Seanergy Maritime Q1 2026 Earnings Report

Seanergy Maritime EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.39
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Seanergy Maritime Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $42.15 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Seanergy Maritime Announcement Details

• Quarter: Q1 2026
• Date: 5/28/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, May 28, 2026
• Conference Call Time: 10:00AM ET

Seanergy Maritime (NASDAQ:SHIP). (NASDAQ: SHIP) is a dry bulk shipping company that provides seaborne transportation services for major commodities, including iron ore, coal and grain. The company’s operations encompass both time charter and voyage charter contracts, enabling customers to secure vessel capacity on either a fixed-rate or spot basis. Its client base includes commodity producers, trading houses and industrial end users seeking global logistics solutions for bulk materials.

The company’s core assets consist of a fleet of modern dry bulk carriers, spanning Capesize, Panamax and Supramax classes. These vessels are equipped to navigate key trade routes across the Atlantic and Pacific oceans, offering flexibility in cargo sizes and voyage durations. Seanergy’s technical management and crewing arrangements are designed to meet international safety and environmental standards, ensuring compliance with regulations set by bodies such as the International Maritime Organization (IMO).

Established in 2004, Seanergy Maritime has expanded its presence in global shipping markets through strategic acquisitions and fleet upgrades. Headquartered in Athens, Greece, with operational centers positioned near major port hubs, the company services trade corridors linking exporters in South America, Australia and Africa to importers in Europe and Asia. Seanergy’s ongoing focus on fleet modernization and charter diversification underpins its efforts to adapt to evolving market conditions and regulatory requirements.

Seanergy Maritime Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Seanergy reported a very strong first quarter, with net revenues up to $43 million, adjusted EBITDA of $28.2 million, and adjusted EPS of $0.63, well ahead of the prior year period.
• Positive Sentiment: The company declared its 18th consecutive quarterly cash dividend of $0.20 per share, bringing cumulative shareholder distributions to about $55.6 million since inception.
• Positive Sentiment: Management said it has made meaningful progress on its fleet renewal strategy, contracting six modern eco-design newbuilds and agreeing to sell three older vessels, with financing already secured for four of the six.
• Positive Sentiment: Commercial performance remained strong, as fleet time charter equivalent outperformed the BCI 180 by about 6% at $24,200 per day, and Q2 2026 TCE is expected to be roughly $31,430 per day.
• Neutral Sentiment: Seanergy said it has good earnings visibility for the rest of 2026, with 45% of available operating days from Q2 through year-end already fixed at average gross rates above $29,000 per day, while management also emphasized a supportive Capesize supply-demand backdrop.

Presentation

[Operator]

Thank you for standing by, ladies and gentlemen, and welcome to the Seanergy Maritime Holdings Conference Call on the first quarter ended March 31st, 2026 financial results. We have with us Mr. Stamatis Tsantanis, Chairman and CEO, and Mr. Stavros Gyftakis, Chief Financial Officer of Seanergy Maritime Holdings Corp. At this time, all participants are in listen-only mode. There will be a question and answer session. At which time you would like to ask a question, please press star one one on your telephone keypad, and you will hear an automatic message advising your hand is raised. Please be advised that this conference call is being recorded today, Thursday, May 28th, 2026. The archived webcast of the conference call will soon be made available on the Seanergy website, seanergymaritime.com, under the Webcast and Presentation section under the Investor Relations page.

[Operator]

Many of the remarks today contain forward-looking statements based on current expectations. Actual results may differ materially from the results projected from those forward-looking statements. Additional information concerning factors that can cause the actual results to differ materially from those in the forward-looking statements is contained in the first quarter and at March 31st, 2026 earnings release, which is available on the Seanergy website, again, www.seanergymaritime.com. I would now like to turn the conference over to one of your speakers today, the Chairman and CEO of the company, Mr. Stamatis Tsantanis. Please go ahead, sir.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Thank you, operator. Welcome everybody. Seanergy delivered a very strong first quarter, despite what is typically the seasonally weakest period of the year, highlighting the earnings power and resilience of the pure play Capesize platform that we have built diligently over the past years. Net revenues increased to $43 million from $24.2 million in the same quarter of last year, while adjusted EBITDA of $28.2 million, up 253% year-over-year. Adjusted EPS for the quarter was $0.63 per share, one of the strongest amongst listed dry bulk peers, reflecting both favorable market conditions and the operating leverage embedded in our platform. Based on our strong performance and disciplined capital return policy, we declared our 18th consecutive quarterly cash dividend of $0.20 per share, bringing cumulative shareholder distributions to approximately $2.84 per share or $55.6 million since inception.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

