Seanergy Maritime and United Maritime Report Q2 Results, Continue Dividend Track Records

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, reported record revenue for the second quarter and six months ended June 30, and declared its 19th consecutive quarterly dividend, exceeding Wall Street expectations. Supported by record quarterly Chinese iron ore imports and strength in global bauxite trade, the Greece-based company delivered a strong second quarter that demonstrated the earnings power and operating leverage of its business model.

Seanergy operates a fleet of 19 large bulk carriers, including 2 Newcastlemax and 17 Capesize vessels, with an aggregate cargo carrying capacity of 3,463,843 dwt. Net revenue increased to $55.7 million, compared with $37.5 million in the prior-year period, while net income and adjusted net income surged to $26.2 million and $28.5 million, respectively, from $2.9 million and $3.8 million a year ago. The company generated EBITDA of $39.3 million and Adjusted EBITDA of $41.5 million, more than doubling year-over-year from $17.4 million and $18.3 million. This reflected strong market fundamentals and disciplined fleet management. Fleet performance remained robust, with second-quarter time charter equivalent (TCE) rates reaching $32,355 per day, a 63% year-over-year increase, highlighting the company's strong positioning in the large dry bulk segment.

For the six months ended June 30, Seanergy reported net revenue of $97.8 million, up from $61.7 million in the first half of 2025. Net income was $35.9 million and adjusted net income was $42 million, compared to a net loss of $4 million and adjusted net loss of $1.7 million in the first half of 2025. Adjusted EBITDA increased by 165% to $69.6 million, while Adjusted EPS reached $1.96, compared to an adjusted loss per share of $0.09 in the prior-year period. Fleet TCE increased by 69% to $28,244 per day. Seanergy had $59.5 million in cash as of June 30.

The quarterly dividend of $0.35 per share marked Seanergy’s 19th consecutive distribution. The dividend represented approximately 27% of Q2 Adjusted EPS, and Seanergy has returned approximately $108.4 million to shareholders since the inception of its capital return program through cash dividends and repurchases of shares, warrants, and convertible notes. Arctic Research noted that the payout exceeded its and consensus expectations.

During the quarter, Seanergy also completed a €100 million 5-year unsecured corporate bond offering in Greece, diversifying its capital resources and supporting its fleet growth and renewal program. The company also entered into a $60 million sale/leaseback agreement to partially fund the acquisition of a Capesize vessel due for delivery in the fourth quarter of 2027. B. Riley Securities raised its price target on Seanergy to $25 from $22 and reiterated its buy rating.

Looking ahead, Seanergy said the market outlook remains “constructive” with a low orderbook against a rapidly ageing fleet, strong iron ore export growth, and resilient coal and bauxite volumes. The company has fixed about 55% of its ownership days for the second half of the year at a daily rate of $30,800, providing significant earnings visibility while preserving index-linked exposure. Seanergy expects third quarter 2026 daily TCE of approximately $31,000, reinforcing its positive earnings outlook.

“Our strategic direction remains clear: deliver consistent shareholder distributions, invest strategically in modern tonnage and preserve financial flexibility,” said Stamatis Tsantanis, Seanergy’s Chairman & CEO.

Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), reported net revenue of $10 million for Q2, flat year-over-year despite fewer ownership days, and paid its 15th consecutive quarterly dividend of $0.10 per share, corresponding to a running yield of 16%. 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. TCE rate was $18,654 per day, up from $15,421 a year earlier.

United Maritime continued its strategic fleet repositioning, agreeing to sell the 2011-built Panamax M/V Exelixsea for approximately $17.5 million, following the sale of the 2009-built Kamsarmax M/V Cretansea for $14.7 million. It also completed the profitable exit from its Offshore Energy Construction Vessel investment, generating approximately $15.1 million in cash proceeds. The company provided Q3 2026 TCE guidance of approximately $20,400 per day.

Following the completion of the M/V Exelixsea sale, United Maritime’s fleet will consist of five dry bulk vessels, including two Capesize, one Kamsarmax, and two Panamax vessels, with an aggregate cargo carrying capacity of approximately 589,899 dwt.

“Dry bulk market conditions remain strong, driven by strong growth in all major dry bulk commodities,” said Tsantanis. “With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment.”