Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | United Maritime Corp |
Entity Central Index Key | 0001912847 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,582 | $ 54,732 |
Accounts receivable trade, net | 551 | 779 |
Inventories | 1,311 | 107 |
Prepaid expenses | 477 | 989 |
Other current assets | 1,969 | 3,207 |
Vessel held for sale | 23,445 | 0 |
Total current assets | 34,335 | 59,814 |
Fixed assets: | ||
Vessels, net | 90,980 | 37,512 |
Right of-use-asset | 22,230 | 0 |
Advances for vessel acquisition from third parties | 1,782 | 0 |
Advances for vessels acquisitions from related parties | 0 | 12,688 |
Total fixed assets | 114,992 | 50,200 |
Other non-current assets: | ||
Restricted cash, non-current | 700 | 15,200 |
Prepaid expense other, non-current | 3,500 | 0 |
Deferred charges and other investments, non-current | 53 | 441 |
TOTAL ASSETS | 153,580 | 125,655 |
Current liabilities: | ||
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $472 and $527, respectively | 42,568 | 7,473 |
Due to related parties | $ 3,930 | $ 829 |
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Trade accounts and other payables | $ 4,153 | $ 3,018 |
Accrued liabilities | 7,190 | 5,495 |
Finance lease liability-current portion | 1,824 | 0 |
Deferred revenue | 216 | 1,027 |
Dividends payable | 667 | 7,373 |
Total current liabilities | 60,548 | 25,215 |
Non-current liabilities: | ||
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $294 and $67, respectively | 21,379 | 35,133 |
Finance lease liability, non-current | 12,477 | 0 |
Other liabilities, non-current | 0 | 739 |
Total liabilities | 94,404 | 61,087 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value; 100,000,000 shares authorized; 40,000 Series B preferred shares issued and outstanding as at June 30, 2023 and December 31, 2022, respectively | 0 | 0 |
Common stock, $0.0001 par value; 2,000,000,000 authorized shares as at June 30, 2023 and December 31, 2022; 8,892,149 and 8,180,243 shares issued and outstanding as at June 30, 2023 and December 31, 2022, respectively | 1 | 1 |
Additional paid-in capital | 39,049 | 35,193 |
Retained earnings | 20,126 | 29,374 |
Total Stockholders'/Parent equity, net | 59,176 | 64,568 |
TOTAL LIABILITIES AND STOCKHOLDERS'/PARENT EQUITY | $ 153,580 | $ 125,655 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current liabilities: | ||
Deferred finance costs and debt discounts, current | $ 472 | $ 527 |
Non-current liabilities: | ||
Deferred finance costs and debt discounts, non-current | $ 294 | $ 67 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 40,000 | 40,000 |
Preferred stock, shares outstanding (in shares) | 40,000 | 40,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued (in shares) | 8,892,149 | 8,180,243 |
Common stock, shares outstanding (in shares) | 8,892,149 | 8,180,243 |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statement of Operations - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
Statements of Operations [Abstract] | ||
Vessel revenue, net | $ 0 | $ 12,832 |
Expenses: | ||
Voyage expenses | 0 | (1,149) |
Vessel operating expenses | 0 | (9,137) |
Management fees | 0 | (263) |
Management fees - related party | 0 | (563) |
General and administration expenses | 0 | (3,325) |
Depreciation and amortization | 0 | (3,482) |
Amortization of deferred dry-docking costs | 0 | (87) |
Operating (loss) / income | 0 | (5,174) |
Other income / (expenses), net: | ||
Interest and finance costs | 0 | (2,979) |
Interest and other income | 0 | 287 |
Foreign currency exchange losses, net | 0 | (48) |
Total other expenses, net | 0 | (2,740) |
Net loss | 0 | (7,914) |
Dividends to non-vested participating securities | 0 | (77) |
Net loss attributable to common shareholders, basic | $ 0 | $ (7,991) |
Loss per common share, basic (in dollars per share) | $ 0 | $ (0.99) |
Loss per common share, diluted (in dollars per share) | $ 0 | $ (0.99) |
Weighted average common shares outstanding, basic (in shares) | 500 | 8,030,666 |
Weighted average common shares outstanding, diluted (in shares) | 500 | 8,030,666 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] Series B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | |
Balance (in shares) at Jun. 30, 2022 | 500 | ||||
Balance at Jan. 19, 2022 | $ 0 | 0 | 0 | 0 | |
Balance (in shares) at Jan. 19, 2022 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (including exercise of warrants) (Note 10) | $ 0 | 0 | 0 | 0 | |
Issuance of common stock (including exercise of warrants) (Note 10) (in shares) | 500 | ||||
Net loss | 0 | ||||
Balance at Jun. 30, 2022 | $ 0 | 0 | 0 | 0 | |
Balance (in shares) at Jun. 30, 2022 | 500 | ||||
Balance at Dec. 31, 2022 | $ 1 | $ 0 | 35,193 | 29,374 | 64,568 |
Balance (in shares) at Dec. 31, 2022 | 8,180,243 | 40,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (including exercise of warrants) (Note 10) | $ 0 | 1,874 | 0 | 1,874 | |
Issuance of common stock (including exercise of warrants) (Note 10) (in shares) | 779,200 | ||||
Repurchase of common stock (Note 10) | $ 0 | (193) | 0 | $ (193) | |
Repurchase of common stock (Note 10) (in shares) | (67,294) | (67,294) | |||
Dividends on common stock and participating non vested restricted stock awards (Note 10) | $ 0 | 0 | (1,334) | $ (1,334) | |
Stock based compensation (Note 14) | 0 | 2,175 | 0 | 2,175 | |
Net loss | 0 | 0 | (7,914) | (7,914) | |
Balance at Jun. 30, 2023 | $ 1 | $ 0 | $ 39,049 | $ 20,126 | $ 59,176 |
Balance (in shares) at Jun. 30, 2023 | 8,892,149 | 40,000 |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statement of Cash Flows $ in Thousands | 5 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | |
Cash flows from operating activities: | ||
Net loss | $ 0 | $ (7,914) |
Adjustments to reconcile net loss to net cash (used in) / provided by operating activities: | ||
Depreciation | 0 | 3,482 |
Amortization of deferred dry-docking costs | 0 | 87 |
Amortization of deferred finance charges | 0 | 370 |
Changes in operating assets and liabilities: | ||
Net cash used in operating activities | 0 | (844) |
Cash flows from investing activities: | ||
Vessels' acquisitions and improvements | 0 | (63,261) |
Advances for vessel acquisition from third parties | 0 | (1,782) |
Lease prepayments and other initial direct costs | 0 | (10,733) |
Net cash (used in) / provided by investing activities | 0 | (75,776) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock and warrants exercises, net of underwriters fees and commissions | 0 | 1,883 |
Payments for repurchase of common stock | 0 | (193) |
Proceeds from long-term debt and other financial liabilities | 0 | 24,500 |
Payments of financing and stock issuance costs | 0 | (425) |
Payments of finance lease liabilities | 0 | (767) |
Dividends paid | 0 | (8,040) |
Repayments of long-term debt and other financial liabilities | 0 | (2,988) |
Net cash provided by / (used in) financing activities | 0 | 13,970 |
Net (decrease) / increase in cash and cash equivalents and restricted cash | 0 | (62,650) |
Cash and cash equivalents and restricted cash at beginning of period | 0 | 69,932 |
Cash and cash equivalents and restricted cash at end of period | 0 | 7,282 |
Cash paid during the period for: | ||
Interest paid | 0 | 2,536 |
Noncash investing activities: | ||
Vessels' improvements and acquisitions | (780) | |
Right-of use asset and initial direct costs | 0 | (15,533) |
Noncash financing activities: | ||
Dividends on common stock and participating non vested restricted stock awards declared but not paid | 0 | (667) |
Financing and stock issuance stocks | $ 0 | $ (135) |
Carve-out Balance Sheets (Prede
Carve-out Balance Sheets (Predecessor) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
PARENT'S EQUITY | ||
Total Stockholders'/Parent equity, net | $ 0 | |
United Maritime Predecessor [Member] | ||
Current assets: | ||
Cash and cash equivalents | 250,000 | $ 765,484 |
Accounts receivable trade | 0 | 70,000 |
Inventories | 116,994 | 99,325 |
Prepaid expenses | 100,826 | 59,461 |
Total current assets | 467,820 | 994,270 |
Fixed assets: | ||
Vessel, net | 12,936,650 | 12,280,271 |
Total fixed assets | 12,936,650 | 12,280,271 |
Other non-current assets: | ||
Deferred charges, net and other long-term investments | 3,065,486 | 155,549 |
TOTAL ASSETS | 16,469,956 | 13,430,090 |
Current liabilities: | ||
Current portion of long-term debt, net of deferred finance costs of $57,682 and $72,926, respectively | 1,342,318 | 1,177,074 |
Trade accounts and other payables | 2,979,770 | 268,429 |
Accrued liabilities | 984,799 | 309,611 |
Deferred revenue | 82,104 | 326,374 |
Total current liabilities | 5,388,991 | 2,081,488 |
Non-current liabilities: | ||
Long-term debt, net of current portion and deferred finance costs of $21,617 and $46,330, respectively | 3,528,383 | 4,203,670 |
Other liabilities, non-current | 107,780 | 104,554 |
Total liabilities | 9,025,154 | 6,389,712 |
Commitments and contingencies | ||
PARENT'S EQUITY | ||
Parent investment, net | 8,998,552 | 7,868,678 |
Accumulated deficit | (1,553,750) | (828,300) |
Total Stockholders'/Parent equity, net | 7,444,802 | 7,040,378 |
TOTAL LIABILITIES AND STOCKHOLDERS'/PARENT EQUITY | $ 16,469,956 | $ 13,430,090 |
Carve-out Balance Sheets (Pre_2
Carve-out Balance Sheets (Predecessor) (Parenthetical) - United Maritime Predecessor [Member] - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current liabilities: | ||
Deferred finance costs, current portion | $ 57,682 | $ 72,926 |
Non-current liabilities: | ||
Deferred finance costs, non-current portion | $ 21,617 | $ 46,330 |
Unaudited Interim Carve-out Sta
Unaudited Interim Carve-out Statements of Operations (Predecessor) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
United Maritime Predecessor [Member] | ||
Revenues: | ||
Vessel revenue | $ 2,302,783 | $ 2,456,954 |
Commissions - related party | (27,725) | (30,488) |
Commissions | (83,175) | (91,465) |
Vessel revenue, net | 2,191,883 | 2,335,001 |
Expenses: | ||
Voyage expenses | (428,969) | (56,783) |
Vessel operating expenses | (1,029,663) | (1,014,182) |
Management fees - related party | (130,717) | (117,650) |
Management fees | (65,455) | (52,500) |
General and administration expenses | (331,751) | (272,711) |
Amortization of deferred dry-docking costs | (239,743) | (156,924) |
Depreciation and amortization | (387,764) | (375,273) |
Operating (loss) / income | (422,179) | 288,978 |
Other (expenses) / income, net: | ||
Interest and finance costs, net | (315,445) | (373,019) |
Foreign currency exchange gain / (losses), net | 12,174 | (100) |
Total other expenses, net | (303,271) | (373,119) |
Net loss | $ (725,450) | $ (84,141) |
Unaudited Interim Carve-out S_2
Unaudited Interim Carve-out Statements of Parent's Equity (Predecessor) - USD ($) | Accumulated Deficit [Member] | Total | United Maritime Predecessor [Member] Parent Investment, Net [Member] | United Maritime Predecessor [Member] Accumulated Deficit [Member] | United Maritime Predecessor [Member] |
Balance at Dec. 31, 2020 | $ 10,310,473 | $ (2,998,565) | $ 7,311,908 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Parent investment, net (Note 4) | 315,734 | 0 | 315,734 | ||
Net loss | 0 | (84,141) | (84,141) | ||
Balance at Jun. 30, 2021 | 10,626,207 | (3,082,706) | 7,543,501 | ||
Balance at Dec. 31, 2021 | 7,868,678 | (828,300) | 7,040,378 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Parent investment, net (Note 4) | 1,129,874 | 0 | 1,129,874 | ||
Net loss | 0 | (725,450) | (725,450) | ||
Balance at Jun. 30, 2022 | $ 0 | $ 0 | 8,998,552 | (1,553,750) | 7,444,802 |
Balance at Jan. 19, 2022 | 0 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | 0 | ||||
Balance at Jun. 30, 2022 | 0 | 0 | $ 8,998,552 | $ (1,553,750) | $ 7,444,802 |
Balance at Dec. 31, 2022 | 29,374,000 | 64,568,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (7,914,000) | (7,914,000) | |||
Balance at Jun. 30, 2023 | $ 20,126,000 | $ 59,176,000 |
Unaudited Interim Carve-out S_3
Unaudited Interim Carve-out Statements of Cash Flows (Predecessor) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from financing activities: | ||
Cash and cash equivalents and restricted cash at end of period | $ 0 | |
United Maritime Predecessor [Member] | ||
Cash flows from operating activities: | ||
Net loss | (725,450) | $ (84,141) |
Adjustments to reconcile net loss to net cash (used in) / provided by operating activities: | ||
Depreciation | 387,764 | 375,273 |
Amortization of deferred dry-docking costs | 239,743 | 156,924 |
Amortization of deferred finance charges | 43,183 | 52,419 |
Changes in operating assets and liabilities: | ||
Accounts receivable trade, net | 70,000 | (6,354) |
Inventories | (17,669) | (51,316) |
Prepaid expenses | (41,365) | 2,548 |
Deferred charges, net and other long-term investments | (3,221,998) | 0 |
Trade accounts and other payables | 2,194,101 | 23,429 |
Accrued liabilities | 675,188 | 65,174 |
Deferred revenue | (244,270) | (123,142) |
Net cash (used in) / provided by operating activities | (640,773) | 410,814 |
Cash flows from investing activities: | ||
Vessel's improvements | (454,585) | 0 |
Net cash (used in) / provided by investing activities | (454,585) | 0 |
Cash flows from financing activities: | ||
Parent investment, net | 1,129,874 | 315,734 |
Repayments of long term debt | (550,000) | (400,000) |
Net cash provided by / (used in) financing activities | 579,874 | (84,266) |
Net (decrease) / increase in cash and cash equivalents and restricted cash | (515,484) | 326,548 |
Cash and cash equivalents and restricted cash at beginning of period | 765,484 | 406,008 |
Cash and cash equivalents and restricted cash at end of period | 250,000 | 732,556 |
Cash paid during the period: | ||
Interest | 288,254 | 334,513 |
Noncash investing activities: | ||
Vessel's improvements | $ (589,558) | $ 0 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and General Information [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information: United Maritime Corporation (the “Company” or “United”) was incorporated by Seanergy Maritime Holdings Corp. (“Seanergy” or “Parent”) on January 20, 2022 under the laws of the Republic of the Marshall Islands, having a share capital of 500 registered shares, of no par value, issued to the Parent. The Company completed the spin-off from Seanergy effective July 5, 2022 . United’s common shares are listed on the Nasdaq Capital Market and began trading on July 6, 2022 under the symbol “USEA”. The Company is engaged in the ocean transportation of cargoes worldwide through the ownership and operation of vessels. The accompanying unaudited interim consolidated financial statements include the accounts of United Maritime Corporation and its subsidiaries (collectively, the “Company” or “United”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the period from inception (January 20, 2022) through December 31, 2022 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 4, 2023 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023. As of June 30, 2023, the Company had a working capital deficit of $ 26,213 7,914 and had negative operating cash flows of $ 844 July 2022 Entrust Facility and August 2022 EnTrust Facility totaling $ 40,700 35,200 . The Company’s cash flow projections indicate that projected cash on hand and cash provided by operating activities, financing activities and investing activities or a combination of any of those (i.e. debt agreements, vessels’ sales, sales and leaseback activities and finance leases), will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year after the financial statements’ issuance, including obligations arising from purchase options in lease agreements (Note 9) and for vessel acquisitions (Note 5). Consequently, the unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Following Russia’s invasion of Ukraine in February 2022, the U.S., several European Union nations, the UK and other countries imposed sanctions against Russia, which include, among others, restrictions on selling or importing goods, services or technology in or from affected regions, travel bans and asset freezes impacting connected individuals and political, military, business and financial organizations in Russia, severing large Russian banks from U.S. and/or other financial systems, and barring some Russian enterprises from raising money in the U.S. market. In addition, the U.S. and certain other North Atlantic Treaty Organization (NATO) countries have been supplying Ukraine with military aid. The U.S., EU nations and other countries could impose wider sanctions and take other actions. With uncertainty remaining at high levels with regards to the global impact of the sanctions already imposed to date and the possibility of additional sanctions as well as retaliation measures from Russia’s side