Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) both reported strong second-quarter results, exceeding expectations and continuing their dividend track records. The Greece-based companies are benefiting from robust dry bulk market conditions, supported by record Chinese iron ore imports and strong bauxite trade.
Seanergy, a pure-play Capesize shipping company, reported record revenue for the second quarter and six months ended June 30. Net revenue increased to $55.7 million, compared with $37.5 million in the prior-year period. Net income surged to $26.2 million, and adjusted net income reached $28.5 million, up from $2.9 million and $3.8 million a year ago. The company's EBITDA more than doubled to $39.3 million, and adjusted EBITDA reached $41.5 million.
The company declared its 19th consecutive quarterly dividend of $0.35 per share, which exceeded Wall Street expectations. This brings cumulative dividends to $3.19 per share, or approximately $63.2 million. Since the inception of its capital return program, Seanergy has returned approximately $108.4 million to shareholders through dividends and share repurchases.
Seanergy's strong performance is attributed to its disciplined fleet management and favorable market dynamics. The company's time charter equivalent (TCE) rate for the second quarter reached $32,355 per day, a 63% year-over-year increase. For the first half of 2026, net revenue was $97.8 million, up from $61.7 million in the same period last year. Adjusted EBITDA increased by 165% to $69.6 million, and adjusted EPS reached $1.96.
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 significant earnings visibility. The company expects third-quarter 2026 daily TCE of approximately $31,000, reinforcing its positive outlook. The market remains constructive with a low orderbook, ageing fleet, and strong iron ore export growth.
Seanergy also strengthened its balance sheet during the quarter by completing a €100 million five-year unsecured corporate bond offering in Greece and entering into a $60 million sale/leaseback agreement to partially fund a Capesize vessel acquisition. B. Riley Securities raised its price target on Seanergy to $25 from $22, reiterating a buy rating.
United Maritime, Seanergy's spin-off, also reported solid second-quarter results. Net revenue was $10 million, flat year-over-year despite fewer ownership days due to its fleet repositioning strategy. The company paid its 15th consecutive quarterly dividend of $0.10 per share, corresponding to a running yield of 16%. Net income was $1.2 million, and adjusted net income was $1.5 million. Adjusted EBITDA remained stable at $5.2 million.
United Maritime continued its strategic fleet repositioning, agreeing to sell the 2011-built Panamax M/V Exelixsea for approximately $17.5 million and completing the profitable exit from its Offshore Energy Construction Vessel investment, generating approximately $15.1 million in cash proceeds. The company is shifting toward a more Capesize-focused fleet with the acquisition of modern tonnage.
Following the completion of the Exelixsea sale, United's fleet will consist of five dry bulk vessels with an aggregate cargo carrying capacity of approximately 589,899 dwt. The company provided third-quarter 2026 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,” said Stamatis Tsantanis, Chairman & CEO of both companies. “With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment.”
The strong performance of both companies highlights the resilience and profitability of the dry bulk shipping sector, and their continued dividends demonstrate a commitment to returning value to shareholders.
