Seanergy and United Maritime Report Q2 Profits and Declare Dividends Amid Strong Market Conditions

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported a return to profitability in the second quarter of 2025, declaring its 15th consecutive quarterly dividend as increased iron ore demand and tightening vessel supply improved market conditions. The U.S.-listed pure-play capesize shipping company achieved net revenues of $37.5 million and net income of $2.9 million for the quarter, with its fleet achieving a daily Time Charter Equivalent (TCE) of $19,807, representing a 6% premium over the average Baltic Capesize Index.

Chairman and CEO Stamatis Tsantanis attributed the positive results to stronger capesize market fundamentals and the company's strategic hedging activities. The company declared a discretionary dividend of $0.05 per share, reflecting its healthy balance sheet and positive market direction. With a fleet of 21 capesize vessels and a loan-to-value ratio of approximately 50%, Seanergy is positioned to capitalize on favorable market conditions during the seasonally stronger second half of 2025.

The capesize market strength was driven by a 16% rise in combined iron ore exports from Australia and Brazil following the seasonally weak first quarter. West African bauxite exports continued strong momentum, rising approximately 33% year-over-year in the first half of 2025. This growth trend is expected to continue for the remainder of the year, supported by increasing commodity demand. The company expects net fleet growth to remain modest in coming years, which should continue to support capesize charter rates.

For the third quarter, Seanergy has fixed approximately 62% of its days at a rate of $22,375, with a projected total fleet TCE of $23,081. Seven of the company's 21 vessels will earn an average fixed rate of approximately $22,400 during the second half, providing clear earnings visibility. The company completed $110.6 million in total financing and refinancing year-to-date and has no debt maturing in 2025.

United Maritime Corporation (NASDAQ: USEA), Seanergy's spin-off, also reported improved results, with net revenues of $12.5 million and net income of $1.0 million for the second quarter. The diversified dry bulk fleet operator achieved a daily TCE of $15,421, representing a 55% increase from the first quarter. United Maritime declared its 11th consecutive quarterly cash dividend of $0.03 per share and has distributed total cash dividends of $13.1 million since initiating its capital return program in November 2022.

United Maritime has fixed approximately 68% of its available operating days for the third quarter at a daily rate of about $15,495 and anticipates an overall third-quarter TCE of approximately $14,707 based on current forward freight agreement curves. The company is diversifying beyond dry bulk shipping by increasing its equity stake in its Energy Construction Vessel project to approximately 32%, recording an accounting profit of $1.3 million from the consolidation.

The company completed the sale of its oldest Capesize vessel, M/V Gloriuship, and agreed to sell the 2006-built M/V Tradership during the quarter. These sales are expected to release approximately $17.9 million in liquidity after debt repayment, strengthening United Maritime's financial reserves. The strategic investment in offshore energy infrastructure aligns with the company's objective to diversify into segments with strong market fundamentals.

Both companies' improved performance during the second quarter and their positioning for the seasonally stronger second half of 2025 demonstrate the resilience of the shipping industry amid ongoing macroeconomic uncertainty. The consecutive dividend declarations reflect management's confidence in sustained market strength and the companies' ability to generate sustainable cash flows while returning value to shareholders.