Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) reported strong second-quarter results, with both companies extending their dividend streaks amid favorable dry bulk market conditions. The Greece-based shipping companies benefited from record Chinese iron ore imports and robust global bauxite trade, which boosted freight rates and fleet utilization.
Seanergy, the U.S.-listed pure-play Capesize shipping company, posted record quarterly revenue of $55.7 million, up from $37.5 million in the prior-year period. Net income surged to $26.2 million, and adjusted net income reached $28.5 million, compared to $2.9 million and $3.8 million, respectively, a year ago. The company generated EBITDA of $39.3 million and adjusted EBITDA of $41.5 million, more than doubling year-over-year. Time charter equivalent (TCE) rates for the quarter hit $32,355 per day, a 63% increase, reflecting strong market fundamentals and disciplined fleet management.
Seanergy declared its 19th consecutive quarterly dividend of $0.35 per share, which exceeded Wall Street expectations, according to Arctic Research. The dividend represents approximately 27% of Q2 adjusted EPS. Since the inception of its capital return program, Seanergy has returned approximately $108.4 million to shareholders through dividends and buybacks. "Building on our solid performance, we continued to execute on our disciplined capital return policy," said Stamatis Tsantanis, Chairman & CEO of Seanergy.
In addition to its operational performance, Seanergy strengthened its balance sheet 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 new Capesize vessel. B. Riley Securities raised its price target on Seanergy to $25 from $22, reiterating a buy rating, citing the shareholder-friendly funding of its newbuilding program.
Looking ahead, Seanergy remains optimistic about the market, citing a low orderbook, an ageing fleet, and strong iron ore export growth. The company has fixed about 55% of its ownership days for the second half of 2026 at a daily rate of $30,800, providing earnings visibility. It expects third-quarter 2026 daily TCE of approximately $31,000, reinforcing its positive outlook.
United Maritime, Seanergy's spin-off, also reported solid results, with net revenue of $10 million for the quarter, 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%. "Our fifteenth consecutive quarterly cash dividend reflects a sustainable distribution supported by contracted cash flows," said Tsantanis, who also serves as CEO of United.
United Maritime continued its strategic shift toward a Capesize-focused fleet, 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. The company expects a constructive outlook for freight rates in the remainder of 2026, driven by strong growth in all major dry bulk commodities.
The strong results from both companies underscore the robust health of the dry bulk shipping sector, which is benefiting from global infrastructure demand and commodity trade flows. For industry observers, these results highlight the earnings power of modern, efficiently managed fleets in a tight supply environment.
