Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported a significant improvement in its first-quarter financial results, with net revenue rising 77% year-over-year to $42.9 million. The Greece-based Capesize shipping company also announced a quarterly cash dividend of $0.20 per common share, marking its 18th consecutive quarterly distribution. The earnings beat was driven by stronger dry bulk market conditions, with the fleet achieving a daily time charter equivalent of $24,219, a 6% premium over the Baltic Capesize Index.
The company expanded its newbuilding program to six vessels, up from three previously, with a total investment of $460 million. The newbuilds include modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. Four of the six vessels have already been financed with approximately $237 million in debt, and the company has used about $69 million of internal funds. Seanergy also sold a 2010-built Capesize for $29.5 million, generating $13.4 million in liquidity after debt repayment.
CEO Stamatis Tsantanis attributed the strong performance to "resilient Chinese iron ore demand, continued growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes." He also noted that energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern support ton-mile demand for the remainder of the year. "With a modernizing fleet, disciplined risk management, and a clear capital allocation strategy, we believe Seanergy is optimally positioned to continue creating value for shareholders heading into a structurally supportive 2027–2029 market window," Tsantanis said.
Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improved first-quarter results. Net loss narrowed to $0.1 million from $4.5 million a year ago, while adjusted net income was $0.2 million compared to an adjusted net loss of $4.4 million. United Maritime declared a quarterly dividend of $0.10 per share, its 14th consecutive distribution. The company has been repositioning by selling smaller Kamsarmax vessels and its non-core Offshore sector investment to fund an expansion into larger Capesize bulkers. During the first quarter, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea.
For the second quarter, United Maritime has secured about 92% of available days at an average of $17,807 per day, with an expected TCE of approximately $17,957 per day. Looking beyond Q2, about half of its operating days are already fixed, providing earnings visibility. Tsantanis noted, "United delivered a significantly improved financial performance, driven by stronger dry bulk market conditions and continued strategic execution. The company is now on a strong path to profitability."
The full press release and further disclosures can be found at NewMediaWire and Benzinga.