Seanergy Maritime Holdings Corp. reported its financial results for the second quarter and six months ended June 30, 2026, and declared a quarterly cash dividend of $0.35 per common share. This marks Seanergy’s 19th consecutive quarterly dividend under its capital return policy and reflects the Company’s strong earnings generation and disciplined approach to capital allocation.
For the quarter ended June 30, 2026, the Company generated Net Revenues of $55.7 million, compared to $37.5 million in the second quarter of 2025. Net Income and Adjusted Net Income for the quarter increased to $26.2 million and $28.5 million, respectively, compared to $2.9 million and $3.8 million, respectively, in the prior-year period. EBITDA and Adjusted EBITDA for the quarter reached $39.3 million and $41.5 million, respectively, compared to $17.4 million and $18.3 million, respectively, for the same period of 2025. The fleet achieved a daily TCE of $32,355 for the second quarter of 2026, representing a 63% year-over-year increase.
Cash and cash-equivalents and restricted cash, as of June 30, 2026, stood at $59.5 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges amounted to $294.9 million, compared with a fleet book value of $542.3 million, including advances paid for vessels under construction and a vessel under sales-type lease, resulting in a fleet loan-to-book value ratio of approximately 55%. Stockholders' equity increased by $31.7 million, or 11% to $313.1 million, over the six-month period.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Seanergy delivered record results in the second quarter with Net Income of $26.2 million and Adjusted EPS of $1.32, bringing first-half Adjusted EPS to $1.96, and underscoring the strong earnings power and operating leverage of our pure-play Capesize platform.”
“Building on our solid performance, we continued to execute on our disciplined capital return policy. Our board of directors declared a quarterly cash dividend of $0.35 per share, our 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million in aggregate. In total, we have returned $108.4 million to shareholders since program inception, through dividends and the repurchases of shares, warrants and convertible notes.”
“We further advanced our fleet renewal strategy by agreeing to acquire two additional high-quality Japanese Capesize vessels for an aggregate consideration of approximately $130 million. These transactions consist of a scrubber-fitted newbuilding and a modern 2022-built vessel, both expected to join our fleet in 2029. These acquisitions lock in modern, fuel-efficient tonnage and scarce 2029 delivery slots ahead of an anticipated tightening in Capesize supply.”
“Our fleet renewal and growth program now comprises eight modern vessels, including seven newbuildings and one 2022-built Capesize, and represents an aggregate investment of approximately $591 million. Four of the eight vessels are scheduled to deliver in 2027, accelerating fleet renewal and earnings contribution from 2027 onward. We continue to execute selectively, pairing scarce delivery slots with disposals of older tonnage at firm valuations, while maintaining a disciplined balance sheet.”
“We have also secured multi-year employment for our three Chinese-built 2027 newbuildings with leading global counterparties, at floor rates covering expected cash breakeven plus a premium index-linked formula and profit sharing above an upper threshold. This approach materially de-risks the first phase of the program from day one of delivery while maintaining the upside potential central to our investment thesis.”
“Our successful issuance of a €100 million unsecured corporate bond in Greece diversifies our capital base and complements our existing secured financings. Its five-year non-amortizing structure provides non-dilutive, long-term capital precisely matched to the construction phase of our program, before the new vessels begin generating revenues.”
“The Capesize market continued to perform strongly during the second quarter, supported by record quarterly China iron ore imports and continued growth in bauxite trade against low fleet supply growth. Looking ahead, the market outlook remains constructive: a low orderbook against a rapidly ageing fleet, strong iron ore export growth, and resilient coal and bauxite volumes. In this context, we have fixed about 55% of our ownership days for the second half of the year at a daily rate of $30,800, providing significant earnings visibility while preserving meaningful index-linked exposure in a strong Capesize market. Additionally, based on the current FFA curve, our estimated 3Q 2026 daily TCE of approximately $31,000 further reinforces our positive earnings outlook and our ability to continue generating attractive returns in the quarters ahead.”
“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.”
