Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) reported their second-quarter 2026 results, showcasing robust earnings and continued shareholder returns. Seanergy, a pure-play Capesize shipping company, achieved record revenue and declared its 19th consecutive quarterly dividend, while United Maritime paid its 15th consecutive dividend despite a strategic fleet repositioning.
Seanergy's net revenue for the quarter surged to $55.7 million, up from $37.5 million in the prior-year period. Net income and adjusted net income reached $26.2 million and $28.5 million, respectively, a significant jump from $2.9 million and $3.8 million a year ago. Adjusted EBITDA more than doubled to $41.5 million, and time charter equivalent (TCE) rates rose 63% year-over-year to $32,355 per day. The company attributed the strong performance to record Chinese iron ore imports, robust global bauxite trade, and disciplined fleet management.
For the first half of 2026, Seanergy reported net revenue of $97.8 million, compared to $61.7 million in the same period last year. Net income swung to $35.9 million from a net loss of $4 million, and adjusted EBITDA increased by 165% to $69.6 million. Adjusted EPS reached $1.96, versus a loss of $0.09 per share in the prior-year period. The company ended the quarter with $59.5 million in cash.
Seanergy's board declared a quarterly cash dividend of $0.35 per share, its 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million. The dividend represents about 27% of Q2 Adjusted EPS. Arctic Research noted that the payout exceeded its and consensus expectations. Since the inception of its capital return program, Seanergy has returned approximately $108.4 million to shareholders through dividends and buybacks.
During the quarter, Seanergy completed a €100 million five-year unsecured corporate bond offering in Greece and entered into a $60 million sale/leaseback agreement to partially fund a Capesize vessel acquisition. B. Riley Securities raised its price target on Seanergy to $25 from $22, reiterating a buy rating, citing the shareholder-friendly funding of its newbuilding program.
Looking ahead, Seanergy remains optimistic, with about 55% of its ownership days for the second half fixed at $30,800 per day, providing earnings visibility. The company expects Q3 2026 TCE of approximately $31,000 per day. Its fleet growth strategy includes the delivery of seven newbuildings and one secondhand Capesize, which will expand its fleet to 26 vessels with a cargo capacity of about 4.76 million dwt.
United Maritime reported Q2 net revenue of $10 million, flat year-over-year despite fewer ownership days. Net income and adjusted net income were $1.2 million and $1.5 million, respectively, compared to $1 million and $0.2 million in Q2 2025. Adjusted EBITDA remained stable at $5.2 million. The company paid a quarterly dividend of $0.10 per share, its 15th consecutive, representing a running yield of 16% on its last closing share price.
United continued its strategic fleet repositioning, agreeing to sell the Panamax M/V Exelixsea for approximately $17.5 million, following the earlier sale of the Kamsarmax M/V Cretansea. It also completed a profitable exit from its Offshore Energy Construction Vessel investment, generating about $15.1 million in cash proceeds. The company provided Q3 2026 TCE guidance of approximately $20,400 per day, reflecting the benefits of its repositioned fleet.
The dry bulk market outlook remains constructive, with strong growth in all major commodities. Both companies are well positioned to benefit, backed by consistent dividend records and strategic fleet expansions.
