Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, reported a significant improvement in its first-quarter 2026 earnings, with net revenues surging 77% to $42.9 million compared to $24.2 million in the same period last year. The company also announced a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter of dividend payments.
The Greece-based owner of 20 large bulkers, which transport iron ore, coal, and bauxite globally, has doubled its newbuilding program to six vessels of over 180,000 deadweight tons. This $460 million fleet expansion includes modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. The orderbook comprises three vessels at Hengli Shipbuilding in China for 2027 delivery, two at Japan's Imabari Shipbuilding for 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry for 2028 delivery. As of the first quarter, the company has paid $68.6 million for the newbuilding program while maintaining strong liquidity, with four vessels already financed through approximately $237 million in debt financing.
Seanergy's first-quarter EBITDA reached $23.6 million, up 258% from $6.6 million a year earlier, while adjusted EBITDA was $28.1 million, up 251% year-over-year. The company swung to a profit, posting net income of $9.7 million and adjusted net income of $13.4 million, compared to a net loss of $6.8 million and an adjusted net loss of $5.5 million in the first quarter of 2025. The fleet achieved a daily time charter equivalent of $24,219, a 6% premium over the average Baltic Capesize Index–180 of $22,902.
Looking ahead, Seanergy expects continued strength driven by resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The company also cited energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern as factors supporting ton-mile demand. "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 CEO Stamatis Tsantanis.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improvements, with its Q1 net loss narrowing to $0.1 million from $4.5 million a year ago. United Maritime declared a quarterly dividend of $0.10 per common share, its 14th consecutive distribution. The company is repositioning by selling smaller Kamsarmax vessels and its non-core offshore sector investment to fund an expansion into larger Capesize bulkers. During the first quarter, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea. For Q2, United Maritime has secured about 92% of available days at an average of $17,807 per day, with expected Q2 TCE of approximately $17,957 per day. "United delivered a significantly improved financial performance, driven by stronger dry bulk market conditions and continued strategic execution," said Tsantanis. "The company is now on a strong path to profitability."
This content was originally published on Benzinga. View the original release on NewMediaWire.
