Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, reported a pronounced improvement in first-quarter earnings, including a 77% increase in net revenue, while doubling its newbuilding program to six vessels and increasing its dividend.
The Greece-based owner of 20 large bulkers that carry iron ore, coal and bauxite globally announced a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter the company has paid a dividend. The results underscore Seanergy's focus on fleet modernization and shareholder returns amid a supportive market environment.
Seanergy is scaling its fleet renewal with a $460 million newbuilding program that now includes six modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. Since October, the company has steadily expanded its program, most recently adding a Capesize newbuilding at Hengli Shipbuilding in China secured in April. The orderbook now stands at three vessels at Hengli Shipbuilding for delivery in 2027, two at Japan's Imabari Shipbuilding for delivery in 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry scheduled for delivery in 2028. To date, the company has paid $68.6 million for its newbuilding program while maintaining a strong liquidity position. Four of the six vessels have already been financed, with roughly $237 million in debt financing secured.
For the first quarter, Seanergy reported net revenues of $42.9 million, up 77% compared to $24.2 million in the first quarter of 2025. EBITDA of $23.6 million was up 258% compared to $6.6 million a year ago, while adjusted EBITDA of $28.1 million was up 251% year over year. The company swung to a profit, posting net income and adjusted net income of $9.7 million and $13.4 million, respectively, compared with a net loss of $6.8 million and an adjusted net loss of $5.5 million in the prior-year quarter. Seanergy's fleet achieved a daily time charter equivalent of $24,219 for the first quarter, representing a 6% premium over the average Baltic Capesize Index–180 of $22,902.
Looking ahead, Seanergy expects continued strength supported by resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The company also cited energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern as supporting 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,” said Tsantanis, the company's CEO.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also posted improvements in the first quarter. Net loss narrowed to $0.1 million compared to $4.5 million a year ago, 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 common share, its 14th consecutive quarterly distribution. The company has been repositioning by selling smaller Kamsarmax vessels and its non-core Offshore sector investment, recycling capital to expand into larger Capesize bulkers. During the first quarter, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea. For the second quarter, United Maritime secured about 92% of available days at an average of $17,807 per day, expecting a Q2 TCE of approximately $17,957 per day.
