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, including a 77% increase in net revenue, while expanding its newbuilding program to six vessels. The Greece-based owner of 20 large bulkers, which transport iron ore, coal, and bauxite, also declared a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter of dividend payments.
Net revenues for the first quarter reached $42.9 million, up from $24.2 million in the same period last year. EBITDA surged 258% to $23.6 million, while adjusted EBITDA rose 251% to $28.1 million. The company swung to profitability, 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 Q1 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 supportive factors for ton-mile demand.
Seanergy is scaling its fleet renewal with a $460 million newbuilding program, now including six modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. The orderbook includes 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. To date, the company has paid $68.6 million for the program while maintaining strong liquidity. Four of the six vessels have been financed with roughly $237 million in debt, and the company has deployed about $69 million of internal funds, supplemented by selective vessel sales.
Stamatis Tsantanis, Chairman and CEO, stated, “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.”
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improved Q1 results, with a net loss narrowing to $0.1 million from $4.5 million a year ago, and adjusted net income of $0.2 million versus an adjusted net loss of $4.4 million. United Maritime declared a dividend of $0.10 per common share, its 14th consecutive quarterly distribution. The company is repositioning by selling smaller Kamsarmax vessels and exiting its non-core Offshore sector investment, while expanding into larger Capesize bulkers. In Q1, 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.
This content was originally published on Benzinga. Read further disclosures here. View the original release on NewMediaWire.
