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 to $42.9 million, and announced it has doubled 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 the 18th consecutive quarter of shareholder returns.
The company's fleet expansion sets the stage for long-term growth. Seanergy is scaling 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 program, most recently adding a Capesize newbuilding at Hengli Shipbuilding in China, secured in April. The orderbook now stands at three vessels at Hengli Shipbuilding for delivery in 2027, two at Japan's Imabari Shipbuilding for delivery in 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry scheduled for 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 toward the program, while continuing selective vessel sales.
First-quarter results showed improvements across all line items. Net revenues of $42.9 million were up 77% compared to $24.2 million in the first quarter of 2025. EBITDA of $23.6 million was up 258% compared to $6.6 million in the year-ago first quarter, while adjusted EBITDA of $28.1 million was up 251% year over year. The company swung to a profit, posting net income and adjusted net income of $9.7 million and $13.4 million, respectively, compared with a net loss of $6.8 million and an adjusted net loss of $5.5 million in the first quarter of 2025. Seanergy's fleet achieved a daily time charter equivalent of $24,219 for the first quarter of 2026, representing a 6% premium over the average Baltic Capesize Index–180 of $22,902 for the same period.
Looking ahead, Seanergy expects continued strength supported by resilient Chinese iron ore demand, continued growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The company also noted that energy security issues caused by 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 Tsantanis.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also posted improvements in the first quarter. Net loss narrowed to $0.1 million compared to $4.5 million in the year-ago first quarter, while adjusted net income was $0.2 million compared to an adjusted net loss of $4.4 million. United Maritime declared a quarterly dividend of $0.10 per common share, marking the 14th consecutive quarterly distribution. The company has been repositioning by selling smaller Kamsarmax vessels and its non-core Offshore sector investment, while recycling that capital to fund an expansion into larger Capesize bulkers. During the first quarter, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea. United Maritime said the financial benefits of the repositioning have already begun to materialize and expects full earnings and cash flow contribution to build progressively through the year.
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