The execution of our strategy continues to develop among our main long-term objectives of rewarding our shareholders, sustainable fleet development, and maintaining a strong balance sheet. During the quarter, we significantly advanced our fleet renewal strategy by contracting three additional vessels at leading shipyards in China and Japan, with the latest orders placed at Hengli Shipbuilding this April while agreeing to sell one of our older Capesize vessels at firm secondhand pricing. Since the launching of the program, we have contracted six modern eco design new buildings of Capesizes and Newcastlemax and agreed to dispose of three older vessels, materially enhancing the quality, efficiency, and long-term earnings capacity of our fleet. Importantly, we have already secured financing for four of the six vessels at attractive terms, while approximately $69 million of equity has been invested from internal funds.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

We believe the combination of favorable delivery positions, next year, basically, most of them, competitive financing and selective vessel disposals represents a disciplined capital allocation strategy capable of generating long-term results. Our new building strategy combines with prudent risk management. In this context, based on advanced discussions with leading charterers, we expect these vessels to secure multi-year time charters with downside protection above cash breakeven levels, complemented by profit-sharing structures preserving meaningful upside exposure. Given the limited global availability of prompt delivery positions of new building Capesizes and Newcastlemax, particularly for 2027 to 2029, we believe these vessels are entering the market at a highly favorable point in the cycle. On the commercial side, our index-linked chartering strategy continued to outperform during the quarter, with fleet time charter equivalent exceeding the BCI 180 by average approximately 6% at $24,200 per day.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

This figure, I believe, is one of the strongest of the U.S.-listed public dry bulk companies. Looking ahead, we expect the second quarter of 2026 time charter equivalent to be approximately $31,430 per day. 45% of our available operating days from Q2 onwards until the end of the year have already been fixed at average gross rates exceeding $29,000 per day, providing meaningful earnings visibility while preserving substantial market exposure. I will now pass the call to Stavros, who will fill you in on our financial information for the quarter, as well as discussing our balance sheet and debt refinancings. Stavro, please go ahead.

[Stavros Gyftakis, CFO at Seanergy Maritime Holdings]

Thank you, Stamatis. Our first quarter results reflected both the strength of the Capesize market and the effectiveness of our commercial strategy. Net revenues reached $43 million, corresponding to a Time Charter Equivalent of $24,200 per day, compared to $24.2 million and a Time Charter Equivalent of $13,400 per day in the same period last year. Adjusted EBITDA totaled $28.2 million, while adjusted net income amounted to $13.4 million, compared to an adjusted net loss in the prior year period. Our balance sheet remains strong, with cash and restricted cash totaling $68.8 million, despite $31 million invested into the new building program during the quarter. We have already agreed approximately $237 million of financing for four of our six newbuildings, including pre-delivery financing, while discussions for the remaining vessels are progressing constructively.

[Stavros Gyftakis, CFO at Seanergy Maritime Holdings]

During the quarter, we also completed several refinancing and vessel sale transactions that further enhanced liquidity and financial flexibility, or are expected to do so in the immediate following quarters. Our remaining newbuilding CapEx for the second to fourth quarters of 2026 is approximately $72 million, of which $36 million has already been paid during the second quarter, while $17 million will be sourced by pre-delivery debt arrangements, leaving $19 million, which can be comfortably covered by our strong cash reserves, upcoming sale proceeds, and operating cash flows. Total assets stood at $640 million in book values, including vessels under construction, while shareholders' equity amounted to $289.3 million.

