Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, announced a significant improvement in its first-quarter financial results and an expansion of its fleet renewal program. The Greece-based owner of 20 large bulkers reported net revenues of $42.9 million for the first quarter of 2026, a 77% increase compared to $24.2 million in the same period last year. EBITDA rose to $23.6 million, up 258% from $6.6 million, while adjusted EBITDA reached $28.1 million, a 251% year-over-year increase. The company swung to a profit, posting net income of $9.7 million and adjusted net income of $13.4 million, compared to a net loss of $6.8 million and an adjusted net loss of $5.5 million in the first quarter of 2025.
Seanergy also declared a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter of returning cash to shareholders. The company's fleet achieved a daily time charter equivalent of $24,219, a 6% premium over the average Baltic Capesize Index–180 of $22,902 for the same period.
In a strategic move to scale its fleet renewal, Seanergy doubled its newbuilding program to six vessels of over 180,000 dwt, with a total investment of $460 million. The program includes modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. Since October, the company has steadily expanded the program, most recently adding a Capesize newbuilding at Hengli Shipbuilding in China in April. The orderbook now includes three vessels at Hengli Shipbuilding for delivery in 2027, two at Japan's Imabari Shipbuilding for delivery in 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry for delivery in 2028. To date, Seanergy has paid $68.6 million for the newbuilding program while maintaining a strong liquidity position. Four of the six vessels have already been financed, with roughly $237 million in debt financing secured, and the company has deployed about $69 million of internal funds toward the program.
Looking ahead, Seanergy expects continued strength in the dry bulk market, supported by resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The company also noted that energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern further support ton-mile demand for the remainder of the year.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improved first-quarter results. United Maritime's net loss narrowed to $0.1 million from $4.5 million in the year-ago period, while adjusted net income was $0.2 million compared to an adjusted net loss of $4.4 million. United Maritime declared a quarterly dividend of $0.10 per common share, the 14th consecutive quarterly distribution. The company has been repositioning by selling smaller Kamsarmax vessels and its non-core Offshore sector investment, while expanding into larger Capesize bulkers. During the first quarter, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea. For the second quarter, United Maritime secured about 92% of available days at an average of $17,807 per day.
