Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) both reported strong second-quarter results, underscoring the favorable conditions in the dry bulk shipping market. Seanergy achieved record revenue and declared its 19th consecutive quarterly dividend, while United Maritime paid its 15th consecutive dividend, reflecting sustained profitability and a commitment to returning capital to shareholders.
Seanergy, the U.S.-listed pure-play Capesize shipping company, reported net revenue of $55.7 million for the second quarter, a significant increase from $37.5 million in the same period last year. Net income surged to $26.2 million, and adjusted net income reached $28.5 million, compared to $2.9 million and $3.8 million, respectively, in the prior-year quarter. The company's EBITDA more than doubled to $39.3 million, with adjusted EBITDA at $41.5 million. These results were driven by record quarterly Chinese iron ore imports and strong global bauxite trade, which boosted demand for large bulk carriers.
The company's fleet performance was robust, with time charter equivalent (TCE) rates reaching $32,355 per day, a 63% year-over-year increase. Seanergy's CEO, Stamatis Tsantanis, attributed the success to the company's strong positioning in the large dry bulk segment and disciplined fleet management. For the first six months of 2026, Seanergy reported net revenue of $97.8 million, up from $61.7 million in the first half of 2025. Net income turned positive at $35.9 million, compared to a net loss of $4 million in the prior year, and adjusted EBITDA increased by 165% to $69.6 million.
Seanergy's board declared a quarterly dividend of $0.35 per share, marking the 19th consecutive distribution. This brings cumulative dividends to $3.19 per share, or approximately $63.2 million. The dividend represents about 27% of adjusted EPS and was favorably received by analysts, with Arctic Research noting it exceeded expectations. The company has returned approximately $108.4 million to shareholders since the inception of its capital return program.
During the quarter, Seanergy also strengthened its balance sheet by completing a €100 million five-year unsecured corporate bond offering in Greece and entering into a $60 million sale/leaseback agreement to partially fund the acquisition of a Capesize vessel. B. Riley Securities raised its price target on Seanergy to $25 from $22, reiterating a buy rating.
Looking ahead, Seanergy remains optimistic about the market, citing a low orderbook, an ageing fleet, and strong iron ore export growth. The company has fixed approximately 55% of its ownership days for the second half of 2026 at a daily rate of $30,800, providing significant earnings visibility. It expects third-quarter TCE of around $31,000 per day.
United Maritime, Seanergy's spin-off, reported net revenue of $10 million for the second quarter, flat year-over-year despite fewer ownership days due to its fleet repositioning strategy. Net income was $1.2 million, and adjusted net income was $1.5 million. The company paid a quarterly dividend of $0.10 per share, its 15th consecutive distribution, representing a running yield of 16% on its last closing share price. United's TCE rate improved to $18,654 per day, up from $15,421 a year ago.
United continued its strategic shift toward a Capesize-focused fleet, agreeing to sell the Panamax M/V Exelixsea for approximately $17.5 million and completing the profitable exit from its Offshore Energy Construction Vessel investment, generating $15.1 million in cash proceeds. The company provided third-quarter 2026 TCE guidance of approximately $20,400 per day, reflecting the benefits of its repositioned fleet.
Tsantanis noted that dry bulk market conditions remain strong, driven by growth in all major commodities. With repositioned fleets and consistent distribution records, both Seanergy and United are well positioned to benefit from the current market environment. For more information, visit the companies' websites.
