Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported a significant improvement in its first-quarter earnings, with net revenue soaring 77% to $42.9 million compared to $24.2 million in the same period last year. The Greece-based Capesize shipping company also announced it has doubled its newbuilding program to six vessels, with a total investment of $460 million.
The company, which owns 20 large bulk carriers transporting iron ore, coal, and bauxite, declared a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter of dividend payments. The fleet expansion includes modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029.
Seanergy’s newbuilding program now comprises three vessels at Hengli Shipbuilding in China for delivery in 2027, two at Japan’s Imabari Shipbuilding for 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry for 2028. The company has paid $68.6 million for the program so far and secured debt financing of approximately $237 million for four of the six vessels, while maintaining a strong liquidity position.
First-quarter EBITDA reached $23.6 million, up 258% from $6.6 million a year earlier, while adjusted EBITDA was $28.1 million, a 251% increase. The company swung to a net income of $9.7 million and adjusted net income of $13.4 million, compared to a net loss of $6.8 million and adjusted net loss of $5.5 million in Q1 2025. Seanergy’s fleet achieved a daily time charter equivalent of $24,219, a 6% premium over the Baltic Capesize Index.
Looking ahead, Seanergy expects continued strength driven by resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The company also cited energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern as supportive factors for ton-mile demand.
“With a modernizing fleet, disciplined risk management, and a clear capital allocation strategy, we believe Seanergy is optimally positioned to continue creating value for shareholders heading into a structurally supportive 2027–2029 market window,” said CEO Tsantanis.
Separately, Seanergy’s spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improvements, narrowing its net loss to $0.1 million from $4.5 million in the year-ago quarter. United Maritime declared a quarterly dividend of $0.10 per share, its 14th consecutive distribution. The company is repositioning by selling smaller Kamsarmax vessels and its non-core Offshore investment to expand into larger Capesize bulkers. During Q1, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea. United Maritime expects the full earnings contribution from the repositioning to build progressively through the year.