that may follow in the period to come, it is difficult to accurately assess any future impact it may have on our Company. To date, no apparent consequences have been identified on the Company’s business, nor any specific implications on any of its existing counterparties, including clients, suppliers and lenders. The Company performs relevant due diligence checks and appoints external sanctions specialists to assess any considerations where required. It should be noted however that since the Company employs Ukrainian and Russian seafarers, it may face problems in relation to their employment, repatriation, salary payments and be subject to claims to this respect. The scope or intensity of the ongoing military conflict as well as sanctions and other actions undertaken in response to it could increase, potentially having negative effects on the global economy and markets. Any of these occurrences, or the continuation or worsening of any such occurrences, could eventually have an adverse effect our business, financial condition, results of operations and cash flows. a. Subsidiaries in Consolidation: United’s subsidiaries included in these unaudited interim consolidated financial statements as of June 30, 2023: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal United Management Corp. (1)(2) Marshall Islands N/A N/A N/A Sea Glorius Shipping Co. (1) Marshall Islands Gloriuship July 6, 2022 N/A Epanastasea Maritime Co. (1) Marshall Islands Epanastasea September 2, 2022 Note 5 Parosea Shipping Co. (1) Marshall Islands Parosea August 10, 2022 November 8, 2022 Bluesea Shipping Co. (1) Marshall Islands Bluesea August 12, 2022 December 1, 2022 Minoansea Maritime Co. (1) Marshall Islands Minoansea August 30, 2022 December 22, 2022 Good Maritime Co. (1) Liberia Goodship February 10, 2023 N/A Traders Maritime Co. (1) Marshall Islands Tradership February 28, 2023 N/A Chrisea Maritime Co. (1)(3) Marshall Islands Chrisea February 21, 2023 N/A Oasea Maritime Co. (1)(3) Marshall Islands Oasea March 27, 2023 March 31, 2023 Cretansea Maritime Co. (1)(3) Marshall Islands Cretansea April 26, 2023 April 26, 2023 Synthesea Maritime Co. (1)(3) Liberia Note 9 Note 15 N/A Exelixsea Maritime Co. (1) Marshall Islands Note 5 N/A N/A (1) Subsidiaries wholly owned (2) Management company (3) Bareboat charterers |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies: A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC on April 4, 2023. There have been no material changes to these policies in the six-month period ended June 30, 2023, except as discussed below: (a) Sale and Leaseback Transactions In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. (b) Finance Lease Liabilities & Right-of-Use Assets Bareboat charter-in agreements that the Company may enter into are accounted for pursuant to ASC 842 and are classified as finance leases if they either involve a purchase obligation or a purchase option that is reasonably certain, at inception, that will be exercised. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement, of the lease payments to be made over the lease term, including any amount for the purchase the vessel, if applicable. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. A lessee initially measures the finance right-of-use asset at cost which consists of the amount of the initial measurement of the lease liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. A lessee shall amortize the finance right-of-use asset on a straight-line basis (unless another systematic basis better represents the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits) from the commencement date to the earlier of the end of the useful life of the finance right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the lessee shall amortize the right-of-use asset to the end of the useful life of the underlying asset. The Company elected the practical expedient on not separating lease components from nonlease components in accordance with ASC 842-10-15-37. Recent Accounting Pronouncements – Not Yet Adopted Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited interim financial statements for the six-month period ended June 30, 2023. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties: Details of the Company’s transactions with related parties are discussed in Note 3 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on April 4, 2023, and are supplemented by the below new activities within the period. Related parties transaction incurred during the six-month period ended June 30, 2023 Management Agreements: Master Management Agreement For the six-month period ended June 30, 2023 and from January 20, 2022 until June 30, 2022, management fees charged from Seanergy amounted to $298 and $ nil Technical Management Agreements In relation to the technical management, Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”) is responsible for arranging (directly or by subcontracting) for the crewing of the vessels, the day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling for the Goodship, Gloriuship, Chrisea, Oasea and Cretansea a fixed management fee of $10 for the Goodship and $14 per month for the remaining vessels is payable to Seanergy Shipmanagement for such services. For the six-month period ended June 30, 2023 and from January 20, 2022 until December 31, 2022, management fees charged from Seanergy Shipmanagement amounted to $265 and $ nil nil Commercial Management Agreements United had entered into a commercial management agreement with Seanergy Management Corp. (“Seanergy Management”) pursuant to which Seanergy Management acted as agent for United’s subsidiaries (directly or through subcontracting) for the commercial management of their vessels, including chartering, monitoring thereof, freight collection, and sale and purchase up until March 31, 2023. United had agreed to pay to Seanergy Management a fee equal to 1.25% of the gross freight, demurrage and charter hire collected from the employment of United’s vessels, except for any vessels that were chartered-out to Seanergy. Seanergy Management earned a fee equal to 1% of the contract price of any vessel bought or sold by them on United’s behalf, except for any vessels bought or sold from or to Seanergy, or in respect of any vessel sale relating to a sale and leaseback transaction. Effective as of April 1, 2023, the abovementioned agreement was terminated and United’s subsidiary, United Management Corp. (“United Management”) has entered into a new commercial management agreement with Seanergy Management pursuant to which Seanergy Management acts as agent for United’s subsidiaries for the commercial management of United’s vessels, including voyage ee equal to 0.75% of the gross freight, demurrage and charter hire collected from the employment of United’s vessels. For the six-month period ended June 30, 2023 and from January 20, 2022 until June 30, 2022, fees charged under the commercial management agreements amounted to $136 and $ nil For the six-month period ended June 30, 2023 and from January 20, 2022 until December 31, 2022 fees charged in relation to purchase services amounted to $509 and $795 and are presented in “Right-of-use asset” (Note 6), “Vessels, net” (Note 5) and “Vessels, net” respectively. For the six-month period June 30, 2023, and from January 20, 2022 until June 30, 2022, no fees charged in relation to sale services respectively. As of June 30, 2023 and December 31, 2022, balance due to Seanergy Management amounted to $647 and $390 and is included in “Due to related parties” in the accompanying consolidated balance sheets. On February 10, 2023 and February 28, 2023, the Company took delivery of two Capesize vessels from Seanergy for an aggregate purchase price of $36,250 (Note 5). |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | 4. Cash and Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statement of cash flows: June 30, 2023 December 31, 2022 Cash and cash equivalents 6,582 54,732 Restricted cash, non-current 700 15,200 Cash and Cash equivalents and restricted cash 7,282 69,932 Restricted cash as June 30, 2023 includes $350 of minimum liquidity requirements as per the March 2023 Neptune Sale and Leaseback and $350 of minimum liquidity requirements as per the April 2023 Neptune Sale and Leaseback. Restricted cash as of December 31, 2022 includes $15,200 that served as cash collateral under the August 2022 EnTrust Facility and in relation to the August 2022 EnTrust Facility Minoansea Goodship Tradership |
Vessels, Net
Vessels, Net | 6 Months Ended |
Jun. 30, 2023 | |
Vessels, Net [Abstract] | |
Vessels, Net | 5. Vessels, Net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2023 December 31, 2022 Cost: Beginning balance: 38,769 - - Vessel contributed by Seanergy - 18,500 - Additions 77,057 80,648 - Transfer to “Vessel held for sale” (21,445 ) - - Disposals - (60,379 ) Ending balance: 94,381 38,769 Accumulated depreciation: Beginning balance: (1,257 ) - - Depreciation for the period (2,946 ) (1,903 ) - Transfer to “Vessel held for sale” 802 - - Disposals - 646 Ending balance: (3,401 ) (1,257 ) Net book value 90,980 37,512 Acquisitions On December 27, 2022, the Company entered into an agreement with an affiliated party for the purchase of a secondhand Capesize vessel, the Goodship On December 27, 2022, the Company entered into an agreement with an affiliated party for the purchase of a secondhand Capesize vessel, the Tradership On February 7, 2023, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Kamsarmax vessel, the Liberty K Oasea On February 7, 2023, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Kamsarmax vessel, the Hampton Bay Cretansea For the six-month period ended June 30, 2023, an amount of $456 of expenditures related to vessels’ acquisition cost were capitalized and will be depreciated over the remaining useful life of each vessel. Amounts paid for these expenditures are included in “Vessels’ acquisitions and improvements” under “Cash flows from investing activities” in the unaudited interim consolidated statement of cash flows. During the six-month period ended June 30, 2023, an amount of $1,176 of expenditures were capitalized that concern improvements on vessels performance and meeting environmental standards. The cost of these additions was accounted as major improvement and were capitalized over the vessels’ cost and will be depreciated over the remaining useful life of each vessel. Amounts paid for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the unaudited interim consolidated statements of cash flows. Advances for Vessels Acquisition On June 9, 2023, the Company entered into an agreement with an unaffiliated party for the purchase of a secondhand Panamax vessel, the Santa Barbara Exelixsea Vessel Held for Sale On May 5, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the Epanastasea |
Right-of-Use Assets and Finance
Right-of-Use Assets and Finance Lease Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Right-of Use Assets and Finance Lease Liabilities [Abstract] | |
Right-of Use Assets and Finance Lease Liabilities | 6. Right-of-Use assets and Finance Lease Liabilities: On February 9, 2023, the Company entered into a bareboat charter agreement with an unaffiliated third party for a secondhand Panamax vessel, the Oceanic Power, Chrisea plus 30-days in lessee’s option The amount of the right-of-use-assets is amortized on a straight-line method based on the estimated useful life of the vessel. During the six-month period ended June 30, 2023, the amortization of the right-of-use asset amounted to $536 and is presented in the Company’s unaudited interim consolidated statements of operations under “Depreciation and amortization”. Interest expense on the finance lease liability for the same period amounted to $328 (Note 12). As of June 30, 2023, the right-of-use amounted to and is presented under “Right-of-use asset” . The weighted average remaining lease term for the bareboat charter was 1.14 years as of June 30, 2023. The annual lease payments under the Chrisea Twelve month periods ending June 30 Amount 2024 2,672 2025 12,586 Total undiscounted lease payments 15,258 Less: Discount based on implicit rate (957 ) Present value of finance lease liabilities 14,301 Finance lease liabilities, current 1,824 Finance lease liabilities, non-current 12,477 Present value of finance lease liabilities 14,301 |
Long-Term Debt and Other Financ
Long-Term Debt and Other Financial Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Long-Term Debt and Other Financial Liabilities | 7. Long-Term Debt and Other Financial Liabilities: The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2023 December 31, 2022 Long-term debt and other financial liabilities 64,713 43,200 Less: Deferred financing costs (766 ) (594 ) Total 63,947 42,606 Less - current portion (42,568 ) (7,473 ) Long-term portion 21,379 35,133 Details of the Company’s secured credit and other financial liabilities are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on April 4, 2023, and are supplemented by the below new activities within the period. Senior long-term debt Loan Facilities amended during the six-month period ended June 30, 2023 August 2022 EnTrust Facility Pursuant to a deed of accession, amendment and restatement of the subject facility which was entered into on January 30, 2023, the Tranche C was replaced by two tranches, Tranche E for $7,000 and Tranche F for $8,200, secured by the Goodship Tradership Other Financial Liabilities - Sale and Leaseback Transactions New Sale and Leaseback Activities during the six-month period ended June 30, 2023 March 2023 Neptune Sale and Leaseback On March 31, 2023, following the delivery of the Oasea , the Company entered into a sale-and-leaseback agreement with a subsidiary of Neptune Maritime Leasing Ltd. for the purpose of partly financing the acquisition cost of the Oasea . The transaction was accounted for as a financial liability, since control remains with the Company and the Oasea will continue to be recorded as an asset on the Company’s balance sheet. The financing amount is $12,250 and the interest rate is 4.25% plus 3-month term SOFR per annum. The charterhire principal will be repaid over a five-year term, through 60 monthly installments of $97.5 and a balloon payment of $6,400 at the expiration of the bareboat charter. The Company is required to maintain a security coverage ratio (as defined therein) of at least 120% for the first twelve months and at least 130% thereafter. In addition, the Company is required to maintain minimum liquidity of $350 in its operating account. The sale-and-leaseback agreement includes certain restrictions on dividends from the lessee’s accounts and other distributions. The Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the 5-year bareboat period, the Company has the obligation to repurchase the vessel for $6,400 (balloon payment). As of June 30, 2023, the amount outstanding under the March 2023 Neptune Sale and Leaseback was $11,958. April 2023 Neptune Sale and Leaseback On April 26, 2023, following the delivery of the Cretansea , the Company entered into a sale-and-leaseback agreement with a subsidiary of Neptune Maritime Leasing Ltd. for the purpose of partly financing the acquisition cost of the Cretansea . The transaction was accounted for as a financial liability, as control remains with the Company and the Cretansea will continue to be recorded as an asset on the Company’s balance sheet. The financing amount is $12,250 and the interest rate is 4.25% plus 3-month term SOFR per annum. The charterhire principal will be repaid over a five-year term, through 60 monthly installments of $97.5 and a balloon payment of $6,400 at the expiration of the bareboat. The Company is required to maintain a security coverage ratio (as defined therein) of at least 120% for the first twelve months and at least 130% thereafter. In addition, the Company is required to maintain minimum liquidity of $350 in its operating account. The sale-and-leaseback agreement includes certain restrictions on dividends from the lessee’s accounts and other distributions. The Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the 5-year bareboat period, the Company has the obligation to repurchase the vessel for $6,400 (balloon payment). As of June 30, 2023, the amount outstanding under the April 2023 Neptune Sale and Leaseback was $12,055. As of June 30, 2023, the Company was in compliance with all covenants relating to its loan facilities and other financial liabilities as at that date. As of June 30, 2023, four of the Company’s owned vessels (including the vessel held for sale), having a net carrying value of $75,425, were subject to first and second priority mortgages as collaterals to their long-term debt facilities. In addition, the Company’s two bareboat chartered vessels, having a net carrying value of $39,000 as of June 30, 2023, have been financed through sale and leaseback agreements. As customary in leaseback agreements, the title of ownership is held by the registered owners. The annual principal payments required to be made after June 30, 2023 for all long-term debt and other financial liabilities, are as follows: Twelve month periods ending June 30 Amount 2024 43,040 2025 2,340 2026 2,340 2027 2,340 Thereafter 14,653 Total 64,713 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Financial Instruments | 8. Financial Instruments: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: • Level 1: Quoted market prices in active markets for identical assets or liabilities; • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; • Level 3: Unobservable inputs that are not corroborated by market data. (a) Significant Risks and Uncertainties, including Business and Credit Concentration The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. (b) Fair Value of Financial Instruments The fair values of the financial instruments shown in the consolidated balance sheets as of June 30, 2023 and December 31, 2022, represent management’s best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: a. Cash and cash equivalents, accounts receivable trade, other current assets, prepaid expenses, trade accounts and other payables and accrued liabilities: the carrying amounts approximate fair value because of the short maturity of these instruments. