Seanergy and United Maritime Report Strong Q2 Results, Continue Dividend Streaks

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, while 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. The company generated EBITDA of $39.3 million and Adjusted EBITDA of $41.5 million, more than doubling year-over-year from $17.4 million and $18.3 million, respectively. Fleet performance remained robust, with second-quarter time charter equivalent (TCE) rates reaching $32,355 per day, a 63% year-over-year increase.

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 adjusted net loss of $1.7 million in the first half of 2025. Adjusted EBITDA increased by 165% to $69.6 million, while Adjusted EPS reached $1.96. Fleet TCE increased by 69% to $28,244 per day. Seanergy had $59.5 million in cash as of June 30.

As for its 19th quarterly dividend of $0.35 per common share, Seanergy said it underscores the company’s strong earnings generation and disciplined approach to capital allocation. “Building on our solid performance, we continued to execute on our disciplined capital return policy. Our board of directors declared a quarterly cash dividend of $0.35 per share, our 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million in aggregate,” said Stamatis Tsantanis, Seanergy’s Chairman & CEO. 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.

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 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. Seanergy expects third quarter 2026 daily TCE of approximately $31,000.

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 its 15th consecutive quarterly dividend of $0.10 per share, corresponding to a running yield of 16% on its last closing share price. Net income and adjusted net income for the quarter were $1.2 million and $1.5 million, respectively. Adjusted EBITDA remained stable at $5.2 million. The TCE rate of the fleet was $18,654 per day, compared to $15,421 for the same period of 2025.

United Maritime continued executing its strategic fleet repositioning program, strengthening its focus on the Capesize segment. The company agreed to sell the 2011-built Panamax M/V Exelixsea for approximately $17.5 million, 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.”