Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and its spin-off United Maritime Corp. (NASDAQ: USEA) reported strong second-quarter results, highlighting the continued strength of the dry bulk shipping market and their commitment to shareholder returns. Seanergy, the U.S.-listed pure-play Capesize shipping company, announced record revenue for the quarter and declared its 19th consecutive quarterly dividend, exceeding Wall Street expectations.
Seanergy reported net revenue of $55.7 million for the second quarter, up from $37.5 million in the prior-year period. Net income surged to $26.2 million, compared to $2.9 million a year ago, while adjusted net income reached $28.5 million. The company generated EBITDA of $39.3 million and adjusted EBITDA of $41.5 million, more than doubling year-over-year. Fleet performance was robust, with time charter equivalent (TCE) rates reaching $32,355 per day, a 63% increase from the same period last year. These results were supported by record quarterly Chinese iron ore imports and continued strength in global bauxite trade.
The company declared a quarterly cash dividend of $0.35 per share, its 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million in aggregate. The dividend represented approximately 27% of second-quarter adjusted EPS. Arctic Research noted that the payout exceeded its and consensus expectations. Since the inception of its capital return program, Seanergy has returned approximately $108.4 million to shareholders through cash dividends and repurchases of shares, warrants, and convertible notes.
During the quarter, Seanergy also completed a €100 million five-year unsecured corporate bond offering in Greece, diversifying its capital resources and supporting its fleet growth and renewal program. Additionally, the company 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 that the bonds provide shareholder-friendly funding for the company's newbuilding program and second-hand vessel acquisitions.
Looking ahead, Seanergy said the market outlook remains constructive, with a low orderbook against a rapidly aging fleet, strong iron ore export growth, and resilient coal and bauxite volumes. The company 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. Seanergy expects third-quarter 2026 daily TCE of approximately $31,000.
Separately, United Maritime reported net revenue of $10 million for the second quarter, 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% on its last closing share price. Net income and adjusted net income were $1.2 million and $1.5 million, respectively, compared to $1 million and $0.2 million in the second quarter of 2025. Adjusted EBITDA remained stable at $5.2 million, and the TCE rate of the fleet was $18,654 per day, up from $15,421 in the prior-year period.
United Maritime continued its strategic fleet repositioning program, 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. It continued its transition toward a more Capesize-focused fleet with the acquisition and delivery of modern Capesize tonnage, including the 2010-built M/V Squireship. Following the completion of the Exelixsea sale, United's fleet will consist of five dry bulk vessels with an aggregate cargo carrying capacity of approximately 589,899 dwt.
United provided third-quarter 2026 TCE guidance of approximately $20,400 per day, reflecting the expected benefits of its repositioned fleet and supportive dry bulk market fundamentals. "Dry bulk market conditions remain strong, driven by strong growth in all major dry bulk commodities," said Stamatis Tsantanis, Chairman & CEO of both companies. "With a repositioned fleet, improved earnings and a consistent distribution record, United is well positioned to benefit in this market environment."
To learn more about Seanergy and United Maritime, click here.