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current. b. Long-term debt: The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The carrying value of $40,700 is 0.2% higher than the fair market value of $40,607. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies: Contingencies Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. As of June 30, 2023, management is not aware of any material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been established in the accompanying consolidated financial statements. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. Commitments The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters duration was approximately 12 months and extension periods vary from 2 to 4 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates. As at June 30, 2023, the Company operates certain of its vessels under time charter agreements, considered as operating leases accounted for as per ASC 842 requirements. The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2023. For index-linked time charter contracts the calculation was made using the charter rates that prevail at the balance sheet date for index-linked time charters and the fixed rates for fixed periods time charters (these amounts do not include any assumed off-hire). Twelve month periods ending June 30 Amount 2024 20,918 2025 1,810 Total 22,728 As at June 30, 2023, the Company had an aggregate amount of unrecognized unconditional purchase obligation amounting to $16,033, in connection with the agreement to acquire a vessel from an unaffiliated third party, under which the Company had paid an advance of such purchase price (Note 5) and the balance will be paid on the delivery of the vessel (Note 15). At the end of Chrisea’s 18-month bareboat charter, the Company has an option to repurchase the vessel for $12,360 (Note 6). On April 19, 2023, the Company entered into a bareboat charter agreement with an unaffiliated third party for a secondhand Panamax vessel, the Ikan Kerapu, which was renamed Synthesea . The vessel was delivered to the Company on August 1, 2023 (Note 15). The Company made a down payment of $3,500 on signing of the bareboat charter agreement and is presented under “Prepaid expenses other, non-current” in the accompanying consolidated balance sheets and a payment of $3,500 upon commencement of the bareboat charter (Note 15) |
Capital Structure
Capital Structure | 6 Months Ended |
Jun. 30, 2023 | |
Capital Structure [Abstract] | |
Capital Structure | 10. Capital Structure: Details of the Company’s common stock and warrants are discussed in Note 9 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on April 4, 2023 and are supplemented by the below new activities into the six-month period ended June 30, 2023. i) Dividends On January 10, 2023, the Company paid a special dividend of $7,373 ($1.00 per common share to all common stockholders, as of record date December 12, 2022, in connection with the profitable sale of two tanker vessels in 2022) which was previously declared on November 29, 2022. On February 22, 2023, the Company announced the initiation of a regular quarterly dividend of $0.075 per common share and declared a dividend of $0.075 per common share for the fourth quarter of 2022. The quarterly dividend of $667 for the fourth quarter of 2022 was paid on April 6, 2023. On May 17, 2023, the company declared a dividend of $0.075 per common share for the first quarter of 2023 which was paid on July 6, 2023 to all shareholders of record as of June 22, 2023. The dividend declared amounted to $667 and is included in “Dividends payable” in the accompanying consolidated balance sheets. ii) Common stock buybacks As of June 30, 2023, the Company has repurchased 67,294 of its outstanding common shares at an average price of approximately $2.85 and a total of $193, inclusive of commissions and fees, pursuant to the share repurchase plan approved by the Company’s Board of Directors in October 2022, as extended. All the repurchased shares were cancelled and restored to the status of authorized but unissued shares as of June 30, 2023. iii) Warrants During the six-month period ended June 30, 2023, 779,200 shares were issued from Class A warrants’ exercises, for gross proceeds of $1,883. As of June 30, 2023, 6,962,770 Class A warrants remained outstanding. All warrants are classified in equity, according to the Company’s accounting policy. Following the payment of the special dividend of $1.00 per common share on January 10, 2023, the exercise price of the Class A warrants was adjusted at a price of $2.25 per warrant effective on January 11, 2023 pursuant to the antidilution provisions of the warrant agreement. The warrants also contain a cashless exercise provision, whereby if at the time of exercise, there is no effective registration statement, then the warrants can be exercised by means of a cashless exercise as disclosed in the warrant’s agreement. As of June 30, 2023, the number of common shares that can potentially be issued under the outstanding Class A warrants are 6,962,770. |
Vessel Revenue, net and Voyage
Vessel Revenue, net and Voyage Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Vessel Revenue, net and Voyage Expenses [Abstract] | |
Vessel Revenue, net and Voyage Expenses | 11. Vessel Revenue, net and Voyage Expenses: Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and from inception (January 20, 2022) to June 30, 2022: June 30, 2023 From January 20, 2022 to June 30, 2022 Vessel revenues from time charters, net of commissions 12,832 - Total 12,832 - The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 Accounts receivable trade, net from spot charters - 2 Accounts receivable trade, net from time charters 551 777 Total 551 779 Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. Deferred revenue as of June 30, 2023 and December 31, 2022 was $216 and $1,027 and relates entirely to ASC 842. Charterers individually accounting for more than 10% of revenues for the six-month periods ended June 30, 2023 and for the period from inception (January 20, 2022) through June 30, 2022: Customer 2023 2022 A 33% - B 26% - C 15% - D 10% - Total 84% - Voyage Expenses The following table presents the Company’s statement of operations’ figures derived from time charters and for unfixed periods for the period from for the six-month periods ended June 30, 2023 and for the period from inception (January 20, 2022) through June 30, 2022: June 30, 2023 From January 20, 2022 to June 30, 2022 Voyage expenses from time charters 669 - Voyage expenses for unfixed periods 480 - Total 1,149 - |
Interest and Finance Costs
Interest and Finance Costs | 6 Months Ended |
Jun. 30, 2023 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 12. Interest and Finance Costs: Interest and finance costs are analyzed as follows: June 30, 2023 From January 20, 2022 to June 30, 2022 Interest on long-term debt and other financial liabilities 2,272 - Amortization of debt finance costs and debt discounts 370 - Interest on finance lease liability 328 - Other 9 - Total 2,979 - |
Loss per Share
Loss per Share | 6 Months Ended |
Jun. 30, 2023 | |
Loss per Share [Abstract] | |
Loss per Share | 13. Loss per Share: The calculation of net loss per common share is summarized below: June 30, 2023 From January 20, 2022 to June 30, 2022 Net loss $ (7,914 ) $ - Less: Dividends to non-vested participating securities (77 ) - Net loss attributable to common shareholders, basic & diluted $ (7,991 ) $ - Weighted average common shares outstanding, basic & diluted 8,030,666 500 Net loss per share attributable to common shareholders, basic & diluted $ (0.99 ) $ - The Company calculates basic loss per share in conformity with the two-class method required for companies with participating securities. The calculation of basic loss per share does not consider the non-vested shares as outstanding until the time-based vesting restrictions have lapsed. Net loss attributable to common shareholders for the six-month period ended June 30, 2023 is adjusted by the amount of dividends on non-vested participating securities. Undistributed losses were not allocated to non-vested participating securities because they do not have a contractual obligation to share in losses. The Company calculated diluted loss per share in conformity with the two-class method required for companies with participating securities since the two-class method was more dilutive. For the six-month period ended June 30, 2023, securities that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share, because to do so would have anti-dilutive effect, are any incremental shares resulting from the outstanding warrants calculated with the treasury stock method. |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2023 | |
Equity Incentive Plan [Abstract] | |
Equity Incentive Plan | 14. Equity Incentive Plan: Details of the Company’s Equity Incentive Plan are discussed in Note 13 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on April 4, 2023 and are supplemented by the below new activities into the six-month period ended June 30, 2023. The related expense for shares granted to the Company’s Board of Directors and certain of its service providers for the six-month period ended June 30, 2023 and from the period from inception (January 20, 2022) through June 30, 2022, amounted to $ 2,175 and $ nil granted on December 28, 2022 The unrecognized cost for the non-vested shares granted to the Company’s Board of Directors and certain of its service providers for the six-month period ended June 30, 2023 and from inception (January 20, 2022) through June 30, 2022 amounted to $348 and $ nil |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events On July 6, 2023, the Company paid a dividend of $667 (Note 10). On August 1, 2023, the Company took delivery of the vessel Synthesea. The transaction On August 3, 2023, the Company announced a regular quarterly dividend of $0.075 per share for the second quarter of 2023, payable on or about October 6, 2023 to all shareholders of record as of September 22, 2023. On August 9, 2023, the Company entered into a deed of accession, amendment and restatement of the August 2022 Entrust Facility pursuant to which Exelixsea Maritime Co. acceded thereto as borrower. Under the terms of the amended agreement, the $15,000 tranche secured by the Epanastasea Santa Barbara Exelixsea Epanastasea’s On August 10, 2023, the Company sold the Epanastasea |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Basis of Presentation and General Information [Abstract] | ||
Basis of Presentation and General Information | 1. Basis of Presentation and General Information: United Maritime Corporation (the “Company” or “United”) was incorporated by Seanergy Maritime Holdings Corp. (“Seanergy” or “Parent”) on January 20, 2022 under the laws of the Republic of the Marshall Islands, having a share capital of 500 registered shares, of no par value, issued to the Parent. The Company completed the spin-off from Seanergy effective July 5, 2022 . United’s common shares are listed on the Nasdaq Capital Market and began trading on July 6, 2022 under the symbol “USEA”. The Company is engaged in the ocean transportation of cargoes worldwide through the ownership and operation of vessels. The accompanying unaudited interim consolidated financial statements include the accounts of United Maritime Corporation and its subsidiaries (collectively, the “Company” or “United”). The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the period from inception (January 20, 2022) through December 31, 2022 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 4, 2023 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023. As of June 30, 2023, the Company had a working capital deficit of $ 26,213 7,914 and had negative operating cash flows of $ 844 July 2022 Entrust Facility and August 2022 EnTrust Facility totaling $ 40,700 35,200 . The Company’s cash flow projections indicate that projected cash on hand and cash provided by operating activities, financing activities and investing activities or a combination of any of those (i.e. debt agreements, vessels’ sales, sales and leaseback activities and finance leases), will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year after the financial statements’ issuance, including obligations arising from purchase options in lease agreements (Note 9) and for vessel acquisitions (Note 5). Consequently, the unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Following Russia’s invasion of Ukraine in February 2022, the U.S., several European Union nations, the UK and other countries imposed sanctions against Russia, which include, among others, restrictions on selling or importing goods, services or technology in or from affected regions, travel bans and asset freezes impacting connected individuals and political, military, business and financial organizations in Russia, severing large Russian banks from U.S. and/or other financial systems, and barring some Russian enterprises from raising money in the U.S. market. In addition, the U.S. and certain other North Atlantic Treaty Organization (NATO) countries have been supplying Ukraine with military aid. The U.S., EU nations and other countries could impose wider sanctions and take other actions. With uncertainty remaining at high levels with regards to the global impact of the sanctions already imposed to date and the possibility of additional sanctions as well as retaliation measures from Russia’s side that may follow in the period to come, it is difficult to accurately assess any future impact it may have on our Company. To date, no apparent consequences have been identified on the Company’s business, nor any specific implications on any of its existing counterparties, including clients, suppliers and lenders. The Company performs relevant due diligence checks and appoints external sanctions specialists to assess any considerations where required. It should be noted however that since the Company employs Ukrainian and Russian seafarers, it may face problems in relation to their employment, repatriation, salary payments and be subject to claims to this respect. The scope or intensity of the ongoing military conflict as well as sanctions and other actions undertaken in response to it could increase, potentially having negative effects on the global economy and markets. Any of these occurrences, or the continuation or worsening of any such occurrences, could eventually have an adverse effect our business, financial condition, results of operations and cash flows. a. Subsidiaries in Consolidation: United’s subsidiaries included in these unaudited interim consolidated financial statements as of June 30, 2023: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal United Management Corp. (1)(2) Marshall Islands N/A N/A N/A Sea Glorius Shipping Co. (1) Marshall Islands Gloriuship July 6, 2022 N/A Epanastasea Maritime Co. (1) Marshall Islands Epanastasea September 2, 2022 Note 5 Parosea Shipping Co. (1) Marshall Islands Parosea August 10, 2022 November 8, 2022 Bluesea Shipping Co. (1) Marshall Islands Bluesea August 12, 2022 December 1, 2022 Minoansea Maritime Co. (1) Marshall Islands Minoansea August 30, 2022 December 22, 2022 Good Maritime Co. (1) Liberia Goodship February 10, 2023 N/A Traders Maritime Co. (1) Marshall Islands Tradership February 28, 2023 N/A Chrisea Maritime Co. (1)(3) Marshall Islands Chrisea February 21, 2023 N/A Oasea Maritime Co. (1)(3) Marshall Islands Oasea March 27, 2023 March 31, 2023 Cretansea Maritime Co. (1)(3) Marshall Islands Cretansea April 26, 2023 April 26, 2023 Synthesea Maritime Co. (1)(3) Liberia Note 9 Note 15 N/A Exelixsea Maritime Co. (1) Marshall Islands Note 5 N/A N/A (1) Subsidiaries wholly owned (2) Management company (3) Bareboat charterers | |
