Seanergy and United Maritime Report Record Q2 Results, Boost Dividends

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), the U.S.-listed pure-play Capesize shipping company, reported record revenue for the second quarter and six months ended June 30, 2026, and declared its 19th consecutive quarterly dividend, exceeding Wall Street expectations. The company, based in Greece, operates a fleet of 19 large bulk carriers, including 2 Newcastlemax and 17 Capesize vessels, with an aggregate cargo carrying capacity of 3,463,843 dwt. Net revenue increased to $55.7 million, compared with $37.5 million in the prior-year period, while net income and adjusted net income surged to $26.2 million and $28.5 million, respectively, from $2.9 million and $3.8 million a year ago. The company generated EBITDA of $39.3 million and Adjusted EBITDA of $41.5 million, more than doubling year-over-year. Fleet performance remained robust, with second-quarter time charter equivalent (TCE) rates reaching $32,355 per day, a 63% year-over-year increase, highlighting the company's strong positioning in the large dry bulk segment.

The quarterly dividend of $0.35 per share marked Seanergy’s 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million in aggregate. As stated by CEO Stamatis Tsantanis, this underscores the company’s strong earnings generation and disciplined capital allocation. The dividend represented approximately 27% of Q2 Adjusted EPS, and Seanergy has returned approximately $108.4 million to shareholders since the inception of its capital return program. Additionally, the company completed a €100 million 5-year unsecured corporate bond offering in Greece to diversify capital resources and support fleet growth, and entered into a $60 million sale/leaseback agreement for a Capesize vessel due in 2027. B. Riley Securities raised its price target to $25 and reiterated a buy rating. 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, and expects third quarter 2026 daily TCE of approximately $31,000, reinforcing its positive earnings outlook.

Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported second-quarter results, with net revenue of $10 million (flat year-over-year) and paid its 15th consecutive quarterly dividend of $0.10 per share, corresponding to a running yield of 16%. United Maritime continued its fleet repositioning strategy, selling vessels and exiting an offshore investment, while acquiring modern Capesize tonnage. The company provided third-quarter 2026 TCE guidance of approximately $20,400 per day. Both companies are benefiting from strong dry bulk market fundamentals, including record Chinese iron ore imports and robust bauxite trade. For more information, visit Seanergy's website.