Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) both reported strong second-quarter results, continuing their respective dividend streaks amid favorable dry bulk market conditions. Seanergy, the U.S.-listed pure-play Capesize shipping company, achieved record revenue for the quarter and six months ended June 30, driven by record Chinese iron ore imports and robust global bauxite trade.
Seanergy's net revenue for Q2 2026 surged to $55.7 million, up from $37.5 million in the prior-year period. Net income climbed to $26.2 million, and adjusted net income reached $28.5 million, versus $2.9 million and $3.8 million a year ago. EBITDA more than doubled to $39.3 million, with adjusted EBITDA at $41.5 million. The company's time charter equivalent (TCE) rate for the quarter was $32,355 per day, a 63% year-over-year increase, reflecting strong market fundamentals and disciplined fleet management.
For the first half of 2026, Seanergy reported net revenue of $97.8 million, up from $61.7 million in 2025. Net income swung to $35.9 million from a net loss of $4 million, while adjusted net income was $42 million compared to an adjusted loss of $1.7 million. Adjusted EBITDA increased 165% to $69.6 million, and adjusted EPS reached $1.96, versus a loss per share of $0.09 in the prior year. Fleet TCE improved 69% to $28,244 per day, and the company held $59.5 million in cash as of June 30.
Seanergy declared its 19th consecutive quarterly dividend of $0.35 per share, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million. The payout represented about 27% of Q2 adjusted EPS and exceeded analyst expectations, as noted by Arctic Research. Since the inception of its capital return program, Seanergy has returned approximately $108.4 million to shareholders through dividends and share repurchases.
During the quarter, Seanergy strengthened its balance sheet by completing 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 for delivery in Q4 2027. B. Riley Securities raised its price target on Seanergy to $25 from $22, reiterating a buy rating, citing the shareholder-friendly funding of the newbuilding program.
Looking ahead, Seanergy remains constructive on the market, citing a low orderbook, aging fleet, and strong iron ore, 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 TCE of approximately $31,000 per day. CEO Stamatis Tsantanis emphasized the company's strategic direction: "deliver consistent shareholder distributions, invest strategically in modern tonnage and preserve financial flexibility."
Seanergy's fleet growth strategy includes the sale of the M/V Dukeship and delivery of seven newbuildings and one secondhand Capesize vessel, which will bring its fleet to 26 vessels (3 Newcastlemax and 23 Capesize) with an aggregate cargo capacity of about 4,763,552 dwt.
United Maritime, Seanergy's spin-off, reported Q2 net revenue of $10 million, flat year-over-year, despite fewer ownership days due to its fleet repositioning. It declared its 15th consecutive quarterly dividend of $0.10 per share, corresponding to a running yield of 16%. Net income was $1.2 million, and adjusted net income was $1.5 million, compared to $1 million and $0.2 million in the prior year. Adjusted EBITDA remained stable at $5.2 million. TCE for the fleet rose to $18,654 per day from $15,421.
United Maritime continued its strategic shift toward a Capesize-focused fleet, agreeing to sell the Panamax M/V Exelixsea for $17.5 million and completing the profitable exit from its Offshore Energy Construction Vessel investment, generating $15.1 million in cash proceeds. It also acquired the 2010-built Capesize M/V Squireship. The company provided Q3 2026 TCE guidance of approximately $20,400 per day.
Following the Exelixsea sale, United's fleet will consist of five dry bulk vessels (two Capesize, one Kamsarmax, and two Panamax) with an aggregate capacity of about 589,899 dwt. CEO Tsantanis noted the constructive outlook for freight rates, driven by strong growth in all major dry bulk commodities.
Both companies are capitalizing on robust dry bulk market conditions, rewarding shareholders with consistent dividends while positioning for future growth.