United Maritime Predecessor [Member] | ||
Basis of Presentation and General Information [Abstract] | ||
Basis of Presentation and General Information | 1. Basis of Presentation and General Information: United Maritime Corporation (the “Company” or “United”) was incorporated by Seanergy Maritime Holdings Corp. (or “Seanergy” or “Parent”) on January 20, 2022 under the laws of the Republic of the Marshall Islands, having a share capital of 500 registered shares, of no par value, issued to the Parent. The Company following the completion of the spin-off in July 2022 (Note 12), serves as the holding company of the following vessel-owning company which was a subsidiary of Seanergy (the “Subsidiary”, or “United Maritime Predecessor”): • Sea Glorius Shipping Co. In particular, in July 2022, the Parent contributed the Subsidiary to United and, as the sole shareholder of the Company, distributed the Company’s common shares to its shareholders on a pro rata basis (Note 12). The accompanying unaudited interim predecessor carve-out financial statements are those of the Subsidiary for all periods presented using the historical carrying costs of the assets and the liabilities of the ship-owning company above from the dates of its incorporation. The Company is incorporated to provide global shipping transportation services through the ownership of vessels. The vessel is owned through a separate wholly-owned subsidiary. As of June 30, 2022, the Subsidiary reported a working capital deficit of $4,921,171, which is mainly attributable to the current portion of the long-term debt of $1,400,000 (Note 8) and the increase in trade accounts and other payables and in accrued liabilities due to the vessel’s recent dry-docking. The projected cash flows of the Subsidiary indicate that it will be able to meet its liquidity requirements for the twelve-month period ended following the date of issuance of these financial statements. The accompanying unaudited interim carve-out financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim carve-out financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2022, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2022. The carve-out balance sheet as of December 31, 2021 has been derived from the audited predecessor carve-out financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Following Russia’s invasion of Ukraine in February 2022, the U.S., several European Union nations, the UK and other countries have announced sanctions against Russia. The sanctions announced by the U.S. and other countries against Russia include, among others, restrictions on selling or importing goods, services or technology in or from affected regions, travel bans and asset freezes impacting connected individuals and political, military, business and financial organizations in Russia, severing large Russian banks from U.S. and/or other financial systems, and barring some Russian enterprises from raising money in the U.S. market. The U.S., EU nations and other countries could impose wider sanctions and take other actions as a result of the war. With uncertainty remaining at high levels with regards to the global impact of the sanctions already announced to date and the possibility of additional sanctions as well as retaliation measures from Russia’s side that may follow in the period to come, it is difficult to accurately assess the exact impact on the Company. To date, no apparent consequences have been identified on the Company’s business, nor any specific implications on any of its existing counterparties, including clients, suppliers and lenders. It should be noted however that since the Company employs Ukrainian seafarers, it may face problems in relation to their employment, repatriation, salary payments and be subject to claims to this respect. Notwithstanding the foregoing, it is possible that the war might eventually have an adverse effect our business, financial condition, results of operations and cash flows. The outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry into which the Subsidiary operates. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. The Subsidiary has not been significantly affected by COVID -19, and is constantly monitoring the developing situation, to the extent possible, the impact of COVID-19 to the Subsidiary. |
Significant Accounting Polici_2
Significant Accounting Policies (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Significant Accounting Policies [Abstract] | ||
Significant Accounting Policies | 2. Significant Accounting Policies: A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC on April 4, 2023. There have been no material changes to these policies in the six-month period ended June 30, 2023, except as discussed below: (a) Sale and Leaseback Transactions In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. (b) Finance Lease Liabilities & Right-of-Use Assets Bareboat charter-in agreements that the Company may enter into are accounted for pursuant to ASC 842 and are classified as finance leases if they either involve a purchase obligation or a purchase option that is reasonably certain, at inception, that will be exercised. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement, of the lease payments to be made over the lease term, including any amount for the purchase the vessel, if applicable. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. A lessee initially measures the finance right-of-use asset at cost which consists of the amount of the initial measurement of the lease liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. A lessee shall amortize the finance right-of-use asset on a straight-line basis (unless another systematic basis better represents the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits) from the commencement date to the earlier of the end of the useful life of the finance right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the lessee shall amortize the right-of-use asset to the end of the useful life of the underlying asset. The Company elected the practical expedient on not separating lease components from nonlease components in accordance with ASC 842-10-15-37. Recent Accounting Pronouncements – Not Yet Adopted Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited interim financial statements for the six-month period ended June 30, 2023. | |
United Maritime Predecessor [Member] | ||
Significant Accounting Policies [Abstract] | ||
Significant Accounting Policies | 2. Significant Accounting Policies: A discussion of the Company’s significant accounting policies can be found in the Company’s carve-out financial statements included in the registration statement on Form F-1 for the year ended December 31, 2021, filed by the Company with the SEC on July 12, 2022. There have been no material changes to these policies in the six-month period ended June 30, 2022. Recent Accounting Pronouncements Adopted On January 1, 2022, the Company adopted ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments |
Transactions with Related Par_2
Transactions with Related Parties (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Transactions with Related Parties [Abstract] | ||
Transactions with Related Parties | 3. Transactions with Related Parties: Details of the Company’s transactions with related parties are discussed in Note 3 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on April 4, 2023, and are supplemented by the below new activities within the period. Related parties transaction incurred during the six-month period ended June 30, 2023 Management Agreements: Master Management Agreement For the six-month period ended June 30, 2023 and from January 20, 2022 until June 30, 2022, management fees charged from Seanergy amounted to $298 and $ nil Technical Management Agreements In relation to the technical management, Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”) is responsible for arranging (directly or by subcontracting) for the crewing of the vessels, the day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling for the Goodship, Gloriuship, Chrisea, Oasea and Cretansea a fixed management fee of $10 for the Goodship and $14 per month for the remaining vessels is payable to Seanergy Shipmanagement for such services. For the six-month period ended June 30, 2023 and from January 20, 2022 until December 31, 2022, management fees charged from Seanergy Shipmanagement amounted to $265 and $ nil nil Commercial Management Agreements United had entered into a commercial management agreement with Seanergy Management Corp. (“Seanergy Management”) pursuant to which Seanergy Management acted as agent for United’s subsidiaries (directly or through subcontracting) for the commercial management of their vessels, including chartering, monitoring thereof, freight collection, and sale and purchase up until March 31, 2023. United had agreed to pay to Seanergy Management a fee equal to 1.25% of the gross freight, demurrage and charter hire collected from the employment of United’s vessels, except for any vessels that were chartered-out to Seanergy. Seanergy Management earned a fee equal to 1% of the contract price of any vessel bought or sold by them on United’s behalf, except for any vessels bought or sold from or to Seanergy, or in respect of any vessel sale relating to a sale and leaseback transaction. Effective as of April 1, 2023, the abovementioned agreement was terminated and United’s subsidiary, United Management Corp. (“United Management”) has entered into a new commercial management agreement with Seanergy Management pursuant to which Seanergy Management acts as agent for United’s subsidiaries for the commercial management of United’s vessels, including voyage ee equal to 0.75% of the gross freight, demurrage and charter hire collected from the employment of United’s vessels. For the six-month period ended June 30, 2023 and from January 20, 2022 until June 30, 2022, fees charged under the commercial management agreements amounted to $136 and $ nil For the six-month period ended June 30, 2023 and from January 20, 2022 until December 31, 2022 fees charged in relation to purchase services amounted to $509 and $795 and are presented in “Right-of-use asset” (Note 6), “Vessels, net” (Note 5) and “Vessels, net” respectively. For the six-month period June 30, 2023, and from January 20, 2022 until June 30, 2022, no fees charged in relation to sale services respectively. As of June 30, 2023 and December 31, 2022, balance due to Seanergy Management amounted to $647 and $390 and is included in “Due to related parties” in the accompanying consolidated balance sheets. On February 10, 2023 and February 28, 2023, the Company took delivery of two Capesize vessels from Seanergy for an aggregate purchase price of $36,250 (Note 5). | |
United Maritime Predecessor [Member] | ||
Transactions with Related Parties [Abstract] | ||
Transactions with Related Parties | 3. Transactions with Related Parties: The Subsidiary receives management services from Seanergy Management Corp. (“Seanergy Management”), a Marshall Islands corporation, a wholly owned subsidiary controlled by Seanergy. Under the services agreement entered into on September 11, 2015, United Maritime Predecessor pays Seanergy Management a commission fee of 1.25% on hire, freight and demurrage revenue earned for chartering and post fixture services provided. The commission expense for the six-month periods ended June 30, 2022 and 2021 amounted to $27,725 and $30,488, respectively, and is separately reflected under Commissions - related party in the accompanying statements of operations. In addition, under the same agreement, the Subsidiary pays Seanergy Management a daily fee of $650 for the provision of certain other management services. Under a services agreement entered into on June 3, 2022, the Subsidiary pays Seanergy Shipmanagement, a subsidiary of Seanergy, a fixed management fee of $14,000 per vessel per month starting in June 2022 for the provision of certain services such as technical management and insurance arrangements. Management fees charged for the six-month periods ended June 30, 2022 and 2021 amounted to $130,717 and $117,650, respectively, and are separately reflected as Management fees - related party in the accompanying statements of operations. United Maritime Predecessor’s amounts due to Seanergy Management as of June 30, 2022 and December 31, 2021 are assumed by the Parent (Note 4). |
Parent Investment, Net (Predece
Parent Investment, Net (Predecessor) | 6 Months Ended |
Jun. 30, 2022 | |
United Maritime Predecessor [Member] | |
Parent Investment, Net [Abstract] | |
Parent Investment, Net | 4. Parent Investment, Net: As of June 30, 2022 and December 31, 2021, Parent investment, net amounting to $8,998,552 and $7,868,678, respectively, consists of the amounts contributed by the Parent, to finance part of the acquisition cost of the vessel, commercial and management services, intercompany amounts due to or from the Parent for working capital purposes, which are forgiven and treated as contributions or distributions of capital and other general and administrative expenses allocated to the United Maritime Predecessor by Parent. Allocated general and administrative expenses include expenses of the Parent such as executive’s cost, legal, treasury, regulatory compliance and other costs. These expenses were allocated on a pro rata basis, based on the number of ownership days of the Subsidiary’s vessel compared to the number of ownership days of the total fleet of the Parent. Such allocations are believed to be reasonable, but may not reflect the actual costs if the United Maritime Predecessor had operated as a standalone company. As part of Parent, United Maritime Predecessor was dependent upon Parent for all of its working capital and financing requirements, as Parent uses a centralized approach to cash management and financing of its operations. Financial transactions relating to United Maritime Predecessor are accounted for through the Parent equity account and reflected in the carve-out statements of Parent’s equity as an increase or decrease in Parent investment, net. Accordingly, none of Parent’s cash, cash equivalents or debt at the corporate level have been assigned to the United Maritime Predecessor in the financial statements. Parent equity, net represents Parent’s interest in the recorded net assets of the United Maritime Predecessor. |
Cash and Cash Equivalents (Pred
Cash and Cash Equivalents (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | ||
Cash and Cash Equivalents | 4. Cash and Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statement of cash flows: June 30, 2023 December 31, 2022 Cash and cash equivalents 6,582 54,732 Restricted cash, non-current 700 15,200 Cash and Cash equivalents and restricted cash 7,282 69,932 Restricted cash as June 30, 2023 includes $350 of minimum liquidity requirements as per the March 2023 Neptune Sale and Leaseback and $350 of minimum liquidity requirements as per the April 2023 Neptune Sale and Leaseback. Restricted cash as of December 31, 2022 includes $15,200 that served as cash collateral under the August 2022 EnTrust Facility and in relation to the August 2022 EnTrust Facility Minoansea Goodship Tradership | |
United Maritime Predecessor [Member] | ||
Cash and Cash Equivalents [Abstract] | ||
Cash and Cash Equivalents | 5. Cash and Cash Equivalents: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows: June 30, 2022 December 31, 2021 Cash and cash equivalents 250,000 765,484 Total 250,000 765,484 Minimum liquidity, not legally restricted, as of June 30, 2022, of $250,000 as per the Subsidiary’s credit facility covenants is included in “Cash and cash equivalents”. |
Deferred Charges, Net and Other
Deferred Charges, Net and Other Long-Term Investments (Predecessor) | 6 Months Ended |
Jun. 30, 2022 | |
United Maritime Predecessor [Member] | |
Deferred Charges, Net and Other Long-Term Investments [Abstract] | |
