UNITED Maritime has eked out a slightly higher profit for the second quarter amid an upturn in dry bulk charter rates.

The Nasdaq-listed owner posted net income of $1m, versus a $700,000 profit in last year’s second quarter.

However, it remained $3.5m in the red for the first half of 2025 because of the difficult market conditions earlier in the year.

United, which began life as a spin-off from capesize specialist Seanergy Maritime, plans to modernise its fleet and recent cashed in on strong secondhand ship prices with the sale of two of its three older capesizes.

The sale of the 2004-built Cape Yingzhou (IMO: 9266944), formerly Gloriouship, was completed in June, and more recently the owner agreed to sell the 2006-built Tradership (IMO: 9310135) for $17.8m.

The 176,925 dwt bulker is expected to be delivered to its buyer within this month.

The brace of deals will pull in an aggregate $32.8m, adding about $17.9m to the company’s liquidity after debt repayments.

“This strengthens our position to pursue new opportunities,” said chief executive Stamatis Tsantanis.

Following the second disposal, Greece-based United will own and operate a fleet of six bulkers comprising a last remaining capesize, two kamsarmaxes and three panamaxes.

Outside the dry bulk sector, the company was looking to diversify into sectors with strong fundamentals, Tsantanis added.

It recently made an additional $1.6m investment in a newbuilding energy construction vessel, lifting its stake in the Norwegian-based entity behind the vessel to about 32%.

“We are seeing healthy interest from charterers with more meaningful developments expected as we get closer to the delivery.

“The current market value of the vessel is estimated to be higher than the contract price, positioning us for a positive outcome,” Tsantanis said.