Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) reported strong second-quarter results, highlighting robust market conditions and continued shareholder rewards. Seanergy, a pure-play Capesize shipping company, achieved record revenue and declared its 19th consecutive quarterly dividend, while United Maritime paid its 15th consecutive dividend despite ongoing fleet repositioning.
Seanergy's net revenue for Q2 2026 surged to $55.7 million, up from $37.5 million in the prior-year period. Net income and adjusted net income jumped to $26.2 million and $28.5 million, respectively, compared to $2.9 million and $3.8 million a year ago. The company generated EBITDA of $39.3 million and adjusted EBITDA of $41.5 million, more than doubling year-over-year. Fleet performance was robust, with time charter equivalent (TCE) rates reaching $32,355 per day, a 63% increase year-over-year, underscoring its strong positioning in the large dry bulk segment.
The company attributed its success to record quarterly Chinese iron ore imports and strength in global bauxite trade. For the first half of 2026, Seanergy reported net revenue of $97.8 million, up from $61.7 million in H1 2025. Net income swung to $35.9 million, and adjusted net income was $42 million, compared to net losses in the prior-year period. Adjusted EBITDA increased by 165% to $69.6 million, while adjusted EPS reached $1.96, versus a loss per share of $0.09. The company had $59.5 million in cash as of June 30.
Seanergy's quarterly dividend of $0.35 per share marked its 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million. Stamatis Tsantanis, Chairman & CEO, noted the company's disciplined capital allocation, having returned approximately $108.4 million to shareholders since the inception of its capital return program. Analysts at Arctic Research noted the payout exceeded expectations.
During the quarter, Seanergy completed a €100 million five-year unsecured corporate bond offering in Greece, diversifying its capital resources. It also entered into a $60 million sale/leaseback agreement to partially fund a Capesize vessel acquisition due in Q4 2027. B. Riley Securities raised its price target on Seanergy to $25 from $22, reiterating a buy rating, citing the bond's shareholder-friendly nature.
Looking ahead, Seanergy remains constructive on the market, citing a low orderbook, ageing fleet, and strong iron ore, coal, and bauxite volumes. The company has fixed about 55% of its ownership days for H2 2026 at a daily rate of $30,800, providing earnings visibility. It expects Q3 2026 daily TCE of approximately $31,000. Upon completing fleet changes, Seanergy will operate 26 vessels with a capacity of approximately 4.76 million dwt.
United Maritime reported Q2 net revenue of $10 million, flat year-over-year despite fewer ownership days, and paid a dividend of $0.10 per share, its 15th consecutive, corresponding to a running yield of 16%. Net income and adjusted net income were $1.2 million and $1.5 million, respectively. Adjusted EBITDA remained stable at $5.2 million. The company's TCE rate was $18,654 per day, up from $15,421 a year earlier. For H1, net revenue was $17.9 million, down from $20.2 million, but the company ended with $12.1 million in cash.
United continued its fleet repositioning, selling the Panamax M/V Exelixsea for about $17.5 million and the Kamsarmax M/V Cretansea for $14.7 million, while completing a profitable exit from its Offshore Energy Construction Vessel investment, generating $15.1 million. It also acquired modern Capesize tonnage, including the 2010-built M/V Squireship. Following the Exelixsea sale, United's fleet will consist of five vessels with a capacity of approximately 589,899 dwt, reflecting its shift toward Capesize vessels. The company provided Q3 2026 TCE guidance of approximately $20,400 per day.
Tsantanis expressed confidence in the dry bulk market, citing strong growth in major commodities. With a repositioned fleet and consistent dividend record, United is well positioned to benefit. These results underscore the resilience and strategic execution of both companies in a favorable market environment.
