Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, announced a significant expansion of its newbuilding program to six vessels during the first quarter, alongside a 77% increase in net revenue. The Greece-based owner of 20 large bulkers, which transport iron ore, coal, and bauxite globally, also declared a quarterly cash dividend of $0.20 per common share, marking its 18th consecutive quarterly dividend distribution.
The company's $460 million newbuilding program now includes six modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. Since October, Seanergy has steadily expanded the program, most recently adding a Capesize newbuilding at Hengli Shipbuilding in China in April. The orderbook comprises 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. The company has paid $68.6 million for the program while maintaining a strong liquidity position. Four of the six vessels have been financed with roughly $237 million in debt financing, and the company has deployed about $69 million of internal funds, supplemented by selective vessel sales, including a 2010-built Capesize sold for $29.5 million that will generate about $13.4 million in liquidity after debt repayment.
Seanergy's first-quarter financial results showed improvements across all line items. Net revenues reached $42.9 million, up 77% from $24.2 million in the first quarter of 2025. EBITDA of $23.6 million increased 258% compared to $6.6 million, while adjusted EBITDA of $28.1 million was up 251% year over year. The company swung to profitability, posting net income of $9.7 million and adjusted net income of $13.4 million, compared to net losses of $6.8 million and $5.5 million, respectively, in the prior year. The fleet achieved a daily time charter equivalent of $24,219 for the first quarter, a 6% premium over the average Baltic Capesize Index–180 of $22,902.
Looking ahead, Seanergy expects continued strength supported by resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The company also cited energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern as factors supporting ton-mile demand. "With a modernizing fleet, disciplined risk management, and a clear capital allocation strategy, we believe Seanergy is optimally positioned to continue creating value for shareholders heading into a structurally supportive 2027–2029 market window," said Tsantanis.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improved first-quarter results. Net loss narrowed to $0.1 million from $4.5 million, and 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, its 14th consecutive quarterly distribution. The company is 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, and based on current FFA levels, expects Q2 TCE of approximately $17,957 per day. "United delivered a significantly improved financial performance, driven by stronger dry bulk market conditions and continued strategic execution," said Tsantanis.
