Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) reported strong second-quarter results on Thursday, with both companies extending their dividend streaks amid favorable dry bulk market conditions. Seanergy, a pure-play Capesize shipping company, posted record revenue and declared its 19th consecutive quarterly dividend, while United Maritime paid its 15th consecutive dividend despite a strategic fleet repositioning.
Seanergy's net revenue for the second quarter reached $55.7 million, up from $37.5 million in the same period last year. Net income surged to $26.2 million, compared to $2.9 million in the prior-year quarter, and adjusted net income was $28.5 million, versus $3.8 million a year ago. The company's EBITDA more than doubled to $39.3 million, and adjusted EBITDA hit $41.5 million. These results were supported by record quarterly Chinese iron ore imports and continued strength in global bauxite trade, according to the company.
The company's time charter equivalent (TCE) rate for the second quarter was $32,355 per day, a 63% year-over-year increase, reflecting strong positioning in the large dry bulk segment. Seanergy operates a fleet of 19 large bulk carriers, including 2 Newcastlemax and 17 Capesize vessels, with a combined cargo carrying capacity of 3,463,843 deadweight tons.
Seanergy's board declared a quarterly cash dividend of $0.35 per share, its 19th consecutive distribution. The dividend exceeded Wall Street expectations, with Arctic Research noting it surpassed its own and consensus estimates. Cumulative dividends now stand at $3.19 per share, or approximately $63.2 million in aggregate. The company has returned approximately $108.4 million to shareholders since the inception of its capital return program through dividends and share repurchases.
During the quarter, Seanergy also completed a €100 million five-year unsecured corporate bond offering in Greece and 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 a buy rating, noting the bonds provide shareholder-friendly funding for the company's newbuilding program.
Looking ahead, Seanergy 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. The company expects third-quarter 2026 daily TCE of approximately $31,000. “Our strategic direction remains clear: deliver consistent shareholder distributions, invest strategically in modern tonnage and preserve financial flexibility. We believe this balanced approach positions Seanergy to create meaningful long-term shareholder value,” said Stamatis Tsantanis, Seanergy's Chairman & CEO.
United Maritime, which was spun off from Seanergy, reported net revenue of $10 million for the second quarter, flat year-over-year despite fewer ownership days. Net income was $1.2 million and adjusted net income was $1.5 million, compared to $1 million and $0.2 million, respectively, in the prior-year period. Adjusted EBITDA remained stable at $5.2 million. The company paid a quarterly dividend of $0.10 per share, its 15th consecutive, corresponding to a running yield of 16% on its last closing share price.
United Maritime continued its fleet repositioning strategy, agreeing 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. The company also completed a profitable exit from its Offshore Energy Construction Vessel investment, generating approximately $15.1 million in cash proceeds. Following the Exelixsea sale, United's fleet will consist of five dry bulk vessels, including two Capesize, one Kamsarmax, and two Panamax vessels.
United provided third-quarter 2026 TCE guidance of approximately $20,400 per day, reflecting the expected benefits of its repositioned fleet. “Dry bulk market conditions remain strong, driven by strong growth in all major dry bulk commodities. With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment,” said Tsantanis.
The strong results from both companies highlight the ongoing robustness of the dry bulk shipping market, driven by global demand for iron ore, coal, and bauxite. With low orderbooks and an ageing fleet, the outlook remains constructive, supporting continued shareholder returns.
