Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, 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 owner of 20 large bulkers also announced a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter of dividend payments.
The company's newbuilding program has doubled to six vessels, with a total investment of $460 million. The fleet expansion includes modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. Seanergy has secured financing for four of the six vessels, totaling approximately $237 million in debt, and has deployed about $69 million of internal funds toward the program. The company also sold a 2010-built Capesize for $29.5 million, generating about $13.4 million in liquidity after debt repayment.
First-quarter EBITDA surged 258% to $23.6 million, while adjusted EBITDA rose 251% to $28.1 million. The company swung to a net income of $9.7 million, compared to a net loss of $6.8 million in the first quarter of 2025. Seanergy's fleet achieved a daily time charter equivalent of $24,219, a 6% premium over the average 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. The company also cited energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern as supportive factors for ton-mile demand.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), reported a narrowed net loss of $0.1 million in the first quarter, compared to $4.5 million in the year-ago period. 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 to fund an expansion into larger Capesize bulkers. For the second quarter, United Maritime has secured about 92% of available days at an average of $17,807 per day.
For more details, visit the original release on NewMediaWire and read further disclosures on Benzinga.
