Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, reported a pronounced improvement in first-quarter earnings, including a 77% increase in net revenue, while doubling its newbuilding program to six vessels and increasing its dividend. The Greece-based owner of 20 large bulkers, which transport iron ore, coal, and bauxite globally, announced a quarterly cash dividend of $0.20 per common share, marking its 18th consecutive quarterly distribution.
The company's fleet expansion strategy is central to its long-term growth. Seanergy has scaled its fleet renewal with a $460 million newbuilding program that now includes six modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. Since October, Seanergy has steadily expanded its orderbook, most recently adding a Capesize newbuilding at Hengli Shipbuilding in China in April. The orderbook now comprises three vessels at Hengli Shipbuilding (delivery in 2027), two at Japan's Imabari Shipbuilding (delivery in 2027 and 2029), and one Newcastlemax at Jiangsu Hantong Heavy Industry (delivery in 2028). To date, the company has paid $68.6 million for its newbuilding program while maintaining a strong liquidity position. Four of the six vessels have already been financed, with roughly $237 million in debt financing secured, and the company has deployed about $69 million of internal funds. Additionally, Seanergy continues selective vessel sales, including a 2010-built Capesize sold for $29.5 million, which will generate about $13.4 million in liquidity after debt repayment.
First-quarter financial results showed improvements across all line items. Net revenues reached $42.9 million, up 77% from $24.2 million in Q1 2025. EBITDA of $23.6 million increased 258% compared to $6.6 million in the prior year, while adjusted EBITDA of $28.1 million rose 251%. The company swung to a profit, reporting net income of $9.7 million and adjusted net income of $13.4 million, versus a net loss of $6.8 million and adjusted net loss of $5.5 million in Q1 2025. Seanergy's fleet achieved a daily time charter equivalent (TCE) of $24,219 for the quarter, representing a 6% premium over the average Baltic Capesize Index–180 of $22,902.
Looking ahead, Seanergy expects continued strength supported by resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The company also noted that energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern further support ton-mile demand for the remainder of the year. “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. United Maritime's net loss narrowed to $0.1 million from $4.5 million in Q1 2025, while adjusted net income was $0.2 million versus an adjusted net loss of $4.4 million. United Maritime declared a quarterly dividend of $0.10 per common share, its 14th consecutive quarterly distribution. The company has been repositioning by selling smaller Kamsarmax vessels and its offshore sector investment, recycling capital to fund an expansion into larger Capesize bulkers. During the first quarter, it acquired two Capesize vessels and divested the M/V Cretansea. For Q2, United Maritime secured about 92% of available days at an average TCE of $17,807 per day. “United delivered a significantly improved financial performance, driven by stronger dry bulk market conditions and continued strategic execution,” said Tsantanis.
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