Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported record revenue for the second quarter and six months ended June 30, declaring its 19th consecutive quarterly dividend that exceeded Wall Street expectations. Supported by record quarterly Chinese iron ore imports and strength in global bauxite trade, the Greece-based company showcased the earnings power of its pure-play Capesize fleet.
Net revenue increased to $55.7 million in Q2, up from $37.5 million a year earlier, while net income surged to $26.2 million from $2.9 million. Adjusted net income reached $28.5 million, and EBITDA more than doubled to $39.3 million. Fleet performance remained robust, with time charter equivalent (TCE) rates reaching $32,355 per day, a 63% year-over-year increase, reflecting strong market fundamentals and disciplined fleet management.
For the first half of 2026, Seanergy reported net revenue of $97.8 million, up from $61.7 million, and adjusted net income of $42 million compared to a net loss of $1.7 million in the prior-year period. Adjusted EBITDA increased by 165% to $69.6 million, and adjusted EPS reached $1.96. The company held $59.5 million in cash as of June 30.
The quarterly dividend of $0.35 per share marked the 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million. The payout represents about 27% of Q2 adjusted EPS. Since the inception of its capital return program, Seanergy has returned approximately $108.4 million to shareholders through dividends and buybacks. Arctic Research noted that the payout exceeded its and consensus expectations.
During the quarter, Seanergy completed a €100 million five-year unsecured corporate bond offering in Greece to diversify capital resources and support fleet growth. It also entered into a $60 million sale/leaseback agreement to partially fund a Capesize vessel due for delivery in Q4 2027. B. Riley Securities raised its price target on Seanergy to $25 from $22, reiterating a buy rating, citing the bonds as shareholder-friendly funding for newbuildings and second-hand acquisitions.
Looking ahead, Seanergy remains constructive on market outlook with a low orderbook, ageing fleet, and strong iron ore, coal, and bauxite volumes. The company has fixed about 55% of its ownership days for H2 2026 at $30,800 per day, providing earnings visibility. It expects Q3 2026 daily TCE of approximately $31,000. CEO Stamatis Tsantanis emphasized a clear strategy: consistent shareholder distributions, strategic investment in modern tonnage, and financial flexibility.
Upon the sale of M/V Dukeship and delivery of seven newbuildings and one secondhand Capesize, Seanergy will operate 26 vessels with an aggregate capacity of approximately 4,763,552 dwt.
Separately, United Maritime Corp. (NASDAQ: USEA), Seanergy's spin-off, reported Q2 net revenue 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%. Net income and adjusted net income were $1.2 million and $1.5 million, respectively. Adjusted EBITDA remained stable at $5.2 million, and TCE rates improved to $18,654 per day from $15,421.
United continued its fleet repositioning, agreeing to sell the 2011-built Panamax M/V Exelixsea for $17.5 million and the 2009-built Kamsarmax M/V Cretansea for $14.7 million. It also exited its Offshore Energy Construction Vessel investment, generating $15.1 million in cash proceeds, while acquiring modern Capesize tonnage. Following the Exelixsea sale, United's fleet will consist of five vessels with a capacity of approximately 589,899 dwt.
United provided Q3 2026 TCE guidance of approximately $20,400 per day, reflecting the repositioned fleet and supportive market fundamentals. CEO Tsantanis noted strong dry bulk conditions driven by growth in all major commodities, positioning both companies to benefit.
