Seanergy Maritime Holdings Corp (NASDAQ: SHIP) reported a return to profitability in the second quarter of 2025, declaring its 15th consecutive quarterly dividend amid a seasonally stronger period for the shipping market. The U.S.-listed pure-play capesize shipping company achieved this turnaround despite a volatile start to the year, attributed to stronger market conditions and strategic hedging activities.

Chairman and CEO Stamatis Tsantanis stated that with a fleet of 21 capesize vessels and a loan-to-value ratio of approximately 50%, the company is well-positioned to capitalize on favorable market fundamentals. The board declared a discretionary dividend of $0.05 per share, reflecting the company's healthy balance sheet and positive market direction. Tsantanis expressed optimism about enhancing shareholder rewards in the seasonally stronger second half of the year.

For the second quarter, Seanergy reported net revenues of $37.5 million, down from $43.1 million in the year-ago period. Adjusted EBITDA was $18.3 million compared to $28 million last year, while net income and adjusted net income were $2.9 million and $3.8 million respectively. The company's fleet achieved a daily Time Charter Equivalent (TCE) of $19,807, representing a 6% premium over the average Baltic Capesize Index of $18,681 for the same period.

The capesize market strength was driven by a 16% rise in combined iron ore exports from Australia and Brazil following a 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 push up capesize charter rates.

For the third quarter, Seanergy has fixed about 62% of its days at a rate of $22,375, with a projected total fleet TCE of $23,081. The company completed $110.6 million in total financing and refinancing year-to-date and has no debt maturing in 2025, ensuring sustainable cash flows and flexibility for future growth.

United Maritime Corporation (NASDAQ: USEA), Seanergy's spin-off, also reported improved performance with net revenues of $12.5 million compared to $12.4 million in the second quarter of 2024. Net income and adjusted net income were $1.0 million and $0.2 million respectively. The company achieved a daily TCE of $15,421, up 55% from the first quarter, and declared its 11th consecutive quarterly cash dividend of $0.03 per share.

United Maritime has fixed about 68% of its available operating days for the third quarter at a daily rate of approximately $15,495 and anticipates an overall third-quarter TCE of about $14,707. 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 this strategic investment.

The company also 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. Both companies' recovery from a volatile start to the year benefits shareholders through continued dividend payments and positions them well for the seasonally stronger second half.

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