Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, reported a pronounced improvement in its first-quarter earnings, including a 77% increase in net revenue to $42.9 million compared to $24.2 million in the same period last year. The company also announced a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter of dividend payments. Additionally, Seanergy doubled its newbuilding program to six vessels, representing a $460 million investment in fleet renewal.
The fleet expansion is a key component of Seanergy's long-term growth strategy. The newbuilding program now includes six modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. The company has secured debt financing for four of the six vessels, totaling approximately $237 million, and has deployed about $69 million of internal funds. Seanergy also sold a 2010-built Capesize for $29.5 million, generating about $13.4 million in liquidity after debt repayment. The program includes three vessels at Hengli Shipbuilding in China, two at Japan's Imabari Shipbuilding, and one at Jiangsu Hantong Heavy Industry, as detailed in the original release.
First-quarter financials showed improvements across all line items. EBITDA surged 258% to $23.6 million, while adjusted EBITDA reached $28.1 million, up 251% year-over-year. The company swung to a net income of $9.7 million, compared to a net loss of $6.8 million in Q1 2025. Adjusted net income was $13.4 million versus a loss of $5.5 million a year ago. Seanergy's fleet achieved a daily time charter equivalent of $24,219, a 6% premium over the Baltic Capesize Index–180 average of $22,902.
Looking ahead, Seanergy expects continued strength driven by resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The company also cited energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern as supportive factors for ton-mile demand. "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 CEO Tsantanis in the Benzinga report.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improvements. United Maritime's net loss narrowed to $0.1 million from $4.5 million, and it declared a $0.10 per share dividend, marking 14 consecutive quarterly distributions. United Maritime is repositioning its fleet by selling smaller Kamsarmax vessels and exiting non-core investments to fund an expansion into larger Capesize bulkers. The company has secured about 92% of Q2 available days at an average of $17,807 per day, with expected Q2 TCE of approximately $17,957 per day.
