Seanergy Maritime NASDAQ: SHIP reported record second-quarter and first-half 2026 results as stronger Capesize freight rates lifted revenue, earnings and cash flow, while the company advanced a $591 million fleet-renewal program.
Chairman and Chief Executive Officer Stamatis Tsantanis said the company generated second-quarter net revenue of $55.7 million, adjusted EBITDA of $41.5 million and adjusted earnings per share of $1.32. The fleet earned an average time-charter-equivalent, or TCE, rate of approximately $32,355 per day, up 63% from the year-earlier period.
For the first six months of 2026, Seanergy reported net revenue of $97.8 million, adjusted EBITDA of $69.6 million and adjusted EPS of $1.96, compared with an adjusted loss per share in the prior-year period. The company’s first-half fleet TCE rose 69% year over year to $28,244 per day.
Quarterly Results and Dividend
Chief Financial Officer Stavros Gyftakis said second-quarter net revenue rose from $37.5 million a year earlier to $55.7 million. Net income was $26.2 million, while adjusted net income was $28.5 million. GAAP EPS was $1.21.
For the first half, net income reached $35.9 million and adjusted net income totaled $42 million, compared with losses in the prior-year period. GAAP EPS for the six-month period was $1.67.
The board declared a quarterly cash dividend of $0.35 per share, representing a 75% increase from the preceding quarter. Tsantanis said it was the company’s 19th consecutive quarterly dividend and that Seanergy has returned $108 million to shareholders since launching its dividend program in 2021, or about $3.19 per share.
Gyftakis said the company’s adjusted EBITDA margin was about 70% during the first half, while its operating cash flow margin was approximately 44%.
Charter Coverage and Fleet Investment
Seanergy said approximately 55% of its ownership days in the second half of 2026 have been fixed at an average daily rate of about $30,800. Tsantanis said the fixed-rate coverage is intended to provide earnings visibility and downside protection while retaining exposure to higher freight rates through index-linked employment.
The company also said it has invested approximately $37.3 million since 2024 in environmental upgrades, vessel improvements and drydockings. After completing most scheduled work in recent quarters, it expects about 50 off-hire days for the remainder of 2026 related to drydockings, repairs and environmental upgrades.
Seanergy has contracted for seven modern eco-designed Capesize newbuildings scheduled for delivery from 2027 through 2029, agreed to acquire a Japanese-built 2022 Capesize vessel for delivery in the first half of 2029, and sold three older vessels. Its latest commitments include a scrubber-fitted Japanese newbuild Capesize and the 2022-built vessel, both expected to join the fleet in 2029. The company also completed the sale of the 2010-built M/V Squireship.
Four of the eight incoming vessels are expected to be delivered in 2027. Seanergy has secured long-term charters of four to five years for three China-built newbuildings due for delivery that year. Tsantanis said those agreements include a daily floor rate of $23,100, a premium over the BCI 5TC index up to roughly $29,750 per day, and a 50-50 sharing arrangement for earnings above that level.
Funding and Leverage
Seanergy ended the quarter with $59.5 million in cash and restricted cash, or approximately $3.3 million per operating vessel, after investing about $73 million in newbuild installments and other fleet-renewal initiatives during the first half, Gyftakis said.
Total debt, including finance lease liabilities, stood at approximately $299 million as of June 30, corresponding to a fleet loan-to-value ratio of about 42% based on independent broker valuations. The company’s debt-to-capital ratio remained below 50%.
Subsequent to quarter-end, Seanergy completed an inaugural €100 million unsecured corporate bond offering in Greece. Tsantanis said demand exceeded the offered amount by more than two times. Gyftakis said the five-year bullet structure and non-amortizing nature of the bond are suited to the company’s newbuild program, while the all-in cost was 4.9% annually.
The company has also secured approximately $296.5 million in committed bilateral financing facilities for the newbuild program. Together with bond proceeds and existing liquidity, these funds cover about 90% of the program’s remaining capital expenditures, according to management. Seanergy estimated remaining installments at approximately $518 million, with payments spread through the first half of 2029.
In response to an analyst question, Gyftakis said the company views its funding presentation as a contingency scenario and does not expect to need to raise equity for the program even if it were to generate no excess cash flow through 2029. He added that operating cash flow could provide additional equity funding, while amortization of debt on the existing fleet would contribute to deleveraging.
Capesize Market Outlook
Tsantanis said the Baltic Capesize Index averaged about $36,300 per day in the second quarter and approximately $29,600 per day in the first half. The July average was close to $35,000 per day, he said, while brokers reported secondhand Capesize vessel prices increased about 16% during the first half.
Management cited resilient demand for iron ore, bauxite and coal, as well as constrained effective vessel supply from slower sailing speeds, drydock activity, an aging fleet and limited shipyard capacity. Tsantanis said China’s iron ore imports increased 6.3% year over year in the first half, while Chinese bauxite imports rose 18% in the January-to-May period.
Looking ahead, the company said it sees a constructive Capesize outlook for the second half of 2026 and beyond. Gyftakis said the principal risk to market fundamentals would be an oversupply of newbuildings, but he characterized the Capesize order book as low and said shipyard capacity for additional Capesize and Newcastlemax vessels is limited for the next several years.
About Seanergy Maritime (NASDAQ:SHIP)
Seanergy Maritime Holdings Corp. 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.
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