale of the M/T Minoansea and the acquisitions of the M/V Goodship and M/V Tradership, the Company reached an agreement to replace the collateral under the loan tranche formerly secured by the M/T Minoansea. Under the terms of the amended agreement, the $15.2 million tranche, is replaced by two tranches of $7.0 and $8.2 million, secured by the M/V Goodship and M/V Tradership (upon her delivery to the Company), respectively, bearing a fixed rate of 9.0% per annum. The amended facility, has an outstanding balance of $31.2 million, is secured by the M/T Epanastasea, the M/V Goodship and the M/V Tradership and amortizes through three quarterly instalments averaging $2.0 million commencing nine months after the original drawdown date, followed by a $25.2 million balloon payable at maturity.

#### Update on Number of Common Shares Issued and Outstanding
As of February 21, 2023, the Company has 8,596,243 common shares issued and outstanding. This includes 674,030 shares issued pursuant to exercises of Class A warrants for aggregate proceeds of $1.9 million.

#### Conference Call :
The Company's management will host a conference call to discuss the financial results today, Wednesday, February 22, 2023 at 10:00 a.m. Eastern Time.

#### Audio Webcast :
There will be a live, and then archived, webcast of the conference call through the Company's website. To listen to the archived audio file, visit our <u>website,</u> in the "Investors" section. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast, following this <u>link</u>.

#### Conference Call Details :
Participants have the option to register for the call using the following <u>link</u>. You can use any number from the list or add your phone number and let the system call you right away.

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#### United Maritime Corporation
Unaudited Condensed Consolidated Balance Sheets

*(In thousands of U.S. Dollars)*

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| | |
|:---|:---|
|  | December 31,<br> 2022 |
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents and restricted cash | 69932 |
| &nbsp;&nbsp;&nbsp; Vessels, net and advances for vessels' acquisitions | 50199 |
| &nbsp;&nbsp;&nbsp; Other assets | 5524 |
|  **TOTAL ASSETS** | 125655 |
|  **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |
| &nbsp;&nbsp;&nbsp; Long-term debt | 42606 |
| &nbsp;&nbsp;&nbsp; Other liabilities | 18481 |
| &nbsp;&nbsp;&nbsp; Stockholders' equity | 64568 |
|  **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | 125655 |

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Unaudited Condensed Consolidated Statements of Operations

*(In thousands of U.S. Dollars, except for share*

*and per share data, unless otherwise stated)*

---

| | | |
|:---|:---|:---|
|  | Three months period ended<br> December 31, 2022 | From January 20, 2022<br> (date of inception) to<br> December 31, 2022 |
|  **Vessel revenue, net** | **14932** | **22784** |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Voyage expenses | (3161) | (5245) |
| &nbsp;&nbsp;&nbsp; Vessel operating expenses | (3000) | (5179) |
| &nbsp;&nbsp;&nbsp; Management fees | (295) | (526) |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (5082) | (5524) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | (957) | (1903) |
| &nbsp;&nbsp;&nbsp; Gain on sale of vessels | 36095 | 36095 |
|  **Operating income** | **38532** | **40502** |
|  **Other expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Interest and finance costs, net | (1466) | (2413) |
| &nbsp;&nbsp;&nbsp; Loss on extinguishment of debt | (593) | (593) |
| &nbsp;&nbsp;&nbsp; Other, net | (11) | (6) |
|  **Total other expenses, net:** | **(2070**) | **(3012**) |
|  **Net income** | **36462** | **37490** |
|  **Net income attributable to common stockholders** | **32897** | **35086** |
|  **Net income per common share, basic** | 4.86 | 7.79 |
|  **Net income per common share, diluted** | 3.55 | 4.92 |
|  Weighted average number of common shares outstanding, basic | **6769246** | **4503397** |
|  Weighted average number of common shares outstanding, diluted | **9565410** | **7299561** |

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Unaudited Condensed Consolidated Cash Flow Data

*(In thousands of U.S. Dollars)*

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| | | |
|:---|:---|:---|
|  | From January 20, 2022<br> (date of inception) to<br> December 31, 2022 | From January 20, 2022<br> (date of inception) to<br> December 31, 2022 |
| **Net cash provided by operating activities** |  | **6,737** |
| **Net cash provided by investing activities** |  | **36,327** |
| **Net cash provided by financing activities** |  | **26,868** |

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#### About United Maritime Corporation
United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. Including the newly delivered M/V Goodship and M/V Chrisea, the Company operates a fleet of 1 tanker vessel, 2 Capesize and 1 Panamax dry bulk vessels.

Upon completion of the previously announced transactions, the Company's fleet will consist of 7 vessels (1 LR2 tanker, 3 Capesize, 2 Kamsarmax, 1 Panamax), with an aggregate cargo carrying capacity of 877,320 dwt.

The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "USEA".

Please visit the Company's website at: <u>www.unitedmaritime.gr</u>

#### Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; the impact of changes in regulatory requirements or actions taken by regulatory authorities on the Company's operating or financial results; the Company's financial condition and liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; increased operating costs associated with vessel aging; vessel damage; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; dependence on affiliates of the Company's former parent and third-party managers to operate the Company's business; availability of crew, number of off-hire days, classification survey requirements and insurance costs; changes in the Company's relationships with contract counterparties; potential liability from future litigation and incidents involving the Company's vessels; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for crude oil, petroleum products, dry bulk products, other types of products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, including its registration statement on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

#### For further information please contact:
United Investor Relations

Tel: +30 213 0181 522

E-mail: ir@usea.gr

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue Suite 1540

New York, NY 10169

Tel: (212) 661-7566

E-mail: usea@capitallink.com

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