[Stavros Gyftakis, CFO at Seanergy Maritime Holdings]

Total debt, including liabilities under finance leases, stood at $319.7 million at the end of the first quarter, corresponding to a loan-to-value ratio of approximately 43% based on the market value of our fleet, reflecting our controlled approach towards leverage, while advancing an ambitious fleet renewal strategy. Before moving on, let me briefly highlight our financing activity. Over the past months, we secured several refinancings and new facilities that enhanced liquidity, lowered borrowing costs, and extended our maturity profile. Importantly, we secured attractive financing for multiple newbuildings, including pre-delivery funding, while maintaining limited covenant restrictions and enhanced flexibility. These actions reinforce the strength of our balance sheet and support the disciplined execution of our fleet renewal strategy. Lastly, concerning our future profitability, at current FFA levels, we expect our platform to continue generating strong cash flow and earnings through the remainder of 2026.

[Stavros Gyftakis, CFO at Seanergy Maritime Holdings]

The combination of index-linked exposure, improving charter coverage, and operating leverage position Seanergy to benefit materially from continued strength in the Capesize market. Overall, Seanergy remains very well-positioned financially and operationally, with strong liquidity, improving earnings visibility, and a disciplined approach to growth and capital allocation. We believe we are very well placed to continue delivering attractive shareholder returns while maintaining meaningful exposure to market upside. I will now pass the call back to Stamatis, who will discuss the Capesize market and industry fundamentals. Stamatis?

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Thank you, Stavros. The Capesize market has started 2026 off in a very strong manner. The first quarter was one of the strongest recorded in recent years, driven by exceptionally strong bauxite volumes as well as counter-seasonal iron ore export strength, driven by a combination of drier weather and healthy end-user demand. Strong growth in grain trading also complemented Capesize strength by supporting the earnings of smaller dry bulk vessels and reducing any incentive for cargo-splitting tonnage substitution. The strong trend has clearly carried over to the second quarter of the year, and it appears for the rest of the year as well, driven by a combination of factors. Specifically, slower vessel sailing speeds during the high bunker prices and higher port waiting times are contributing to a dearth of available vessels during a period with strong cargo demand.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Looking to the rest of the current year, we obviously must acknowledge the complicated geopolitical picture, which is a source of uncertainty. We even so remain optimistic about cargo demand. We expect seaborne coal volume growth as energy security and reliability take center stage during the Middle East conflicts amidst stronger stockpiling demand ahead of warm summer months. Iron ore seaborne trade remains supported due to expansion of supply of high-quality iron ore production in Brazil and West Africa. Looking at the supply side, the backdrop remains positive for the balance of 2026, with little expected to change in the short term.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

The extensive dry docking requirements of the Capesize fleet are curtailing supply meaningfully, as more than 20% of Capesize vessels were built in 2011 and 2012 are now due for scheduled surveys within 2026 and 2027. Longer term, the Capesize order book is about 13%-14% of the existing fleet, compared to about 9% of the fleet being 20 years or older. Factoring in the rapid fleet aging, along with the efficiency losses associated with older vessels, ultimately, fleet growth over the next years should remain very manageable and we might even see effective fleet reduction. The Capesize outlook remains very strong for the next years, and as mentioned earlier in the call, Seanergy maintains downside protection for 2026 at highly profitable daily rates, which we believe places it in a very good position to navigate the future.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

To conclude, Seanergy is entering the remainder of 2026 from a position of strength, supported by strong earnings visibility, disciplined capital allocation, and a modernizing fleet. We remain focused on generating attractive shareholder returns while maintaining balance sheet discipline and positioning the company to benefit from a structurally supportive 2027-2029 market environment. On that note, I would like to turn the call over to the operator and take any questions you may have. Operator, please take the call. Thank you.

[Operator]

Thank you, dear participants. As a reminder, to ask a question, you need to press star one one on your telephone and wait for a name to be announced. Please stand by while we compile the Q&A roster. This will take a few moments. Now we're going to take our first question, and it comes to the line of Liam Burke of B. Riley Securities. Your line is open. Please ask your question.

[Liam Burke, Analyst at B. Riley Securities]

Fine. Thank you. Hello, Stamatis. Stavros, how are you today?

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Hello, Liam. Good morning. Everything's fine. Nice to hear from you.