Deferred Charges, Net and Other Long-Term Investments | 6. Deferred Charges, Net and Other Long-Term Investments: Deferred charges and other long-term investments, non-current, include dry-dock charges and investment on equipment not yet installed to vessels. The amounts in the accompanying balance sheets are analyzed as follows: Deferred charges Balance December 31, 2020 399,681 Additions 72,318 Amortization (316,450 ) Balance December 31, 2021 155,549 Additions 3,221,998 Amortization (239,743 ) Transferred to Vessels, Net (72,318 ) Balance June 30, 2022 3,065,486 The Gloriuship underwent its scheduled dry-dock during the second quarter of 2022. A significant part of the Amount of $72,318 of expenditures relate to the installation of ballast water treatment system completed during the six-month period ended June 30, 2022 and were transferred to Vessels, Net and included part of Additions in Note 7 below. |
Vessel, Net (Predecessor)
Vessel, Net (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Vessel, Net [Abstract] | ||
Vessel, Net | 5. Vessels, Net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2023 December 31, 2022 Cost: Beginning balance: 38,769 - - Vessel contributed by Seanergy - 18,500 - Additions 77,057 80,648 - Transfer to “Vessel held for sale” (21,445 ) - - Disposals - (60,379 ) Ending balance: 94,381 38,769 Accumulated depreciation: Beginning balance: (1,257 ) - - Depreciation for the period (2,946 ) (1,903 ) - Transfer to “Vessel held for sale” 802 - - Disposals - 646 Ending balance: (3,401 ) (1,257 ) Net book value 90,980 37,512 Acquisitions On December 27, 2022, the Company entered into an agreement with an affiliated party for the purchase of a secondhand Capesize vessel, the Goodship On December 27, 2022, the Company entered into an agreement with an affiliated party for the purchase of a secondhand Capesize vessel, the Tradership On February 7, 2023, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Kamsarmax vessel, the Liberty K Oasea On February 7, 2023, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Kamsarmax vessel, the Hampton Bay Cretansea For the six-month period ended June 30, 2023, an amount of $456 of expenditures related to vessels’ acquisition cost were capitalized and will be depreciated over the remaining useful life of each vessel. Amounts paid for these expenditures are included in “Vessels’ acquisitions and improvements” under “Cash flows from investing activities” in the unaudited interim consolidated statement of cash flows. During the six-month period ended June 30, 2023, an amount of $1,176 of expenditures were capitalized that concern improvements on vessels performance and meeting environmental standards. The cost of these additions was accounted as major improvement and were capitalized over the vessels’ cost and will be depreciated over the remaining useful life of each vessel. Amounts paid for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the unaudited interim consolidated statements of cash flows. Advances for Vessels Acquisition On June 9, 2023, the Company entered into an agreement with an unaffiliated party for the purchase of a secondhand Panamax vessel, the Santa Barbara Exelixsea Vessel Held for Sale On May 5, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the Epanastasea | |
United Maritime Predecessor [Member] | ||
Vessel, Net [Abstract] | ||
Vessel, Net | 7. Vessel, Net: The amounts in the accompanying balance sheets are analyzed as follows: June 30, 2022 December 31, 2021 Cost: Beginning balance 16,925,546 16,925,546 - Additions 1,044,143 - Ending balance 17,969,689 16,925,546 Accumulated depreciation: Beginning balance (4,645,275 ) (3,888,510 ) - Additions (387,764 ) (756,765 ) Ending balance (5,033,039 ) (4,645,275 ) Net book value 12,936,650 12,280,271 On November 3, 2015, the Subsidiary acquired the Gloriuship NIL The Gloriuship |
Long-Term Debt (Predecessor)
Long-Term Debt (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Long-Term Debt [Abstract] | ||
Long-Term Debt | 7. Long-Term Debt and Other Financial Liabilities: The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2023 December 31, 2022 Long-term debt and other financial liabilities 64,713 43,200 Less: Deferred financing costs (766 ) (594 ) Total 63,947 42,606 Less - current portion (42,568 ) (7,473 ) Long-term portion 21,379 35,133 Details of the Company’s secured credit and other financial liabilities are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 annual report on Form 20-F filed with the SEC on April 4, 2023, and are supplemented by the below new activities within the period. Senior long-term debt Loan Facilities amended during the six-month period ended June 30, 2023 August 2022 EnTrust Facility Pursuant to a deed of accession, amendment and restatement of the subject facility which was entered into on January 30, 2023, the Tranche C was replaced by two tranches, Tranche E for $7,000 and Tranche F for $8,200, secured by the Goodship Tradership Other Financial Liabilities - Sale and Leaseback Transactions New Sale and Leaseback Activities during the six-month period ended June 30, 2023 March 2023 Neptune Sale and Leaseback On March 31, 2023, following the delivery of the Oasea , the Company entered into a sale-and-leaseback agreement with a subsidiary of Neptune Maritime Leasing Ltd. for the purpose of partly financing the acquisition cost of the Oasea . The transaction was accounted for as a financial liability, since control remains with the Company and the Oasea will continue to be recorded as an asset on the Company’s balance sheet. The financing amount is $12,250 and the interest rate is 4.25% plus 3-month term SOFR per annum. The charterhire principal will be repaid over a five-year term, through 60 monthly installments of $97.5 and a balloon payment of $6,400 at the expiration of the bareboat charter. The Company is required to maintain a security coverage ratio (as defined therein) of at least 120% for the first twelve months and at least 130% thereafter. In addition, the Company is required to maintain minimum liquidity of $350 in its operating account. The sale-and-leaseback agreement includes certain restrictions on dividends from the lessee’s accounts and other distributions. The Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the 5-year bareboat period, the Company has the obligation to repurchase the vessel for $6,400 (balloon payment). As of June 30, 2023, the amount outstanding under the March 2023 Neptune Sale and Leaseback was $11,958. April 2023 Neptune Sale and Leaseback On April 26, 2023, following the delivery of the Cretansea , the Company entered into a sale-and-leaseback agreement with a subsidiary of Neptune Maritime Leasing Ltd. for the purpose of partly financing the acquisition cost of the Cretansea . The transaction was accounted for as a financial liability, as control remains with the Company and the Cretansea will continue to be recorded as an asset on the Company’s balance sheet. The financing amount is $12,250 and the interest rate is 4.25% plus 3-month term SOFR per annum. The charterhire principal will be repaid over a five-year term, through 60 monthly installments of $97.5 and a balloon payment of $6,400 at the expiration of the bareboat. The Company is required to maintain a security coverage ratio (as defined therein) of at least 120% for the first twelve months and at least 130% thereafter. In addition, the Company is required to maintain minimum liquidity of $350 in its operating account. The sale-and-leaseback agreement includes certain restrictions on dividends from the lessee’s accounts and other distributions. The Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the 5-year bareboat period, the Company has the obligation to repurchase the vessel for $6,400 (balloon payment). As of June 30, 2023, the amount outstanding under the April 2023 Neptune Sale and Leaseback was $12,055. As of June 30, 2023, the Company was in compliance with all covenants relating to its loan facilities and other financial liabilities as at that date. As of June 30, 2023, four of the Company’s owned vessels (including the vessel held for sale), having a net carrying value of $75,425, were subject to first and second priority mortgages as collaterals to their long-term debt facilities. In addition, the Company’s two bareboat chartered vessels, having a net carrying value of $39,000 as of June 30, 2023, have been financed through sale and leaseback agreements. As customary in leaseback agreements, the title of ownership is held by the registered owners. The annual principal payments required to be made after June 30, 2023 for all long-term debt and other financial liabilities, are as follows: Twelve month periods ending June 30 Amount 2024 43,040 2025 2,340 2026 2,340 2027 2,340 Thereafter 14,653 Total 64,713 | |
United Maritime Predecessor [Member] | ||
Long-Term Debt [Abstract] | ||
Long-Term Debt | 8. Long-Term Debt: The amounts in the accompanying balance sheets are analyzed as follows: June 30, 2022 December 31, 2021 Secured loan facilities 4,950,000 5,500,000 Less: Deferred financing costs (79,299 ) (119,256 ) Total 4,870,701 5,380,744 Less – current portion (1,342,318 ) (1,177,074 ) Long-term portion 3,528,383 4,203,670 Existing Loan Facilities Entrust Facility dated July 15, 2020 As of June 30, 2022, the total amount outstanding under this facility was $4,950,000. The annual principal payments required to be made after June 30, 2022 , Twelve month periods ended June 30, Amount 2023 1,400,000 2024 1,400,000 2025 1,400,000 2026 750,000 Thereafter - Total 4,950,000 |
Financial Instruments (Predeces
Financial Instruments (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Financial Instruments [Abstract] | ||
Financial Instruments | 8. Financial Instruments: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: • Level 1: Quoted market prices in active markets for identical assets or liabilities; • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; • Level 3: Unobservable inputs that are not corroborated by market data. (a) Significant Risks and Uncertainties, including Business and Credit Concentration The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. (b) Fair Value of Financial Instruments The fair values of the financial instruments shown in the consolidated balance sheets as of June 30, 2023 and December 31, 2022, represent management’s best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: a. Cash and cash equivalents, accounts receivable trade, other current assets, prepaid expenses, trade accounts and other payables and accrued liabilities: the carrying amounts approximate fair value because of the short maturity of these instruments. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current. b. Long-term debt: The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The carrying value of $40,700 is 0.2% higher than the fair market value of $40,607. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy. | |
United Maritime Predecessor [Member] | ||
Financial Instruments [Abstract] | ||
Financial Instruments | 9. Financial Instruments: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: • Level 1: Quoted market prices in active markets for identical assets or liabilities; • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; • Level 3: Unobservable inputs that are not corroborated by market data. (a) Significant Risks and Uncertainties, including Business and Credit Concentration The Subsidiary places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Subsidiary performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Subsidiary’s investment strategy. The Subsidiary limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. For the six month period ended June 30, 2022, one charterer accounted for all of the Company’s time charter revenues. The maximum aggregate amount of loss due to credit risk that the Company would incur if this charterer failed completely to perform according to the terms of the relevant time charter party, amounted to $ NIL (b) Fair Value of Financial Instruments The fair values of the financial instruments shown in the balance sheets as of June 30, 2022 and December 31, 2021, represent management’s best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Subsidiary’s own judgments about the assumptions that mark et participants would use in pricing the asset or liability. Those judgments are developed by the Subsidiary based on the best information available in the circumstances. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: a) Cash and cash equivalents, accounts receivable trade, net and trade accounts and other payables: the carrying amounts approximate fair value because of the short maturity of these instruments. b) Long-term debt: The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Subsidiary believes the terms of its fixed interest long-term debt are similar to those that could be procured as of June 30, 2022, and the carrying value of $4,950,000 is 1.02% higher than the fair market value of $4,899,299. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs (interest rate curves) of the fair value hierarchy. |
Commitments and Contingencies (
Commitments and Contingencies (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies | 9. Commitments and Contingencies: Contingencies Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. As of June 30, 2023, management is not aware of any material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been established in the accompanying consolidated financial statements. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. Commitments The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters duration was approximately 12 months and extension periods vary from 2 to 4 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates. As at June 30, 2023, the Company operates certain of its vessels under time charter agreements, considered as operating leases accounted for as per ASC 842 requirements. The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2023. For index-linked time charter contracts the calculation was made using the charter rates that prevail at the balance sheet date for index-linked time charters and the fixed rates for fixed periods time charters (these amounts do not include any assumed off-hire). Twelve month periods ending June 30 Amount 2024 20,918 2025 1,810 Total 22,728 As at June 30, 2023, the Company had an aggregate amount of unrecognized unconditional purchase obligation amounting to $16,033, in connection with the agreement to acquire a vessel from an unaffiliated third party, under which the Company had paid an advance of such purchase price (Note 5) and the balance will be paid on the delivery of the vessel (Note 15). At the end of Chrisea’s 18-month bareboat charter, the Company has an option to repurchase the vessel for $12,360 (Note 6). On April 19, 2023, the Company entered into a bareboat charter agreement with an unaffiliated third party for a secondhand Panamax vessel, the Ikan Kerapu, which was renamed Synthesea . The vessel was delivered to the Company on August 1, 2023 (Note 15). The Company made a down payment of $3,500 on signing of the bareboat charter agreement and is presented under “Prepaid expenses other, non-current” in the accompanying consolidated balance sheets and a payment of $3,500 upon commencement of the bareboat charter (Note 15) | |
United Maritime Predecessor [Member] | ||
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies | 10. Commitments and Contingencies: Commitments The following table sets forth the Subsidiary’s future minimum contractual charter revenue based on vessel’s committed non-cancelable time charter contracts as at June 30, 2022 using the charter rates that prevail at the balance sheet date for index-linked time charters (these amounts do not include any assumed off-hire): Twelve month periods ending June 30, Amount 2023 4,888,965 Total 4,888,965 Contingencies Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Subsidiary’s vessel. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying financial statements. The Subsidiary accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying financial statements. The Subsidiary is covered for liabilities associated with its vessel’s actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. |
Interest and Finance Costs, net
Interest and Finance Costs, net (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Interest and Finance Costs [Abstract] | ||
Interest and Finance Costs | 12. Interest and Finance Costs: Interest and finance costs are analyzed as follows: June 30, 2023 From January 20, 2022 to June 30, 2022 Interest on long-term debt and other financial liabilities 2,272 - Amortization of debt finance costs and debt discounts 370 - Interest on finance lease liability 328 - Other 9 - Total 2,979 - | |
United Maritime Predecessor [Member] | ||
Interest and Finance Costs [Abstract] | ||
