| 1. |
Basis of Presentation and General Information:
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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 an initial share capital of 500 registered shares,
of no par value, issued to the Parent. The Company completed the spin-off from Seanergy which became 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 condensed consolidated financial statements include the accounts of United Maritime Corporation and its
subsidiaries (collectively, the “Company” or “United”).
The accompanying unaudited interim condensed 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 condensed consolidated
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, 2025 included in the Company’s Annual Report on Form 20-F filed with the Securities and
Exchange Commission on April 8, 2026 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, 2026 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2026.
The unaudited interim condensed consolidated financial statements have been prepared assuming that the Company will continue as a going
concern. Accordingly, they do not include any adjustments that might result in the event that the Company is unable to continue as a going concern.
| a. |
Subsidiaries in Consolidation:
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United’s subsidiaries included in these unaudited interim condensed consolidated financial statements as of June 30, 2026:
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Company
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Country of
Incorporation
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Vessel name
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Date of Delivery
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Date of
Sale/Disposal
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United Management Corp. (1)(2)
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Marshall Islands
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N/A
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N/A
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N/A
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Sea Glorius Shipping Co. (1)(3)
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Marshall Islands
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Gloriuship
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July 6, 2022
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June 10, 2025
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Minoansea Maritime Co. (1)(3)
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Marshall Islands
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Minoansea
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August 30, 2022
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December 22, 2022
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Good Maritime Co. (1)(3)
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Liberia
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Goodship
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February 10, 2023
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September 16, 2025
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Traders Maritime Co. (1)(3)
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Marshall Islands
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Tradership
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February 28, 2023
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August 15, 2025
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Chrisea Maritime Co. (1)
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Marshall Islands
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Chrisea
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February 21, 2023
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N/A
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Oasea Maritime Co. (1)(3)
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Marshall Islands
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Oasea
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March 27, 2023
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July 19, 2024
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Cretansea Maritime Co. (1)(3)
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Marshall Islands
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Cretansea
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April 26, 2023
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May 19, 2026
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Synthesea Maritime Co. (1)(4)
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Liberia
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Synthesea
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August 1, 2023
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August 1, 2024
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Exelixsea Maritime Co. (1)(4)
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Marshall Islands
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Exelixsea
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August 29, 2023
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March 27, 2024
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| Nisea Maritime Co. (1)(4) |
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Liberia |
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Nisea
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September 10, 2024
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March 10, 2026
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RGI Marine Holdings AS (5)
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Norway
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N/A
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N/A
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N/A
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| Duke Maritime Co. (1)(4) |
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Marshall Islands |
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Dukeship |
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February 12, 2026 |
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N/A |
Squire Maritime Co. (1)(4)
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Liberia |
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Squireship |
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June 8, 2026 |
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June 8, 2026
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| (1) |
Subsidiaries wholly owned
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| (5) |
Majority owned subsidiary (Note 9)
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