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, reaching $42.9 million compared to $24.2 million in the same period last year. The Greece-based owner of 20 large bulkers also announced a quarterly cash dividend of $0.20 per common share, marking its 18th consecutive quarterly payout.
The company's 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, compared to a net loss of $6.8 million in Q1 2025, with adjusted net income of $13.4 million versus an adjusted net loss of $5.5 million. The fleet achieved a daily time charter equivalent of $24,219, a 6% premium over the Baltic Capesize Index.
Seanergy expanded its newbuilding program to six vessels, investing $460 million in modern eco-design Capesize and Newcastlemax ships scheduled for delivery between 2027 and 2029. The orderbook includes three vessels at Hengli Shipbuilding in China, two at Imabari Shipbuilding in Japan, and one at Jiangsu Hantong Heavy Industry. The company has paid $68.6 million so far, with $237 million in debt financing secured for four vessels and $69 million from internal funds. It also sold a 2010-built Capesize for $29.5 million, generating $13.4 million in liquidity.
CEO Stamatis Tsantanis expressed confidence in the company's positioning for long-term growth. "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," he said.
Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improvements, narrowing its net loss to $0.1 million from $4.5 million a year ago and posting adjusted net income of $0.2 million. United Maritime declared a $0.10 per share dividend and is repositioning its fleet by selling smaller Kamsarmax vessels and acquiring Capesize bulkers. The company has secured about 92% of Q2 available days at an average of $17,807 per day.
The positive results reflect resilient demand for iron ore, coal, and bauxite, supported by Chinese imports and energy security issues from the Middle East crisis. Seanergy expects continued strength through the remainder of the year.