[Liam Burke, Analyst at B. Riley Securities]

Thank you. Good hearing from you too, nice quarter. Can we go into the macro again for a second? We talked about bauxite and iron ore. Can we just take it into two pieces, the sustainability of those volumes and how has the increased consumption of coal contributed to the favorable rate environment?

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Well, it's a combination of things. Number one, you have the increased iron ore cargos, which are not so much increased as last year, but they're pretty similar year on year. We're very happy with these volumes. Bauxite has also increased, and I think that we will continue to see increases on the bauxite as well. Coal, like you very well said, has come into play because of restocking of reserves in the Far East, especially China. There's 30 million tons of restocking in China and various other factors in different places. Coal has come strongly into play. We do not see any slowing down of demand anytime soon. We think the demand will be stable in the next few years.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

What actually tips the scale to our favor is the fact that the effective vessel supply is reducing because there's a lot of congestion in various areas of the world. Don't forget that even though the new building order book of the Capesize fleet has been increasing, it's still one of the lowest across the mainstream sectors of shipping. Most importantly, we have an aging fleet. We expect hundreds of ships to turn 20 years old from 2026, 2027, 2028, and 2029. New building order book's nowhere close to compensate for the loss of tonnage that we'll experience over the next few years.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

It's a sustainable freight rate environment in our opinion, not only because demand will continue to be very strong or even stable, but it's going to be a supply-driven growth as far as the freight rates are concerned, not just from the actual numerical supply of ships, but also from the effective supply of vessels that is going to be reducing in our opinion.

[Liam Burke, Analyst at B. Riley Securities]

Great. Thank you. Stavros, I apologize in advance for making you repeat this, but could you give us the cadence of CapEx for the balance of the year? I know you gave it once. I didn't quite get it. Any color on 2027, when you see the timing of deliveries?

[Stavros Gyftakis, CFO at Seanergy Maritime Holdings]

Sure. No problem at all. Good morning, Liam, also from my side. We have paid the lion's share of the CapEx that is basically to be sourced by equity for the new buildings for 2026. What is remaining is $72 million. From $72 million was actually Q2 to Q4 CapEx. We have already paid $36 million of this in the second quarter. $17 million will be sourced by pre-delivery financing. That leaves us to finance through equity $19 million, which can be very comfortably covered by our current cash reserves and the very strong operating cash flow that the company has right now.

[Liam Burke, Analyst at B. Riley Securities]

Great. Okay. Thank you very much.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Thank you, Liam.

[Operator]

Thank you. Now we're going to take our next question. The question comes to the line of Mark Rieckman from Noble Capital Markets. Your line is open. Please ask your question.

[Mark Riechman, Analyst at Noble Capital Markets]

Thank you. Management highlighted the expectations for the multi-year charter agreements with the downside protection and profit-sharing mechanisms for the new builds. How advanced are discussions with charters and what level of charter coverage do you expect prior to vessel delivery?

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Well, we certainly want to have something that is going to be, if not significantly above the cash flow breakeven, but quite above the cash flow breakeven. That's going to be the base rate. We will have the first part from the base rate until the ceiling that is going to be 100% for the company, and then it's going to be a 50/50% split between us and the charter from the ceiling and thereafter. We find this extremely advantageous because it covers the downside for the period of at least four years or five years. We are negotiating that now. As far as certainty is concerned, you can really count that a big portion of the fleet of the new building order book will be covered well before going to the delivery of the ships.

[Mark Riechman, Analyst at Noble Capital Markets]

How do you view the trade-off between locking in the strong forward rates versus maintaining exposure to potential market upside?

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Well, we have a good fleet of 20 ships in the water right now that are pretty much exposed to the upside of the market, and we're very content with that. As you can see, we are among the first in reporting the highest TCE and EPS among the dry bulk shipping companies. I think we have the highest EPS among the dry bulk shipping companies with the fleet that we have right now, and our time charter equivalent is either the first or the second among the dry bulk shipping companies. We're very content with the fleet that we have already in the water. As far as new buildings are concerned, we don't want to take any risks. We have close to $1 billion on order book, and we want to make sure that this investment is sustainable.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Yes, we might give away some of the upside, but we want to make sure that the investment is sustainable for the next five years at least once we get delivery. As far as the existing fleet is concerned, we have 50% covered in FFAs until the year end at around $29,000 a day. We're also happy with that. We're not greedy. We want to make sure that we're covered on the downside, and we will deliver one of the best possible upsides from all the dry bulk shipping companies out there. We're very happy with that.

