Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) posted a pronounced improvement in first-quarter earnings, including a 77% increase in net revenue to $42.9 million, while doubling its newbuilding program to six vessels and increasing its quarterly dividend to $0.20 per common share.
The Greece-based owner of 20 large bulkers reported net income of $9.7 million for the quarter ended March 31, 2026, compared with a net loss of $6.8 million in the same period a year earlier. Adjusted net income reached $13.4 million, reversing an adjusted net loss of $5.5 million in the first quarter of 2025. EBITDA rose 258% to $23.6 million, while adjusted EBITDA climbed 251% to $28.1 million.
Seanergy’s fleet achieved a daily time charter equivalent of $24,219 for the first quarter, a 6% premium over the average Baltic Capesize Index–180 of $22,902. The company attributed the strong performance to resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. Energy security issues stemming from the Middle East crisis and expectations of a strong El Niño weather pattern are also supporting ton-mile demand.
The company announced a $0.20 per common share quarterly cash dividend, marking the 18th consecutive quarter it has returned cash to shareholders. This reflects Seanergy’s commitment to shareholder returns amid its expansion strategy.
Seanergy has scaled its fleet renewal with a $460 million newbuilding program that now includes six modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. Since October, the company has steadily expanded the program, most recently adding a Capesize newbuilding at Hengli Shipbuilding in China, secured in April. The orderbook now comprises three vessels at Hengli Shipbuilding for delivery in 2027, two at Japan’s Imabari Shipbuilding for delivery in 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry for delivery in 2028. To date, Seanergy has paid $68.6 million for the newbuilding program while maintaining a strong liquidity position. Four of the six vessels have already been financed, with roughly $237 million in debt financing secured. The company has also deployed about $69 million of internal funds toward the program, while continuing selective vessel sales, including a 2010-built Capesize sold for $29.5 million, which will generate about $13.4 million in liquidity after debt repayment.
Separately, Seanergy’s spin-off, United Maritime Corp. (NASDAQ: USEA), also posted improvements in the first quarter. United Maritime’s net loss narrowed to $0.1 million from $4.5 million a year earlier, while adjusted net income was $0.2 million compared with an adjusted net loss of $4.4 million in the first quarter of 2025. United Maritime declared a quarterly dividend of $0.10 per common share, marking the 14th consecutive quarterly distribution.
United Maritime has been repositioning by selling smaller Kamsarmax vessels and its non-core Offshore sector investment, while recycling that capital to fund an expansion into larger Capesize bulkers. During the first quarter, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea. The company said the financial benefits of the repositioning have already begun to materialize and expects full earnings and cash flow contribution to build progressively through the year. For the second quarter, United Maritime secured about 92% of available days at an average of $17,807 per day, with an expected Q2 TCE of approximately $17,957 per day.
“With a modernizing fleet, disciplined risk management, and a clear capital allocation strategy, we believe Seanergy is optimally positioned to continue creating value for shareholders heading into a structurally supportive 2027–2029 market window,” said Seanergy’s CEO in the release. The original content was published on Benzinga and is available for further reading here. View the original release on NewMediaWire.
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