Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) reported strong second-quarter results, reflecting robust dry bulk market conditions and disciplined fleet management. Seanergy, the U.S.-listed pure-play Capesize shipping company, achieved record revenue for the quarter and six months ended June 30, and declared its 19th consecutive quarterly dividend, exceeding Wall Street expectations.
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 reached $26.2 million and $28.5 million, respectively, compared to $2.9 million and $3.8 million a year ago. EBITDA more than doubled to $39.3 million, while Adjusted EBITDA rose to $41.5 million. The company's time charter equivalent (TCE) rates hit $32,355 per day, a 63% year-over-year increase, highlighting its strong positioning in the large dry bulk segment.
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, compared to a net loss of $4 million in the prior-year period. Adjusted EBITDA increased by 165% to $69.6 million, and Adjusted EPS reached $1.96, versus an adjusted loss per share of $0.09 in H1 2025. Fleet TCE improved by 69% to $28,244 per day. The company ended the quarter with $59.5 million in cash.
Seanergy declared a quarterly dividend of $0.35 per share, its 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million in aggregate. The dividend represented about 27% of Q2 Adjusted EPS and was well received by analysts, with Arctic Research noting it exceeded expectations. Since the inception of its capital return program, Seanergy has returned approximately $108.4 million to shareholders through dividends and buybacks.
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 the acquisition of a Capesize vessel due in Q4 2027. B. Riley Securities raised its price target on Seanergy to $25 from $22 and reiterated a buy rating, citing the shareholder-friendly funding of the newbuilding program.
Looking ahead, Seanergy said the market outlook remains constructive, with a low orderbook against an ageing fleet, strong iron ore export growth, and resilient 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.
United Maritime, Seanergy's spin-off, reported net revenue of $10 million for Q2 2026, flat year-over-year despite fewer ownership days. Net income and adjusted net income were $1.2 million and $1.5 million, respectively, compared to $1 million and $0.2 million in Q2 2025. Adjusted EBITDA remained stable at $5.2 million. The company declared its 15th consecutive quarterly dividend of $0.10 per share, corresponding to a running yield of 16% on its last closing share price.
United continued its fleet repositioning, agreeing to sell the 2011-built Panamax M/V Exelixsea for approximately $17.5 million and completing the exit from its Offshore Energy Construction Vessel investment, generating about $15.1 million in cash proceeds. The company expects Q3 2026 TCE of approximately $20,400 per day, reflecting the benefits of its repositioned fleet.
Following the sale of Exelixsea, United's fleet will consist of five dry bulk vessels, with a total carrying capacity of approximately 589,899 dwt. Both companies remain optimistic about the dry bulk market outlook, driven by strong growth in major commodities. Seanergy's CEO, Stamatis Tsantanis, emphasized the companies' focus on consistent shareholder distributions, strategic investment in modern tonnage, and financial flexibility.
