Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, announced a significant improvement in first-quarter earnings, with net revenues rising 77% to $42.9 million compared to $24.2 million in the same period last year. The Greece-based owner of 20 large bulkers also 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 company declared a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter of dividend payments. This reflects Seanergy's commitment to returning cash to shareholders while pursuing long-term growth through fleet renewal. The newbuilding program includes three vessels at Hengli Shipbuilding in China for delivery in 2027, two at Japan's Imabari Shipbuilding for 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry for 2028. To date, Seanergy has paid $68.6 million for the program, maintaining strong liquidity with four of the six vessels financed through $237 million in debt.
First-quarter financial highlights included EBITDA of $23.6 million, up 258% year-over-year, and adjusted EBITDA of $28.1 million, up 251%. The company swung to a net income of $9.7 million and adjusted net income of $13.4 million, compared to a net loss of $6.8 million and adjusted net loss of $5.5 million in Q1 2025. Seanergy's fleet achieved a daily time charter equivalent of $24,219, a 6% premium over the Baltic Capesize Index–180 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. Energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern further support ton-mile demand. CEO Tsantanis stated, "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."
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improvements, with net loss narrowing to $0.1 million and adjusted net income of $0.2 million. United Maritime declared a quarterly dividend of $0.10 per common share, its 14th consecutive distribution. The company is repositioning by selling smaller Kamsarmax vessels and its 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. United Maritime expects the full earnings and cash flow contribution to build progressively through the year, with about 92% of Q2 available days secured at an average of $17,807 per day.
