Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced a 77% increase in net revenue for the first quarter of 2026, reaching $42.9 million compared to $24.2 million in the same period last year. The company also reported a swing to profitability with net income of $9.7 million, versus a net loss of $6.8 million in Q1 2025. Adjusted EBITDA surged 251% to $28.1 million.
Alongside the earnings release, Seanergy declared a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarterly distribution. The company also expanded its newbuilding program to six vessels, up from three, with a total investment of $460 million. The fleet expansion includes eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029.
Seanergy has secured debt financing for four of the six vessels, totaling approximately $237 million, and has used about $69 million of internal funds. The company maintains a strong liquidity position and recently sold a 2010-built Capesize for $29.5 million, generating $13.4 million in liquidity after debt repayment.
CEO Stamatis Tsantanis attributed the strong performance to resilient Chinese iron ore demand, growth in bauxite trades, and rising West African iron ore exports. He also noted that energy security issues and expectations of a strong El Niño weather pattern support ton-mile demand for the remainder of the year.
In a separate announcement, Seanergy’s spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improved Q1 results, narrowing its net loss to $0.1 million from $4.5 million a year ago. United Maritime declared a dividend of $0.10 per share for the 14th consecutive quarter and is repositioning its fleet by acquiring Capesize vessels and divesting smaller Kamsarmax ships.
The company expects continued strength in the dry bulk market, supported by favorable supply-demand dynamics and its modernizing fleet. Tsantanis stated, “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.”
