Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, reported a 77% increase in net revenue for the first quarter of 2026, alongside the expansion of its newbuilding program to six vessels. The Greece-based owner of 20 large bulkers also declared a quarterly cash dividend of $0.20 per common share, marking its 18th consecutive quarterly distribution.
The company's net revenues 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. Seanergy swung to a 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 Baltic Capesize Index.
CEO Stamatis Tsantanis attributed the strong results to resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. He also highlighted 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's $460 million newbuilding program now includes six modern eco-design Capesize and Newcastlemax vessels, scheduled for delivery between 2027 and 2029. The orderbook comprises three vessels at Hengli Shipbuilding in China (delivery 2027), two at Japan's Imabari Shipbuilding (2027 and 2029), and one Newcastlemax at Jiangsu Hantong Heavy Industry (2028). The company has paid $68.6 million for the program and secured $237 million in debt financing, maintaining strong liquidity. It also sold a 2010-built Capesize for $29.5 million, generating $13.4 million in liquidity after debt repayment.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), reported narrowed net loss of $0.1 million compared to $4.5 million in Q1 2025, and adjusted net income of $0.2 million versus an adjusted net loss of $4.4 million. United Maritime declared a $0.10 quarterly dividend, its 14th consecutive distribution. The company is repositioning its fleet by selling smaller Kamsarmax vessels and its non-core Offshore sector investment to fund expansion into larger Capesize bulkers. It acquired two Capesize vessels in Q1 and divested the Kamsarmax M/V Cretansea. For Q2, United Maritime secured about 92% of available days at an average of $17,807 per day, with expected TCE of approximately $17,957 per day.
Tsantanis noted that United Maritime is on a strong path to profitability, supported by favorable market conditions and the progressive earnings contribution from its fleet repositioning. The company expects the full benefits to materialize through the year.