Interest and Finance Costs | 11. Interest and Finance Costs, net: Interest and finance costs are analyzed as follows: June 30, 2022 2021 Interest on long-term debt 273,335 318,646 Amortization of debt issuance costs 43,183 52,419 Other, net (1,073 ) 1,954 Total 315,445 373,019 |
Subsequent Events (Predecessor)
Subsequent Events (Predecessor) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 15. Subsequent Events On July 6, 2023, the Company paid a dividend of $667 (Note 10). On August 1, 2023, the Company took delivery of the vessel Synthesea. The transaction On August 3, 2023, the Company announced a regular quarterly dividend of $0.075 per share for the second quarter of 2023, payable on or about October 6, 2023 to all shareholders of record as of September 22, 2023. On August 9, 2023, the Company entered into a deed of accession, amendment and restatement of the August 2022 Entrust Facility pursuant to which Exelixsea Maritime Co. acceded thereto as borrower. Under the terms of the amended agreement, the $15,000 tranche secured by the Epanastasea Santa Barbara Exelixsea Epanastasea’s On August 10, 2023, the Company sold the Epanastasea | |
United Maritime Predecessor [Member] | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 12. Subsequent Events: On July 6, 2022, the Parent announced that it has completed the spin-off of its wholly-owned subsidiary, United, effective July 5, 2022. Immediately prior to the completion of the spin-off, the Parent contributed the Subsidiary to United. On July 28, 2022, the Entrust Facility was amended and restated with the purpose to increase the facility from the total amount outstanding to $14,000,000, change the maturity date to February 1, 2024, alter the guarantor of the facility to United and cancel all applicable financial covenants. On August 1, 2022, the drawdown was completed resulting to a new balance outstanding of $14,000,000. The amended and restated facility bears a fixed interest of 7.90% per annum and is repayable through three installments of $1,000,000 each on the dates falling nine, twelve and fifteen months after the drawdown and a final balloon payment of $11,000,000 payable on maturity date. |
Significant Accounting Polici_3
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Sale and Leaseback Transactions | (a) Sale and Leaseback Transactions In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. |
Finance Lease Liabilities & Right-of-Use Assets | (b) Finance Lease Liabilities & Right-of-Use Assets Bareboat charter-in agreements that the Company may enter into are accounted for pursuant to ASC 842 and are classified as finance leases if they either involve a purchase obligation or a purchase option that is reasonably certain, at inception, that will be exercised. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement, of the lease payments to be made over the lease term, including any amount for the purchase the vessel, if applicable. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. A lessee initially measures the finance right-of-use asset at cost which consists of the amount of the initial measurement of the lease liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. A lessee shall amortize the finance right-of-use asset on a straight-line basis (unless another systematic basis better represents the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits) from the commencement date to the earlier of the end of the useful life of the finance right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the lessee shall amortize the right-of-use asset to the end of the useful life of the underlying asset. The Company elected the practical expedient on not separating lease components from nonlease components in accordance with ASC 842-10-15-37. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements – Not Yet Adopted Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited interim financial statements for the six-month period ended June 30, 2023. |
Significant Accounting Polici_4
Significant Accounting Policies (Predecessor) (Policies) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Significant Accounting Policies [Abstract] | ||
Recent Accounting Pronouncements | Recent Accounting Pronouncements – Not Yet Adopted Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited interim financial statements for the six-month period ended June 30, 2023. | |
United Maritime Predecessor [Member] | ||
Significant Accounting Policies [Abstract] | ||
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted On January 1, 2022, the Company adopted ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and General Information [Abstract] | |
Subsidiaries in Consolidation | a. Subsidiaries in Consolidation: United’s subsidiaries included in these unaudited interim consolidated financial statements as of June 30, 2023: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal United Management Corp. (1)(2) Marshall Islands N/A N/A N/A Sea Glorius Shipping Co. (1) Marshall Islands Gloriuship July 6, 2022 N/A Epanastasea Maritime Co. (1) Marshall Islands Epanastasea September 2, 2022 Note 5 Parosea Shipping Co. (1) Marshall Islands Parosea August 10, 2022 November 8, 2022 Bluesea Shipping Co. (1) Marshall Islands Bluesea August 12, 2022 December 1, 2022 Minoansea Maritime Co. (1) Marshall Islands Minoansea August 30, 2022 December 22, 2022 Good Maritime Co. (1) Liberia Goodship February 10, 2023 N/A Traders Maritime Co. (1) Marshall Islands Tradership February 28, 2023 N/A Chrisea Maritime Co. (1)(3) Marshall Islands Chrisea February 21, 2023 N/A Oasea Maritime Co. (1)(3) Marshall Islands Oasea March 27, 2023 March 31, 2023 Cretansea Maritime Co. (1)(3) Marshall Islands Cretansea April 26, 2023 April 26, 2023 Synthesea Maritime Co. (1)(3) Liberia Note 9 Note 15 N/A Exelixsea Maritime Co. (1) Marshall Islands Note 5 N/A N/A (1) Subsidiaries wholly owned (2) Management company (3) Bareboat charterers |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statement of cash flows: June 30, 2023 December 31, 2022 Cash and cash equivalents 6,582 54,732 Restricted cash, non-current 700 15,200 Cash and Cash equivalents and restricted cash 7,282 69,932 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Vessels, Net [Abstract] | |
Vessels, Net | The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2023 December 31, 2022 Cost: Beginning balance: 38,769 - - Vessel contributed by Seanergy - 18,500 - Additions 77,057 80,648 - Transfer to “Vessel held for sale” (21,445 ) - - Disposals - (60,379 ) Ending balance: 94,381 38,769 Accumulated depreciation: Beginning balance: (1,257 ) - - Depreciation for the period (2,946 ) (1,903 ) - Transfer to “Vessel held for sale” 802 - - Disposals - 646 Ending balance: (3,401 ) (1,257 ) Net book value 90,980 37,512 |
Right-of-Use Assets and Finan_2
Right-of-Use Assets and Finance Lease Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Right-of Use Assets and Finance Lease Liabilities [Abstract] | |
Annual Lease Payments | The annual lease payments under the Chrisea Twelve month periods ending June 30 Amount 2024 2,672 2025 12,586 Total undiscounted lease payments 15,258 Less: Discount based on implicit rate (957 ) Present value of finance lease liabilities 14,301 Finance lease liabilities, current 1,824 Finance lease liabilities, non-current 12,477 Present value of finance lease liabilities 14,301 |
Long-Term Debt and Other Fina_2
Long-Term Debt and Other Financial Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Long-Term Debt | The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2023 December 31, 2022 Long-term debt and other financial liabilities 64,713 43,200 Less: Deferred financing costs (766 ) (594 ) Total 63,947 42,606 Less - current portion (42,568 ) (7,473 ) Long-term portion 21,379 35,133 |
Annual Principal Payments | The annual principal payments required to be made after June 30, 2023 for all long-term debt and other financial liabilities, are as follows: Twelve month periods ending June 30 Amount 2024 43,040 2025 2,340 2026 2,340 2027 2,340 Thereafter 14,653 Total 64,713 |
Commitments and Contingencies_2
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Future Minimum Contractual Charter Revenue | The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2023. For index-linked time charter contracts the calculation was made using the charter rates that prevail at the balance sheet date for index-linked time charters and the fixed rates for fixed periods time charters (these amounts do not include any assumed off-hire). Twelve month periods ending June 30 Amount 2024 20,918 2025 1,810 Total 22,728 |
Vessel Revenue, net and Voyag_2
Vessel Revenue, net and Voyage Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Vessel Revenue, net and Voyage Expenses [Abstract] | |
Income Derived from Time Charters | The following table presents the Company’s income statement figures derived from time charters for the six-month periods ended June 30, 2023 and from inception (January 20, 2022) to June 30, 2022: June 30, 2023 From January 20, 2022 to June 30, 2022 Vessel revenues from time charters, net of commissions 12,832 - Total 12,832 - |
Net Trade Accounts Receivable Disaggregated by Revenue Source | The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2023 and December 31, 2022: June 30, December 31, 2023 2022 Accounts receivable trade, net from spot charters - 2 Accounts receivable trade, net from time charters 551 777 Total 551 779 |
Revenue from Charterers | Charterers individually accounting for more than 10% of revenues for the six-month periods ended June 30, 2023 and for the period from inception (January 20, 2022) through June 30, 2022: Customer 2023 2022 A 33% - B 26% - C 15% - D 10% - Total 84% - |
Voyage Expenses from Time Charters | The following table presents the Company’s statement of operations’ figures derived from time charters and for unfixed periods for the period from for the six-month periods ended June 30, 2023 and for the period from inception (January 20, 2022) through June 30, 2022: June 30, 2023 From January 20, 2022 to June 30, 2022 Voyage expenses from time charters 669 - Voyage expenses for unfixed periods 480 - Total 1,149 - |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | Interest and finance costs are analyzed as follows: June 30, 2023 From January 20, 2022 to June 30, 2022 Interest on long-term debt and other financial liabilities 2,272 - Amortization of debt finance costs and debt discounts 370 - Interest on finance lease liability 328 - Other 9 - Total 2,979 - |
Loss per Share (Tables)
Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Loss per Share [Abstract] | |
Net Loss Per Common Share | The calculation of net loss per common share is summarized below: June 30, 2023 From January 20, 2022 to June 30, 2022 Net loss $ (7,914 ) $ - Less: Dividends to non-vested participating securities (77 ) - Net loss attributable to common shareholders, basic & diluted $ (7,991 ) $ - Weighted average common shares outstanding, basic & diluted 8,030,666 500 Net loss per share attributable to common shareholders, basic & diluted $ (0.99 ) $ - |
Cash and Cash Equivalents (Pr_2
Cash and Cash Equivalents (Predecessor) (Tables) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | ||
Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim consolidated statement of cash flows: June 30, 2023 December 31, 2022 Cash and cash equivalents 6,582 54,732 Restricted cash, non-current 700 15,200 Cash and Cash equivalents and restricted cash 7,282 69,932 | |
United Maritime Predecessor [Member] | ||
Cash and Cash Equivalents [Abstract] | ||
Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows: June 30, 2022 December 31, 2021 Cash and cash equivalents 250,000 765,484 Total 250,000 765,484 |
Deferred Charges, Net and Oth_2
Deferred Charges, Net and Other Long-Term Investments (Predecessor) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
United Maritime Predecessor [Member] | |
Deferred Charges, Net and Other Long-Term Investments [Abstract] | |
Deferred Charges, Net and Other Long-Term Investments | Deferred charges and other long-term investments, non-current, include dry-dock charges and investment on equipment not yet installed to vessels. The amounts in the accompanying balance sheets are analyzed as follows: Deferred charges Balance December 31, 2020 399,681 Additions 72,318 Amortization (316,450 ) Balance December 31, 2021 155,549 Additions 3,221,998 Amortization (239,743 ) Transferred to Vessels, Net (72,318 ) Balance June 30, 2022 3,065,486 |
Vessel, Net (Predecessor) (Tabl
Vessel, Net (Predecessor) (Tables) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Vessel, Net [Abstract] | ||
Vessels, Net | The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2023 December 31, 2022 Cost: Beginning balance: 38,769 - - Vessel contributed by Seanergy - 18,500 - Additions 77,057 80,648 - Transfer to “Vessel held for sale” (21,445 ) - - Disposals - (60,379 ) Ending balance: 94,381 38,769 Accumulated depreciation: Beginning balance: (1,257 ) - - Depreciation for the period (2,946 ) (1,903 ) - Transfer to “Vessel held for sale” 802 - - Disposals - 646 Ending balance: (3,401 ) (1,257 ) Net book value 90,980 37,512 | |
United Maritime Predecessor [Member] | ||
Vessel, Net [Abstract] | ||
Vessels, Net | The amounts in the accompanying balance sheets are analyzed as follows: June 30, 2022 December 31, 2021 Cost: Beginning balance 16,925,546 16,925,546 - Additions 1,044,143 - Ending balance 17,969,689 16,925,546 Accumulated depreciation: Beginning balance (4,645,275 ) (3,888,510 ) - Additions (387,764 ) (756,765 ) Ending balance (5,033,039 ) (4,645,275 ) Net book value 12,936,650 12,280,271 |
Long-Term Debt (Predecessor) (T
Long-Term Debt (Predecessor) (Tables) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Long-Term Debt [Abstract] | ||
Long-Term Debt | The amounts in the accompanying consolidated balance sheets are analyzed as follows: June 30, 2023 December 31, 2022 Long-term debt and other financial liabilities 64,713 43,200 Less: Deferred financing costs (766 ) (594 ) Total 63,947 42,606 Less - current portion (42,568 ) (7,473 ) Long-term portion 21,379 35,133 | |
Annual Principal Payments | The annual principal payments required to be made after June 30, 2023 for all long-term debt and other financial liabilities, are as follows: Twelve month periods ending June 30 Amount 2024 43,040 2025 2,340 2026 2,340 2027 2,340 Thereafter 14,653 Total 64,713 | |
United Maritime Predecessor [Member] | ||
Long-Term Debt [Abstract] | ||
Long-Term Debt | The amounts in the accompanying balance sheets are analyzed as follows: June 30, 2022 December 31, 2021 Secured loan facilities 4,950,000 5,500,000 Less: Deferred financing costs (79,299 ) (119,256 ) Total 4,870,701 5,380,744 Less – current portion (1,342,318 ) (1,177,074 ) Long-term portion 3,528,383 4,203,670 | |
Annual Principal Payments | The annual principal payments required to be made after June 30, 2022 , Twelve month periods ended June 30, Amount 2023 1,400,000 2024 1,400,000 2025 1,400,000 2026 750,000 Thereafter - Total 4,950,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Predecessor) (Tables) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Commitments and Contingencies [Line Items] | ||
Future Minimum Contractual Charter Revenue | The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2023. For index-linked time charter contracts the calculation was made using the charter rates that prevail at the balance sheet date for index-linked time charters and the fixed rates for fixed periods time charters (these amounts do not include any assumed off-hire). Twelve month periods ending June 30 Amount 2024 20,918 2025 1,810 Total 22,728 | |
United Maritime Predecessor [Member] | ||
Commitments and Contingencies [Line Items] | ||
Future Minimum Contractual Charter Revenue | The following table sets forth the Subsidiary’s future minimum contractual charter revenue based on vessel’s committed non-cancelable time charter contracts as at June 30, 2022 using the charter rates that prevail at the balance sheet date for index-linked time charters (these amounts do not include any assumed off-hire): Twelve month periods ending June 30, Amount 2023 4,888,965 Total 4,888,965 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Predecessor) (Tables) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Interest and Finance Costs [Abstract] | ||
Interest and Finance Costs | Interest and finance costs are analyzed as follows: June 30, 2023 From January 20, 2022 to June 30, 2022 Interest on long-term debt and other financial liabilities 2,272 - Amortization of debt finance costs and debt discounts 370 - Interest on finance lease liability 328 - Other 9 - Total 2,979 - | |
United Maritime Predecessor [Member] | ||
Interest and Finance Costs [Abstract] | ||
