Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is building on its momentum in 2026, expanding its newbuilding program and continuing its stretch of consecutive quarters of dividends and profit. The company's stock had gained over 40% over the six months ending March 30, reflecting investor confidence in its strategic direction.
A key driver of this momentum is the improvement of the Capesize market, which just concluded one of the strongest first quarters of the past decade. This counter-seasonal strength has reinforced the positive outlook for the Capesize market over the next quarters. Seanergy's growing newbuilding program, focused on acquiring fuel-efficient and environmentally friendly ships, along with the timely divestment of older ships, highlights the company's prudent fleet replacement strategy. The timing of this shift to a younger fleet is strategic, given the severe shortage of new vessel supply in the global market and growing demand for greener vessels that meet stringent requirements.
In March, the company announced it had agreed to acquire two scrubber-fitted 181,500 dwt Capesize vessels to be constructed at a first-class shipyard in Japan. This is in addition to its debut order last year of two Capesize vessels and one Newcastlemax. In total, Seanergy's newbuilding program now includes five vessels worth about $384 million in new orders, all focused on modern, fuel-efficient designs. These transactions showcase the company's focus on a disciplined fleet renewal strategy that calls for reallocating capital from older vessels into modern, fuel-efficient tonnage with attractive delivery positions.
Under the most recent deals, Seanergy entered into an agreement for the acquisition of a 181,500 dwt scrubber-fitted Capesize newbuilding vessel, with delivery expected between the second and third quarters of 2027. In addition, the company entered into a 10-year bareboat-in contract for a second 181,500 dwt scrubber-fitted Capesize dry bulk vessel to be constructed by the same Japanese shipyard, with delivery expected in the first quarter of 2029. Seanergy has the option to acquire the second vessel starting at the end of year five until the end of the charter period. Together, these two vessels represent a total investment of approximately $158 million (excluding interest), supporting both near-term fleet growth and long-term acquisition optionality.
The company has secured three vessels delivering in 2027, as well as one vessel in 2028 and one in 2029, forming part of a broader fleet expansion program totaling five eco vessels. Securing relatively prompt delivery of these newbuildings places Seanergy in a strong strategic position, given limited near-term construction slots and strong expected demand for modern Capesize tonnage. Leveraging this expanded fleet, Seanergy's chartering strategy focuses on securing long-term, index-linked time charters across its fleet. Certain vessels are scrubber-fitted, allowing the company to earn modest scrubber premiums and operate more cost-efficiently by using lower-cost compliant fuel. This technology also enhances the fleet's attractiveness to charterers seeking environmentally compliant voyages at competitive rates.
In a strategic fleet upgrade, Seanergy agreed to sell the M/V Squireship, a 2010-built Capesize vessel, to United Maritime Corp. (NASDAQ: USEA) for $29.5 million. Delivery of that vessel is expected between the end of April and the beginning of June. The transaction is expected to generate net cash proceeds of approximately $13.5 million after repayment of the associated debt, which will go to support its newbuilding program and reduce its average fleet age. The sale is expected to result in a profit of roughly $4 million, which will be realized in the company's second quarter.
For all of 2025, Seanergy posted a profit for the fifth consecutive year. The company declared a fourth-quarter cash dividend of $0.20 per common share, marking 17 consecutive quarters of dividends, and posted an increase in net revenue in the fourth quarter. In Q4, Seanergy's net revenues rose to $49.4 million, up from $41.7 million a year earlier. Net income and adjusted net income for the quarter were $12.5 million and $14.4 million, respectively, compared to net income of $6.6 million and adjusted net income of $7.1 million in the fourth quarter of 2024. The company's fleet achieved a daily time charter equivalent of $26,614 for the fourth quarter.
Looking ahead, Seanergy said the market remains constructive as it moves through the year with robust iron ore and bauxite trade flows, limited Capesize newbuilding supply and favorable ton-mile dynamics continuing to support earnings visibility. With a high-quality fleet, predominantly index-linked employment, and balanced leverage profile, the company believes it is well positioned to capture meaningful upside in this favorable environment.
Separately, Seanergy's spin-off, United Maritime, also declared a dividend for the fourth quarter of $0.10 per common share, implying a very high annualized dividend yield of about 20%, and generated net revenue of $6.6 million on a daily time charter equivalent rate of $14,129. During the fourth quarter, United Maritime made a series of strategic actions that it says strengthen earning power, improve balance sheet flexibility and position it for more shareholder value creation, including the delivery of one Capesize vessel and the agreement to buy another from Seanergy. Both the Capesize vessels operate on fixed time charter rates until the end of 2026, guaranteeing high free cash flow yield for the year, while also exposing United to a positive Capesize outlook for 2027 and beyond.
