Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, reported record revenue for the second quarter and six months ended June 30, and declared its 19th consecutive quarterly dividend, exceeding Wall Street expectations. Supported by record quarterly Chinese iron ore imports and continued strength in global bauxite trade, the Greece-based company delivered a strong second quarter that demonstrated the earnings power and operating leverage 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 was $39.3 million, and Adjusted EBITDA was $41.5 million, more than doubling year-over-year from $17.4 million and $18.3 million, respectively. The company attributed this to strong market fundamentals and disciplined fleet management.
Fleet performance remained robust, with second-quarter time charter equivalent (TCE) rates reaching $32,355 per day, a 63% year-over-year increase. This highlights Seanergy's strong positioning in the large dry bulk segment. With global demand for iron ore, coal, and bauxite continuing to support the dry bulk market, Seanergy said it remains well positioned to benefit from favorable trade dynamics, strong cash generation, and improving shareholder value creation.
For the six months ended June 30, Seanergy reported net revenue of $97.8 million, up from $61.7 million in the first half of 2025. Net income was $35.9 million, and adjusted net income was $42 million, compared to a net loss of $4 million and an adjusted net loss of $1.7 million in the prior-year period. Adjusted EBITDA increased by 165% to $69.6 million, while adjusted EPS reached $1.96, compared to an adjusted loss per share of $0.09 in the prior-year period. Fleet TCE increased by 69% to $28,244 per day. Seanergy had $59.5 million in cash as of June 30.
Seanergy declared a quarterly dividend of $0.35 per common share, its 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million in aggregate. Stamatis Tsantanis, Chairman & CEO, stated, "Building on our solid performance, we continued to execute on our disciplined capital return policy." The dividend represented approximately 27% of Q2 Adjusted EPS, and Seanergy has returned approximately $108.4 million to shareholders since the inception of its capital return program through cash dividends and repurchases of shares, warrants, and convertible notes. Analysts at Arctic Research noted that the payout exceeded its and consensus expectations.
During the quarter, Seanergy also successfully completed a €100 million 5-year unsecured corporate bond offering in Greece, which diversifies its capital resources and supports its fleet growth and renewal program. Seanergy also entered into a $60 million sale/leaseback agreement to partially fund the acquisition of a Capesize vessel due for delivery in the fourth quarter of 2027. B. Riley Securities raised its price target on Seanergy to $25 from $22 and reiterated its buy rating, noting that the bonds provide a shareholder-friendly funding of the company's newbuilding program and second-hand vessel acquisitions.
Looking ahead, Seanergy said the market outlook remains "constructive" with a low orderbook against a rapidly ageing fleet, strong iron ore export growth, and resilient coal and bauxite volumes. The company has fixed about 55% of its ownership days for the second half of the year at a daily rate of $30,800, providing significant earnings visibility while preserving meaningful index-linked exposure. Seanergy expects third quarter 2026 daily TCE of approximately $31,000, reinforcing its positive earnings outlook and ability to continue generating attractive returns.
Seanergy's fleet growth strategy remains key to its long-term value creation plan. Upon the sale of the M/V Dukeship and the delivery of seven newbuilding vessels and one secondhand Capesize vessel, the company will own or operate under finance lease 26 vessels (3 Newcastlemax and 23 Capesize) with an aggregate cargo carrying capacity of approximately 4,763,552 dwt.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), reported net revenue for its second quarter of $10 million, flat year-over-year despite fewer ownership days, and paid a quarterly dividend, its 15th consecutive one. United Maritime said its quarterly performance was achieved despite fewer ownership days resulting from its ongoing fleet repositioning strategy. Tsantanis noted, "Based on our strong performance, United will distribute a quarterly dividend of $0.10 per share, corresponding to a running yield of 16% on our last closing share price."
United Maritime's net income and adjusted net income for the quarter were $1.2 million and $1.5 million, respectively, compared to $1 million and $0.2 million in the second quarter of 2025. Adjusted EBITDA remained stable at $5.2 million, compared to $5.1 million for the same period of 2025. The TCE rate of the fleet was $18,654 per day, compared to $15,421 for the same period of 2025. For the first six months of the year, United Maritime reported net revenue of $17.9 million, compared to $20.2 million a year earlier. The company ended the quarter with $12.1 million in cash.
United Maritime also continued executing its strategic fleet repositioning program during the quarter, strengthening its focus on the Capesize segment. The company agreed to sell the 2011-built Panamax M/V Exelixsea for approximately $17.5 million, with expected net cash proceeds of approximately $8.5 million after debt repayment, following the earlier sale of the 2009-built Kamsarmax M/V Cretansea for $14.7 million. United also completed the profitable exit from its Offshore Energy Construction Vessel investment, generating approximately $15.1 million in cash proceeds, while continuing its transition toward a more Capesize-focused fleet with the acquisition and delivery of modern Capesize tonnage, including the 2010-built M/V Squireship. The company provided third-quarter 2026 TCE guidance of approximately $20,400 per day.
Following the completion of the M/V Exelixsea sale, United Maritime's fleet will consist of five dry bulk vessels, including two Capesize, one Kamsarmax, and two Panamax vessels, with an aggregate cargo carrying capacity of approximately 589,899 dwt. Looking out to the remainder of 2026, United Maritime expects a constructive outlook for freight rates. "Dry bulk market conditions remain strong, driven by strong growth in all major dry bulk commodities," said Tsantanis. "With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment."