Interest and Finance Costs | Interest and finance costs are analyzed as follows: June 30, 2022 2021 Interest on long-term debt 273,335 318,646 Amortization of debt issuance costs 43,183 52,419 Other, net (1,073 ) 1,954 Total 315,445 373,019 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information, Summary (Details) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2023 | Jan. 19, 2022 | |
Basis of Presentation and General Information [Abstract] | |||
Share capital (in shares) | 500 | ||
Working capital deficit | $ (26,213) | ||
Net losses | $ 0 | (7,914) | |
Operating cash flows | 0 | (844) | |
Basis of Presentation [Abstract] | |||
Planned loan payments | $ 0 | 2,988 | |
July 2022 and August 2022 Entrust Facilities [Member] | |||
Basis of Presentation [Abstract] | |||
Balloon payment | 35,200 | ||
July 2022 and August 2022 Entrust Facilities [Member] | Plan [Member] | |||
Basis of Presentation [Abstract] | |||
Planned loan payments | $ 40,700 |
Basis of Presentation and Gen_5
Basis of Presentation and General Information, Subsidiaries in Consolidation (Details) | 6 Months Ended |
Jun. 30, 2023 | |
United Management Corp [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Sea Glorius Shipping Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Vessel Name | Gloriuship |
Date of delivery | Jul. 06, 2022 |
Epanastasea Maritime Co [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Vessel Name | Epanastasea |
Date of delivery | Sep. 02, 2022 |
Parosea Shipping Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Vessel Name | Parosea |
Date of delivery | Aug. 10, 2022 |
Date of sale/disposal | Nov. 08, 2022 |
Bluesea Shipping Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Vessel Name | Bluesea |
Date of delivery | Aug. 12, 2022 |
Date of sale/disposal | Dec. 01, 2022 |
Minoansea Maritime Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Vessel Name | Minoansea |
Date of delivery | Aug. 30, 2022 |
Date of sale/disposal | Dec. 22, 2022 |
Good Maritime Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | N0 |
Vessel Name | Goodship |
Date of delivery | Feb. 10, 2023 |
Traders Maritime Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Vessel Name | Tradership |
Date of delivery | Feb. 28, 2023 |
Chrisea Maritime Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Vessel Name | Chrisea |
Date of delivery | Feb. 21, 2023 |
Oasea Maritime Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Vessel Name | Oasea |
Date of delivery | Mar. 27, 2023 |
Date of sale/disposal | Mar. 31, 2023 |
Cretansea Maritime Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Vessel Name | Cretansea |
Date of delivery | Apr. 26, 2023 |
Date of sale/disposal | Apr. 26, 2023 |
Synthesea Maritime Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | N0 |
Exelixsea Maritime Co. [Member] | |
Subsidiaries in Consolidation [Abstract] | |
Country of incorporation | 1T |
Transactions with Related Par_3
Transactions with Related Parties (Details) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | 11 Months Ended | |||
Apr. 01, 2023 | Jun. 30, 2023 USD ($) | Mar. 31, 2023 | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Feb. 28, 2023 USD ($) Vessel | |
Transactions with Related Parties [Abstract] | |||||||
Management fees - related party | $ 0 | $ 563 | |||||
Due to related parties | $ 3,930 | 3,930 | $ 829 | ||||
Seanergy Management Corp. [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Number of vessels to be acquired | Vessel | 2 | ||||||
Aggregate purchase price | $ 36,250 | ||||||
Seanergy Shipmanagement [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Management fees - related party | 0 | ||||||
Related Party [Member] | Seanergy Maritime Holdings Corp. [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Management fees - related party | 0 | 298 | |||||
Due to related parties | 3,018 | 3,018 | 439 | ||||
Related Party [Member] | Seanergy Management Corp. [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due to related parties | $ 647 | $ 647 | 390 | ||||
Commercial management fee | 0.75% | 1.25% | |||||
Percentage of contract price paid on purchase or sale of vessel | 1% | 1% | |||||
Commercial management fees | 0 | $ 136 | |||||
Fees charged in relation to purchase services | 509 | 795 | |||||
Fees charged in relation to sales services | $ 0 | 0 | |||||
Related Party [Member] | Seanergy Shipmanagement [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Management fees - related party | 265 | ||||||
Due to related parties | $ 265 | 265 | $ 0 | ||||
Related Party [Member] | Seanergy Shipmanagement [Member] | Goodship [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Monthly fixed management fee | 10 | ||||||
Related Party [Member] | Seanergy Shipmanagement [Member] | Remaining Vessels [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Monthly fixed management fee | $ 14 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jan. 19, 2022 |
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 6,582 | $ 54,732 | ||
Restricted cash, non-current | 700 | 15,200 | ||
Cash and cash equivalents and restricted cash | 7,282 | 69,932 | $ 0 | $ 0 |
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Restricted cash served as cash collateral | $ 15,200 | |||
March 2023 Neptune Sale and Leaseback [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity | 350 | |||
April 2023 Neptune Sale and Leaseback [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity | $ 350 |
Vessels, Net, Net Book Value (D
Vessels, Net, Net Book Value (Details) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended | 11 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accumulated Depreciation [Abstract] | ||||
Depreciation and amortization | $ 0 | $ (3,482) | ||
Vessels [Member] | ||||
Cost [Abstract] | ||||
Beginning balance | 38,769 | $ 0 | ||
Vessel contributed by Seanergy | 0 | $ 18,500 | ||
Additions | 77,057 | 80,648 | ||
Transfer to "Vessel held for sale" | (21,445) | 0 | ||
Disposals | 0 | (60,379) | ||
Ending balance | 94,381 | 38,769 | ||
Accumulated Depreciation [Abstract] | ||||
Beginning balance | (1,257) | $ 0 | ||
Depreciation and amortization | (2,946) | (1,903) | ||
Transfer to "Vessel held for sale" | 802 | 0 | ||
Disposals | 0 | 646 | ||
Ending balance | (3,401) | (1,257) | ||
Net book value | $ 90,980 | $ 37,512 |
Vessels, Net, Acquisitions and
Vessels, Net, Acquisitions and Advances for Vessels Acquisitions (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||||||
May 05, 2023 | Feb. 28, 2023 | Feb. 10, 2023 | Feb. 07, 2023 | Jun. 30, 2023 | Jun. 14, 2023 | Jun. 09, 2023 | Dec. 31, 2022 | Dec. 28, 2022 | |
Vessels, Net [Abstract] | |||||||||
Advances for vessels acquisitions from related parties | $ 0 | $ 12,688 | |||||||
Goodship [Member] | |||||||||
Vessels, Net [Abstract] | |||||||||
Gross purchase price | $ 17,500 | ||||||||
Financing amount | $ 7,000 | ||||||||
Advances for vessels acquisitions from related parties | $ 6,125 | ||||||||
Tradership [Member] | |||||||||
Vessels, Net [Abstract] | |||||||||
Gross purchase price | $ 18,750 | ||||||||
Financing amount | $ 8,200 | ||||||||
Advances for vessels acquisitions from related parties | $ 6,563 | ||||||||
Oasea [Member] | |||||||||
Vessels, Net [Abstract] | |||||||||
Gross purchase price | $ 19,500 | ||||||||
Cretansea [Member] | |||||||||
Vessels, Net [Abstract] | |||||||||
Gross purchase price | $ 19,675 | ||||||||
Capitalized Expenditures Related to Acquisition Costs [Member] | |||||||||
Vessels, Net [Abstract] | |||||||||
Gross purchase price | 456 | ||||||||
Capitalized Expenditures for Improvements on Vessels Performance and Meeting Environmental Standards [Member] | |||||||||
Vessels, Net [Abstract] | |||||||||
Gross purchase price | 1,176 | ||||||||
Exelixsea [Member] | |||||||||
Vessels, Net [Abstract] | |||||||||
Purchase price | $ 17,815 | ||||||||
Advances for vessels acquisitions from related parties | $ 1,782 | ||||||||
Epanastasea [Member] | |||||||||
Vessels, Net [Abstract] | |||||||||
Sales price | $ 37,500 | ||||||||
Unamortized balance of vessel cost | 20,643 | ||||||||
Unamortized balance of drydocking cost | $ 2,802 |
Right-of-Use Assets and Finan_3
Right-of-Use Assets and Finance Lease Liabilities (Details) - USD ($) | 5 Months Ended | 6 Months Ended | |||
Feb. 21, 2023 | Feb. 09, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Right-of-Use Assets and Finance Lease Liabilities [Abstract] | |||||
Right-of use asset | $ 22,230,000 | $ 0 | |||
Interest expense on finance lease liability | $ 0 | 328,000 | |||
Annual Lease Payments [Abstract] | |||||
Finance lease liabilities, current | 1,824,000 | 0 | |||
Finance lease liabilities, non-current | $ 12,477,000 | $ 0 | |||
Chrisea [Member] | |||||
Right-of-Use Assets and Finance Lease Liabilities [Abstract] | |||||
Term of bareboat charter | 18 months | ||||
Daily rate of vessel | $ 7,300 | ||||
Down payment | 3,500,000 | ||||
Payment upon commencement of bareboat charter | $ 3,500,000 | ||||
Repurchase price of vessel | $ 12,360,000 | ||||
Implicit borrowing rate | 6.50% | ||||
Right-of use asset | $ 22,767,000 | $ 22,230,000 | |||
Initial direct costs | 700,000 | ||||
Amortization of right-of use asset | 536,000 | ||||
Interest expense on finance lease liability | $ 328,000 | ||||
Weighted average remaining lease term | 1 year 1 month 20 days | ||||
Annual Lease Payments [Abstract] | |||||
2024 | $ 2,672,000 | ||||
2025 | 12,586,000 | ||||
Total undiscounted lease payments | 15,258,000 | ||||
Less: Discount based on implicit rate | (957,000) | ||||
Present value of finance lease liabilities | $ 15,067,000 | 14,301,000 | |||
Finance lease liabilities, current | 1,824,000 | ||||
Finance lease liabilities, non-current | $ 12,477,000 |
Long-Term Debt and Other Fina_3
Long-Term Debt and Other Financial Liabilities, Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Long-Term Debt and Other Financial Liabilities [Abstract] | ||
Long-term debt and other financial liabilities | $ 64,713 | $ 43,200 |
Less: Deferred financing costs | (766) | (594) |
Total | 63,947 | 42,606 |
Less - current portion | (42,568) | (7,473) |
Long-term portion | $ 21,379 | $ 35,133 |
Long-Term Debt and Other Fina_4
Long-Term Debt and Other Financial Liabilities, August 2022 Entrust Facility (Details) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) Installment | Feb. 28, 2023 USD ($) | Feb. 10, 2023 USD ($) | Jan. 30, 2023 USD ($) Tranche | Dec. 31, 2022 USD ($) | |
Senior Long-Term Debt [Abstract] | |||||
Balance outstanding | $ 63,947 | $ 42,606 | |||
Goodship [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Financing amount | $ 7,000 | ||||
Tradership [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Financing amount | $ 8,200 | ||||
August 2022 Entrust Facility [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Number of tranches | Tranche | 2 | ||||
Balloon payment | 25,200 | ||||
Balance outstanding | $ 29,200 | ||||
August 2022 Entrust Facility [Member] | Twelfth Month after Utilization Date [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Number of payment installments | Installment | 1 | ||||
Installment payment | $ 1,000 | ||||
August 2022 Entrust Facility [Member] | Fifteenth Month after Utilization Date [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Number of payment installments | Installment | 1 | ||||
Installment payment | $ 3,000 | ||||
Tranche E [Member] | Goodship [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Financing amount | $ 7,000 | ||||
Fixed interest rate | 9% | ||||
Tranche F [Member] | Tradership [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Financing amount | $ 8,200 | ||||
Fixed interest rate | 9% |
Long-Term Debt and Other Fina_5
Long-Term Debt and Other Financial Liabilities, March 2023 Neptune Sale and Leaseback (Details) | 6 Months Ended | ||
Jun. 30, 2023 USD ($) Installment | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Secured Debt [Abstract] | |||
Balance outstanding | $ 63,947,000 | $ 42,606,000 | |
March 2023 Neptune Sale and Leaseback [Member] | |||
Secured Debt [Abstract] | |||
Financing amount | $ 12,250,000 | ||
Interest rate | 4.25% | ||
Term of variable rate | 3 months | ||
Principal repayment term | 5 years | ||
Number of consecutive payment installments | Installment | 60 | ||
Frequency of periodic payment | monthly | ||
Installment payment | $ 97,500 | ||
Balloon payment | $ 6,400,000 | ||
Minimum security coverage ratio, first twelve months | 120% | ||
Minimum security coverage ratio, thereafter | 130% | ||
Minimum liquidity | $ 350,000 | ||
Term of bareboat charter | 5 years | ||
Balance outstanding | $ 11,958,000 |
Long-Term Debt and Other Fina_6
Long-Term Debt and Other Financial Liabilities, April 2023 Neptune Sale and Leaseback (Details) | 6 Months Ended | ||
Jun. 30, 2023 USD ($) Installment | Apr. 26, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Secured Debt [Abstract] | |||
Balance outstanding | $ 63,947,000 | $ 42,606,000 | |
April 2023 Neptune Sale and Leaseback [Member] | |||
Secured Debt [Abstract] | |||
Financing amount | $ 12,250,000 | ||
Interest rate | 4.25% | ||
Term of variable rate | 3 months | ||
Principal repayment term | 5 years | ||
Number of consecutive payment installments | Installment | 60 | ||
Frequency of periodic payment | monthly | ||
Installment payment | $ 97,500 | ||
Balloon payment | $ 6,400,000 | ||
Minimum security coverage ratio, first twelve months | 120% | ||
Minimum security coverage ratio, thereafter | 130% | ||
Minimum liquidity | $ 350,000 | ||
Term of bareboat charter | 5 years | ||
Balance outstanding | $ 12,055,000 |
Long-Term Debt and Other Fina_7
Long-Term Debt and Other Financial Liabilities, Collateral (Details) $ in Thousands | Jun. 30, 2023 USD ($) Vessel |
Vessels Subject to Mortgages [Member] | |
Senior Long-Term Debt [Abstract] | |
Number of vessels | Vessel | 4 |
Net book value | $ | $ 75,425 |
Vessels Financed Through Sale and Leaseback Agreements [Member] | |
Senior Long-Term Debt [Abstract] | |
Number of vessels | Vessel | 2 |
Net book value | $ | $ 39,000 |
Long-Term Debt and Other Fina_8
Long-Term Debt and Other Financial Liabilities, Annual Principal Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Annual Principal Payments [Abstract] | ||
2024 | $ 43,040 | |
2025 | 2,340 | |
2026 | 2,340 | |
2027 | 2,340 | |
Thereafter | 14,653 | |
Total | $ 64,713 | $ 43,200 |
Financial Instruments (Details)
Financial Instruments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Financial Instruments [Abstract] | |
Percentage carrying value is higher than fair market value of fixed interest long-term debt | 0.20% |
Carrying Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 40,700 |
Fair Market Value [Member] | Level 2 [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 40,607 |
Commitments and Contingencies_4
Commitments and Contingencies (Details) - USD ($) | 6 Months Ended | ||||
Aug. 01, 2023 | Apr. 19, 2023 | Feb. 21, 2023 | Feb. 09, 2023 | Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |||||
Term of time charter agreements | 12 months | ||||
Future Minimum Contractual Charter Revenue [Abstract] | |||||
2024 | $ 20,918,000 | ||||
2025 | 1,810,000 | ||||
Total | 22,728,000 | ||||
Unrecognized unconditional purchase obligation | $ 16,033,000 | ||||
Minimum [Member] | |||||
Commitments and Contingencies [Abstract] | |||||
Renewal term of time charter agreements | 2 months | ||||
Maximum [Member] | |||||
Commitments and Contingencies [Abstract] | |||||
Renewal term of time charter agreements | 4 months | ||||
Chrisea [Member] | |||||
Future Minimum Contractual Charter Revenue [Abstract] | |||||
Down payment | $ 3,500,000 | ||||
Payment upon commencement of bareboat charter | $ 3,500,000 | ||||
Term of bareboat charter | 18 months | ||||
Daily rate of vessel | 7,300 | ||||
Repurchase price of vessel | $ 12,360,000 | ||||
Synthesea [Member] | |||||
Future Minimum Contractual Charter Revenue [Abstract] | |||||
Down payment | $ 3,500,000 | ||||
Term of bareboat charter | 12 months | ||||
Optional term of bareboat charter | 30 days | ||||
Daily rate of vessel | 8,000 | ||||
Repurchase price of vessel | $ 17,100,000 | ||||
Synthesea [Member] | Subsequent Event [Member] | |||||
Future Minimum Contractual Charter Revenue [Abstract] | |||||
Payment upon commencement of bareboat charter | $ 3,500,000 |
Capital Structure, Dividends (D
Capital Structure, Dividends (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||||
Apr. 06, 2023 USD ($) | Jan. 10, 2023 USD ($) Vessel $ / shares | Jun. 30, 2023 USD ($) | May 17, 2023 $ / shares | Feb. 22, 2023 $ / shares | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Dividends [Abstract] | |||||||
Dividend payable, date declared | Nov. 29, 2022 | ||||||
Number of vessels acquired | Vessel | 2 | ||||||