[Mark Riechman, Analyst at Noble Capital Markets]

Then could you maybe provide a little more detail on expected leverage levels and financing plans for the remaining vessels, while you maintain that balance sheet flexibility?

[Stavros Gyftakis, CFO at Seanergy Maritime Holdings]

Yes. Hi, Mark, this is Stavros. We're targeting leveraging the new building contracts at 70%-75%, so the equity participation will be 25%-30% in each ship. That's in line with what we have done already now on four out of the six ships. This combined with the time charter structure that Stamatis described before, so downside protection in the sense that we will be definitely covering the breakevens, provide certainty as to the due servicing of the debt from these ships. At the same time, as we aggressively repay the indebtedness of the existing fleet, we expect to maintain the 50% threshold on corporate and fleet level going forward. To give you an idea, we have ships now or some of our older ships are at a loan-to-value between 20%-30%.

[Stavros Gyftakis, CFO at Seanergy Maritime Holdings]

Basically, on average, we will be maintaining the same LTV that you see today.

[Mark Riechman, Analyst at Noble Capital Markets]

Well, thank you. Just a last question on vessel operating expenses. What are your expectations for operating cost inflation, say, like over the next 12 to 24 months? I'm referring to the crewing, the maintenance, the regulatory compliance costs, et cetera.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Yeah. Well, we expect to be around $7,000 to $7,200 per ship a day. We are kind of satisfied with this number because our ships are middle-aged. They're around 14 years old as a global fleet average. We do extensive maintenance on the vessels, but don't forget that we have the highest book value per deadweight tonnage among the peers. The lowest, sorry. We have the lowest book value per deadweight tonnage among the peers, which means that we have bought our ships quite cheap. In order to maintain them in good quality, we have to pay a little bit more, but paying a bit more on the OPEX doesn't really compensate the fact that we saved millions of dollars in acquiring those vessels cheaper.

[Mark Riechman, Analyst at Noble Capital Markets]

Right. You said $7,000-$7,200?

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Yes. Which is in line with the performance of 2025. It's not much different. The ships are not getting any younger.

[Mark Riechman, Analyst at Noble Capital Markets]

Right. Well, great. No, that's very helpful. Thank you very much.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Thank you.

[Stavros Gyftakis, CFO at Seanergy Maritime Holdings]

Thank you, Mark.

[Operator]

Thank you. Now we're going to take our next question. The question comes line of Tate Sullivan of Maxim Group. Your line is open. Please ask your question.

[Analyst at Maxim Group]

Hi. Good morning, guys. This is Tate Sullivan on for Tate Sullivan this morning. My question was just about the dividend and with all the new build capital commitments you guys have, if you're anticipating sustaining the dividend payments you guys have been making every quarter here going forward or if you see any change to that. Thank you.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Well, good morning. Nice to hear from you. The answer is yes, of course. We will try and maintain. We have a formula out there. For us, rewarding our shareholders is as important as renewing our fleet. It's actually top important for us as a top priority to reward our shareholders. That goes without saying that our intention is to continue rewarding our shareholders subject, of course, to the formula and the cash flow that we have already declared.

[Analyst at Maxim Group]

All right. Great. Thank you very much. I appreciate it.

[Stamatis Tsantanis, Chairman and CEO at Seanergy Maritime Holdings]

Thank you. Have a great day.

[Operator]

Thank you. The speakers run out of further questions for today. This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

Participants

Executives

• Stamatis Tsantanis, Chairman and CEO
• Stavros Gyftakis, CFO

Analysts

• Liam Burke, Analyst at B. Riley Securities
• Mark Riechman, Analyst at Noble Capital Markets
• Analyst at Maxim Group