Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) reported strong second-quarter results, with both companies continuing their track records of consecutive quarterly dividends. The announcements come amid robust dry bulk market fundamentals, including record Chinese iron ore imports and strong global bauxite trade.
Seanergy, a pure-play Capesize shipping company, reported record net revenue of $55.7 million for the quarter ended June 30, up from $37.5 million in the prior-year period. Net income surged to $26.2 million from $2.9 million, while adjusted net income reached $28.5 million, compared to $3.8 million a year ago. Adjusted EBITDA more than doubled to $41.5 million from $18.3 million. The company’s time charter equivalent (TCE) rate increased 63% year-over-year to $32,355 per day, reflecting strong fleet performance and favorable market dynamics.
For the first half of 2026, Seanergy reported net revenue of $97.8 million, up from $61.7 million in the same period last year. Net income was $35.9 million, compared to a net loss of $4 million in the prior-year period. Adjusted EBITDA increased 165% to $69.6 million, and adjusted EPS reached $1.96, versus a loss of $0.09 per share a year earlier.
Seanergy declared its 19th consecutive quarterly dividend of $0.35 per common share, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million. The dividend represented about 27% of adjusted EPS and exceeded analyst expectations, according to Arctic Research. The company has returned approximately $108.4 million to shareholders through dividends and buybacks since its capital return program began.
During the quarter, Seanergy completed a €100 million five-year unsecured corporate bond offering in Greece and entered into a $60 million sale/leaseback agreement to partially fund the acquisition of a Capesize vessel due in the fourth quarter of 2027. B. Riley Securities raised its price target on Seanergy to $25 from $22, reiterating a buy rating, citing the shareholder-friendly funding of the company’s newbuilding program.
Looking ahead, Seanergy has fixed about 55% of its ownership days for the second half of the year at a daily rate of $30,800, providing earnings visibility. The company expects third-quarter TCE of approximately $31,000 per day, reinforcing its positive outlook. “Our strategic direction remains clear: deliver consistent shareholder distributions, invest strategically in modern tonnage and preserve financial flexibility,” said CEO Stamatis Tsantanis.
United Maritime, which focuses on a diversified fleet, reported second-quarter net revenue of $10 million, flat year-over-year despite fewer ownership days. The company declared its 15th consecutive quarterly dividend of $0.10 per share, corresponding to a running yield of 16%. Net income and adjusted net income were $1.2 million and $1.5 million, respectively, compared to $1 million and $0.2 million a year ago. Adjusted EBITDA remained stable at $5.2 million.
United Maritime continued its fleet repositioning strategy, agreeing to sell the 2011-built Panamax M/V Exelixsea for $17.5 million and having completed the sale of the 2009-built Kamsarmax M/V Cretansea for $14.7 million. The company also exited its Offshore Energy Construction Vessel investment, generating $15.1 million in cash proceeds. Following these transactions, United’s fleet will consist of five dry bulk vessels, including two Capesize, one Kamsarmax, and two Panamax vessels.
United provided third-quarter TCE guidance of approximately $20,400 per day, reflecting the benefits of its repositioned fleet. “Dry bulk market conditions remain strong, driven by strong growth in all major dry bulk commodities,” Tsantanis said. “With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment.”
