Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported record revenue for the second quarter and six months ended June 30, and declared its 19th consecutive quarterly dividend, exceeding Wall Street expectations. The Greece-based pure-play Capesize shipping company attributed its strong performance to record quarterly Chinese iron ore imports and continued strength in global bauxite trade, demonstrating the earnings power 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. 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. EBITDA reached $39.3 million, and Adjusted EBITDA hit $41.5 million, more than doubling year-over-year. The company reported a time charter equivalent (TCE) rate of $32,355 per day, a 63% increase year-over-year.
For the first half of 2026, net revenue rose to $97.8 million from $61.7 million, with net income of $35.9 million and adjusted net income of $42 million, compared to a net loss in the prior-year period. Adjusted EBITDA increased by 165% to $69.6 million, and adjusted EPS reached $1.96. The company had $59.5 million in cash as of June 30.
Seanergy declared a quarterly dividend of $0.35 per share, its 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million. The dividend represents about 27% of Q2 adjusted EPS. Since the inception of its capital return program, Seanergy has returned approximately $108.4 million to shareholders through dividends and repurchases. Arctic Research noted the payout exceeded its and consensus expectations.
During the quarter, Seanergy completed 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.
Looking ahead, Seanergy has fixed about 55% of its ownership days for H2 2026 at a daily rate of $30,800, providing earnings visibility. The company expects Q3 2026 TCE of approximately $31,000 per day. CEO Stamatis Tsantanis stated, "Our strategic direction remains clear: 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 the fleet to 26 vessels with an aggregate capacity of approximately 4,763,552 dwt.
United Maritime Corp. (NASDAQ: USEA), Seanergy's spin-off, also reported Q2 results with net revenue of $10 million, flat year-over-year despite fewer ownership days. The company paid a quarterly dividend of $0.10 per share, its 15th consecutive, corresponding to a running yield of 16%. Net income and adjusted net income were $1.2 million and $1.5 million, respectively. Adjusted EBITDA remained stable at $5.2 million. TCE rate was $18,654 per day, up from $15,421. For H1, net revenue was $17.9 million.
United continued its fleet repositioning, selling the M/V Exelixsea for $17.5 million and the M/V Cretansea for $14.7 million, and completed a profitable exit from an offshore vessel investment, generating $15.1 million. It 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 with a capacity of approximately 589,899 dwt.
Tsantanis commented, "Dry bulk market conditions remain strong, driven by strong growth in all major dry bulk commodities. With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment."
