Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported record revenue for the second quarter and six months ended June 30, and declared its 19th consecutive quarterly dividend, exceeding Wall Street expectations. The Greece-based company, a pure-play Capesize shipping firm, benefited from record quarterly Chinese iron ore imports and continued strength in global bauxite trade, demonstrating the earnings power of its business model.
Net revenue increased to $55.7 million from $37.5 million in the prior-year period, while net income surged to $26.2 million from $2.9 million. Adjusted net income reached $28.5 million, compared to $3.8 million a year ago. EBITDA more than doubled to $39.3 million, and Adjusted EBITDA rose to $41.5 million. The company's time charter equivalent (TCE) rates hit $32,355 per day, a 63% year-over-year increase, highlighting its strong positioning in the large dry bulk segment.
For the first half of 2026, Seanergy reported net revenue of $97.8 million, up from $61.7 million in the same period of 2025. Net income swung to a profit of $35.9 million from a loss of $4 million, and Adjusted EBITDA increased by 165% to $69.6 million. Adjusted EPS reached $1.96, compared to an adjusted loss per share of $0.09 in the prior-year period. As of June 30, the company had $59.5 million in cash.
The quarterly dividend of $0.35 per share, which represents approximately 27% of Q2 Adjusted EPS, underscores Seanergy's strong earnings generation and disciplined capital allocation. Since the inception of its capital return program, Seanergy has returned approximately $108.4 million to shareholders through dividends and buybacks. Analysts at Arctic Research noted the payout exceeded its and consensus expectations.
During the quarter, Seanergy completed a €100 million 5-year unsecured corporate bond offering in Greece, diversifying its capital resources and supporting its fleet growth and renewal program. The company also 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.
Looking ahead, Seanergy said the market outlook remains constructive with a low orderbook against a rapidly ageing fleet, strong iron ore export growth, and resilient coal and bauxite volumes. The company 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 while preserving index-linked exposure. Seanergy expects third-quarter 2026 daily TCE of approximately $31,000.
Seanergy's fleet growth strategy remains key. Upon the sale of the M/V Dukeship and delivery of seven newbuilding vessels and one secondhand Capesize vessel, the company will own or operate under finance lease 26 vessels with an aggregate cargo carrying capacity of approximately 4,763,552 dwt.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), reported net revenue of $10 million for the second quarter, flat year-over-year despite fewer ownership days, and paid its 15th consecutive quarterly dividend of $0.10 per share, corresponding to a running yield of 16% on its last closing share price. Net income and adjusted net income were $1.2 million and $1.5 million, respectively, compared to $1 million and $0.2 million in the prior-year period. Adjusted EBITDA remained stable at $5.2 million. TCE rates increased to $18,654 per day from $15,421.
United Maritime continued its fleet repositioning, agreeing to sell the 2011-built Panamax M/V Exelixsea for approximately $17.5 million, following the earlier sale of the 2009-built Kamsarmax M/V Cretansea for $14.7 million. The company also completed the profitable exit from its Offshore Energy Construction Vessel investment, generating approximately $15.1 million in cash proceeds. United provided third-quarter 2026 TCE guidance of approximately $20,400 per day.
Following the Exelixsea sale, United Maritime's fleet will consist of five dry bulk vessels, including two Capesize, one Kamsarmax, and two Panamax vessels, with an aggregate cargo carrying capacity of approximately 589,899 dwt. The company expects a constructive outlook for freight rates in the remainder of 2026.