Dividend payable, date of payment | Jan. 10, 2023 | ||||||
Dividend payable, date of record | Dec. 12, 2022 | ||||||
Dividends payable | $ | $ 667 | $ 7,373 | $ 0 | ||||
Other Current Liabilities [Member] | |||||||
Dividends [Abstract] | |||||||
Dividends payable | $ | $ 667 | ||||||
Special Dividend [Member] | |||||||
Dividends [Abstract] | |||||||
Dividends paid | $ | $ 7,373 | ||||||
Dividend payable (in dollars per share) | $ / shares | $ 1 | ||||||
Quarterly Dividend [Member] | |||||||
Dividends [Abstract] | |||||||
Dividend payable, date declared | Feb. 22, 2023 | ||||||
Dividend payable (in dollars per share) | $ / shares | $ 0.075 | ||||||
Quarterly Dividend for Q4 2022 [Member] | |||||||
Dividends [Abstract] | |||||||
Dividends paid | $ | $ 667 | ||||||
Dividend payable (in dollars per share) | $ / shares | $ 0.075 | ||||||
Dividend payable, date of payment | Apr. 06, 2023 | ||||||
Quarterly Dividend for Q1 2023 [Member] | |||||||
Dividends [Abstract] | |||||||
Dividend payable, date declared | May 17, 2023 | ||||||
Dividend payable (in dollars per share) | $ / shares | $ 0.075 | ||||||
Dividend payable, date of payment | Jul. 06, 2023 | ||||||
Dividend payable, date of record | Jun. 22, 2023 |
Capital Structure, Common Stock
Capital Structure, Common Stock Buybacks (Details) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
Common stock buybacks [Abstract] | ||
Repurchase of common stock (in shares) | 67,294 | |
Average price of repurchased shares (in dollars per share) | $ 2.85 | |
Payments for repurchase of common stock | $ 0 | $ 193 |
Capital Structure, Warrants (De
Capital Structure, Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jan. 11, 2023 | Jan. 10, 2023 | |
Class A Warrants [Member] | |||
Warrants [Abstract] | |||
Shares issued upon exercise of warrants (in shares) | 779,200 | ||
Gross proceeds | $ 1,883 | ||
Warrants outstanding (in shares) | 6,962,770 | ||
Warrant exercise price (in dollars per share) | $ 2.25 | ||
Shares to be issued upon exercise of remaining warrants (in shares) | 6,962,770 | ||
Special Dividend [Member] | |||
Warrants [Abstract] | |||
Dividend payable (in dollars per share) | $ 1 |
Vessel Revenue, net and Voyag_3
Vessel Revenue, net and Voyage Expenses, Income Derived from Charters (Details) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
Disaggregation of Revenue [Abstract] | ||
Vessel revenues, net of commissions | $ 0 | $ 12,832 |
Time Charter [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Vessel revenues, net of commissions | $ 0 | $ 12,832 |
Vessel Revenue, net and Voyag_4
Vessel Revenue, net and Voyage Expenses, Net Trade Accounts Receivable Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Abstract] | ||
Accounts receivable trade, net | $ 551 | $ 779 |
Deferred revenue | 216 | 1,027 |
Spot Charter [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Accounts receivable trade, net | 0 | 2 |
Time Charter [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Accounts receivable trade, net | $ 551 | $ 777 |
Vessel Revenue, net and Voyag_5
Vessel Revenue, net and Voyage Expenses, Revenue from Charterers (Details) - Revenues [Member] - Customer Concentration Risk [Member] | 5 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
Customers Accounting for More than 10 Percent of Revenues [Member] | ||
Revenues [Abstract] | ||
Concentration risk percentage | 0% | 84% |
Customer A [Member] | ||
Revenues [Abstract] | ||
Concentration risk percentage | 0% | 33% |
Customer B [Member] | ||
Revenues [Abstract] | ||
Concentration risk percentage | 0% | 26% |
Customer C [Member] | ||
Revenues [Abstract] | ||
Concentration risk percentage | 0% | 15% |
Customer D [Member] | ||
Revenues [Abstract] | ||
Concentration risk percentage | 0% | 10% |
Vessel Revenue, net and Voyag_6
Vessel Revenue, net and Voyage Expenses, Voyage Expenses from Charters (Details) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
Voyage Expenses [Abstract] | ||
Voyage Expenses | $ 0 | $ 1,149 |
Time Charter [Member] | ||
Voyage Expenses [Abstract] | ||
Voyage Expenses | 0 | 669 |
Unfixed Periods [Member] | ||
Voyage Expenses [Abstract] | ||
Voyage Expenses | $ 0 | $ 480 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
Interest and Finance Costs [Abstract] | ||
Interest on long-term debt and other financial liabilities | $ 0 | $ 2,272 |
Amortization of debt finance costs and debt discounts | 0 | 370 |
Interest on finance lease liability | 0 | 328 |
Other | 0 | 9 |
Total | $ 0 | $ 2,979 |
Loss per Share (Details)
Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
Loss per Share [Abstract] | ||
Net loss | $ 0 | $ (7,914) |
Less: Dividends to non-vested participating securities | 0 | (77) |
Net loss attributable to common shareholders, basic | 0 | (7,991) |
Net loss attributable to common shareholders, diluted | $ 0 | $ (7,991) |
Weighted average common shares outstanding, basic (in shares) | 500 | 8,030,666 |
Weighted average common shares outstanding, diluted (in shares) | 500 | 8,030,666 |
Net loss per share attributable to common shareholders, basic (in dollars per share) | $ 0 | $ (0.99) |
Net loss per share attributable to common shareholders, diluted (in dollars per share) | $ 0 | $ (0.99) |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2023 | |
General and Administrative Expenses [Member] | ||
Equity Incentive Plan [Abstract] | ||
Share-based compensation expense | $ 0 | $ 2,175 |
Restricted Stock [Member] | ||
Equity Incentive Plan [Abstract] | ||
Shares vested (in shares) | 899,986 | |
Shares outstanding at end of period (in shares) | 233,330 | |
Unrecognized Cost for Non-vested Shares [Abstract] | ||
Unrecognized cost for non-vested shares | $ 0 | $ 348 |
Recognition period for unrecognized cost for non-vested shares | 3 months 3 days |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||||
Aug. 10, 2023 USD ($) | Aug. 03, 2023 $ / shares | Aug. 01, 2023 USD ($) Payment | Jul. 06, 2023 USD ($) | May 05, 2023 USD ($) | Apr. 19, 2023 USD ($) | Jun. 30, 2023 | Aug. 09, 2023 USD ($) | |
Subsequent Events [Abstract] | ||||||||
Dividend payable, date declared | Nov. 29, 2022 | |||||||
Dividend payable date | Jan. 10, 2023 | |||||||
Dividend record date | Dec. 12, 2022 | |||||||
Synthesea [Member] | ||||||||
Subsequent Events [Abstract] | ||||||||
Down payment | $ 3,500 | |||||||
Epanastasea [Member] | ||||||||
Subsequent Events [Abstract] | ||||||||
Sales price | $ 37,500 | |||||||
Forecast [Member] | Epanastasea [Member] | ||||||||
Subsequent Events [Abstract] | ||||||||
Gain on sale of vessel | $ 12,000 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Events [Abstract] | ||||||||
Dividends paid | $ 667 | |||||||
Subsequent Event [Member] | Quarterly Dividend for Q2-2023 [Member] | ||||||||
Subsequent Events [Abstract] | ||||||||
Dividend payable, date declared | Aug. 03, 2023 | |||||||
Dividend payable (in dollars per share) | $ / shares | $ 0.075 | |||||||
Dividend payable date | Oct. 06, 2023 | |||||||
Dividend record date | Sep. 22, 2023 | |||||||
Subsequent Event [Member] | Synthesea [Member] | ||||||||
Subsequent Events [Abstract] | ||||||||
Number of cash payments | Payment | 2 | |||||||
Payment upon commencement of bareboat charter | $ 3,500 | |||||||
Subsequent Event [Member] | Epanastasea [Member] | ||||||||
Subsequent Events [Abstract] | ||||||||
Sales price | $ 37,500 | |||||||
Subsequent Event [Member] | August 2022 Entrust Facility [Member] | ||||||||
Subsequent Events [Abstract] | ||||||||
Financing amount | $ 15,000 | |||||||
Fixed interest rate | 9% |
Basis of Presentation and Gen_6
Basis of Presentation and General Information (Predecessor) (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 19, 2022 |
Basis of Presentation [Abstract] | |||
Share capital (in shares) | 500 | ||
Working capital deficit | $ (26,213,000) | ||
United Maritime Predecessor [Member] | |||
Basis of Presentation [Abstract] | |||
Share capital (in shares) | 500 | ||
Working capital deficit | $ (4,921,171) | ||
Current portion of long-term debt | $ 1,400,000 |
Transactions with Related Par_4
Transactions with Related Parties (Predecessor) (Details) - USD ($) | 5 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Transactions with Related Parties [Abstract] | ||||
Management fees - related party | $ 0 | $ 563,000 | ||
United Maritime Predecessor [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Commission expense | $ 27,725 | $ 30,488 | ||
Management fees - related party | $ 130,717 | 117,650 | ||
United Maritime Predecessor [Member] | Seanergy Management Corp. [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Commission expense | 30,488 | |||
Management fees - related party | $ 117,650 | |||
United Maritime Predecessor [Member] | Related Party [Member] | Seanergy Management Corp. [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Commercial fee | 1.25% | |||
Commission expense | $ 27,725 | |||
Daily fee for provision of management services | 650 | |||
Monthly fixed management fee | 14,000 | |||
Management fees - related party | $ 130,717 |
Parent Investment, Net (Prede_2
Parent Investment, Net (Predecessor) (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
United Maritime Predecessor [Member] | ||
Parent Investment, Net [Abstract] | ||
Parent investment, net | $ 8,998,552 | $ 7,868,678 |
Cash and Cash Equivalents (Pr_3
Cash and Cash Equivalents (Predecessor) (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Jan. 19, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | |||||||
Cash and cash equivalents | $ 6,582,000 | $ 54,732,000 | |||||
Cash and cash equivalents and restricted cash | $ 7,282,000 | $ 69,932,000 | $ 0 | $ 0 | |||
United Maritime Predecessor [Member] | |||||||
Cash and Cash Equivalents [Abstract] | |||||||
Cash and cash equivalents | 250,000 | $ 765,484 | |||||
Cash and cash equivalents and restricted cash | 250,000 | $ 765,484 | $ 732,556 | $ 406,008 | |||
United Maritime Predecessor [Member] | Entrust Facility [Member] | |||||||
Cash and Cash Equivalents [Abstract] | |||||||
Minimum liquidity requirements per Loan Facility | $ 250,000 |
Deferred Charges, Net and Oth_3
Deferred Charges, Net and Other Long-Term Investments (Predecessor) (Details) - USD ($) | 5 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Deferred Charges, Net and Other Long-Term Investments [Abstract] | |||||
Balance at beginning of period | $ 441,000 | ||||
Amortization | $ 0 | (87,000) | |||
Balance at end of period | $ 53,000 | ||||
United Maritime Predecessor [Member] | |||||
Deferred Charges, Net and Other Long-Term Investments [Abstract] | |||||
Balance at beginning of period | $ 155,549 | $ 399,681 | $ 399,681 | ||
Additions | 3,221,998 | 72,318 | |||
Amortization | (239,743) | $ (156,924) | (316,450) | ||
Transferred to Vessels, Net | (72,318) | ||||
Balance at end of period | $ 3,065,486 | $ 3,065,486 | $ 155,549 |
Vessel, Net (Predecessor) (Deta
Vessel, Net (Predecessor) (Details) - USD ($) | 5 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | 48 Months Ended | |||
Nov. 03, 2015 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Depreciation [Abstract] | ||||||||
Additions | $ 0 | $ (3,482,000) | ||||||
Vessel [Member] | ||||||||
Cost [Abstract] | ||||||||
Beginning balance | 38,769,000 | $ 0 | ||||||
Additions | 77,057,000 | $ 80,648,000 | ||||||
Ending balance | 94,381,000 | 38,769,000 | $ 0 | |||||
Accumulated Depreciation [Abstract] | ||||||||
Beginning balance | (1,257,000) | 0 | ||||||
Additions | (2,946,000) | (1,903,000) | ||||||
Ending balance | (3,401,000) | (1,257,000) | 0 | |||||
Net book value | $ 90,980,000 | $ 37,512,000 | ||||||
United Maritime Predecessor [Member] | ||||||||
Accumulated Depreciation [Abstract] | ||||||||
Additions | (387,764) | $ (375,273) | ||||||
Net book value | 12,936,650 | 12,936,650 | 12,280,271 | |||||
United Maritime Predecessor [Member] | Vessel [Member] | ||||||||
Cost [Abstract] | ||||||||
Beginning balance | 16,925,546 | 16,925,546 | 16,925,546 | |||||
Additions | $ 16,833,520 | 1,044,143 | 0 | $ 92,025 | ||||
Ending balance | 17,969,689 | 17,969,689 | 16,925,546 | 16,925,546 | ||||
Accumulated Depreciation [Abstract] | ||||||||
Beginning balance | (4,645,275) | $ (3,888,510) | (3,888,510) | |||||
Additions | (387,764) | (756,765) | ||||||
Ending balance | (5,033,039) | (5,033,039) | (4,645,275) | $ (3,888,510) | ||||
Net book value | $ 12,936,650 | $ 12,936,650 | $ 12,280,271 |
Long-Term Debt, Summary and Exi
Long-Term Debt, Summary and Existing Loan Facilities (Predecessor) (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Jul. 28, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Long-Term Debt [Abstract] | |||||
Secured loan facilities | $ 64,713,000 | $ 43,200,000 | |||
Less: Deferred financing costs | (766,000) | (594,000) | |||
Total | 63,947,000 | 42,606,000 | |||
Less - current portion | (42,568,000) | (7,473,000) | |||
Long-term portion | $ 21,379,000 | $ 35,133,000 | |||
United Maritime Predecessor [Member] | |||||
Long-Term Debt [Abstract] | |||||
Secured loan facilities | $ 4,950,000 | $ 5,500,000 | |||
Less: Deferred financing costs | (79,299) | (119,256) | |||
Total | 4,870,701 | 5,380,744 | |||
Less - current portion | (1,342,318) | (1,177,074) | |||
Long-term portion | 3,528,383 | $ 4,203,670 | |||
United Maritime Predecessor [Member] | Entrust Facility [Member] | |||||
Long-Term Debt [Abstract] | |||||
Secured loan facilities | $ 4,950,000 | ||||
Total | $ 14,000,000 |
Long-Term Debt, Annual Principa
Long-Term Debt, Annual Principal Payments (Predecessor) (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Annual Principal Payments [Abstract] | ||||
2023 | $ 43,040,000 | |||
2024 | 2,340,000 | |||
2025 | 2,340,000 | |||
2026 | 2,340,000 | |||
Thereafter | 14,653,000 | |||
Total | $ 64,713,000 | $ 43,200,000 | ||
United Maritime Predecessor [Member] | ||||
Annual Principal Payments [Abstract] | ||||
2023 | $ 1,400,000 | |||
2024 | 1,400,000 | |||
2025 | 1,400,000 | |||
2026 | 750,000 | |||
Thereafter | 0 | |||
Total | $ 4,950,000 | $ 5,500,000 |
Financial Instruments (Predec_2
Financial Instruments (Predecessor) (Details) | 6 Months Ended | |
Jun. 30, 2022 USD ($) Charterer | Jun. 30, 2023 USD ($) | |
Financial Instruments [Abstract] | ||
Percentage carrying value is less than fair market value of fixed interest long-term debt | 0.20% | |
Carrying Value [Member] | ||
Financial Instruments [Abstract] | ||
Fixed interest long-term debt | $ 40,700,000 | |
Fair Market Value [Member] | Level 2 [Member] | ||
Financial Instruments [Abstract] | ||
Fixed interest long-term debt | $ 40,607,000 | |
United Maritime Predecessor [Member] | ||
Financial Instruments [Abstract] | ||
Number of charterers | Charterer | 1 | |
Percentage carrying value is less than fair market value of fixed interest long-term debt | 1.02% | |
United Maritime Predecessor [Member] | Time Charter [Member] | ||
Financial Instruments [Abstract] | ||
Maximum aggregate amount of loss due to credit risk | $ 0 | |
United Maritime Predecessor [Member] | Carrying Value [Member] | ||
Financial Instruments [Abstract] | ||
Fixed interest long-term debt | 4,950,000 | |
United Maritime Predecessor [Member] | Fair Market Value [Member] | Level 2 [Member] | ||
Financial Instruments [Abstract] | ||
Fixed interest long-term debt | $ 4,899,299 |
Commitments and Contingencies_5
Commitments and Contingencies (Predecessor) (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Commitments [Abstract] | ||
2023 | $ 20,918,000 | |
Total | $ 22,728,000 | |
United Maritime Predecessor [Member] | ||
Commitments [Abstract] | ||
2023 | $ 4,888,965 | |
Total | $ 4,888,965 |
Interest and Finance Costs, n_3
Interest and Finance Costs, net (Predecessor) (Details) - USD ($) | 5 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Expense [Abstract] | ||||
Total | $ 0 | $ 2,979,000 | ||
United Maritime Predecessor [Member] | ||||
Interest Expense [Abstract] | ||||
Interest on long-term debt | $ 273,335 | $ 318,646 | ||
Amortization of debt issuance costs | 43,183 | 52,419 | ||
Other, net | (1,073) | 1,954 | ||
Total | $ 315,445 | $ 373,019 |
Subsequent Events (Predecesso_2
Subsequent Events (Predecessor) (Details) | Jul. 28, 2022 USD ($) Installment | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Secured Debt [Abstract] | |||||
Balance outstanding | $ 63,947,000 | $ 42,606,000 | |||
United Maritime Predecessor [Member] | |||||
Secured Debt [Abstract] | |||||
Balance outstanding | $ 4,870,701 | $ 5,380,744 | |||
United Maritime Predecessor [Member] | Entrust Facility [Member] | |||||
Secured Debt [Abstract] | |||||
Balance outstanding | $ 14,000,000 | ||||
Maturity date | Feb. 01, 2024 | ||||
Fixed interest rate | 7.90% | ||||
Number of consecutive payment installments | Installment | 3 | ||||
Installment payment | $ 1,000,000 | ||||
Balloon payment | $ 11,000,000 |