Seanergy Maritime Reports Strong Q1 Results, Doubles Newbuilding Program

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) 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 pure-play Capesize shipping company also announced a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter of dividend payments. Adjusted EBITDA surged 251% year-over-year to $28.1 million, while the company swung to a net income of $9.7 million from a net loss of $6.8 million in Q1 2025.

Seanergy expanded its newbuilding program to six vessels with a total investment of $460 million, including three vessels at Hengli Shipbuilding in China, two at Imabari Shipbuilding in Japan, and one Newcastlemax at Jiangsu Hantong Heavy Industry. Deliveries are scheduled between 2027 and 2029. The company has secured debt financing for four of the six vessels, totaling approximately $237 million, and has used about $69 million of internal funds. A 2010-built Capesize was sold for $29.5 million, generating $13.4 million in liquidity after debt repayment.

CEO Stamatis Tsantanis attributed the strong performance to resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. He also cited energy security issues from the Middle East crisis and expectations of a strong El Niño 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," Tsantanis said.

Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improved first-quarter results. Net loss narrowed to $0.1 million from $4.5 million a year earlier, 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 share, its 14th consecutive distribution. The company is repositioning its fleet by selling smaller Kamsarmax vessels and a non-core Offshore sector investment to fund an expansion into larger Capesize bulkers. During Q1, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea. For Q2 2026, United Maritime has secured about 92% of available days at an average of $17,807 per day, with an expected TCE of approximately $17,957 per day.

More details can be found in the original release on NewMediaWire and Benzinga.