Adds Capesize Newbuilding for 2027 - Fleet Renewal Program Expands to $460 Million Across Six Modern Eco-Design Capesizes/Newcastlemax
Highlights
(in million USD, except EPS and TCE)
Q1 2026
Q1 2025
YoY Growth (%)
Net Revenues
$42.9
$24.2
+77%
Net income / (loss)
$9.7
($6.8)
Adjusted net income / (loss)1
$13.4
($5.5)
EBITDA1
$23.6
$6.6
+258%
Adjusted EBITDA1
$28.1
$8.0
+251%
Fleet TCE2
$24,219
$13,403
+81%
Earnings / (loss) per share Basic & Diluted
$0.45
($0.34)
Adjusted earnings / (loss) per share Basic & Diluted1
$0.63
($0.27)
________________1 Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.2 Time Charter Equivalent ("TCE") rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.
Highlights and Developments:
Financial performance & Shareholder Returns
EPS of $0.45 and Net income of $9.7 million
Adjusted EPS of $0.63 and Adjusted EBITDA of $28.1 million, up 251% year-over-year, reflecting the earnings power of Seanergy's pure-play Capesize platform
18th consecutive quarterly cash dividend of $0.20 per share; cumulative distributions of $2.84 per share (~$55.6 million) since program inception
Fleet renewal program: $460 Million Program - Six Modern Eco-Design Vessels
Contracted six scrubber-fitted newbuildings at leading Japanese and Chinese shipyards: five 181,500 dwt Capesizes (four delivering Q2–Q4 2027, one Q1 2029) and one 211,000 dwt Newcastlemax (Q2 2028), securing delivery slots that are increasingly scarce globally
Agreed the sale of a 2010-built Capesize vessel for $29.5 million, expected to generate approximately $13.4 million in net liquidity
Financings
Approximately $237 million in new debt financings across the newbuilding program, financing for four vessels already agreed at attractive terms
Commercial data
Q1 2026 fleet TCE of $24,219 per day, a 6% premium over the BCI-180 average
Q2 2026 TCE Guidance: Approximately $31,430 per day3
ATHENS, Greece, May 28, 2026 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. ("Seanergy" or the "Company") (NASDAQ:SHIP), a leading pure-play Capesize owner and operator, today reported its financial results for the first quarter of 2026, and announced a quarterly cash dividend of $0.20 per common share. This represents Seanergy's 18th consecutive quarterly dividend under its capital return policy, underscoring the Company's commitment to disciplined capital allocation and consistent shareholder returns.
For the quarter ended March 31, 2026, the Company generated Net Revenues of $42.9 million, compared to $24.2 million in the first quarter of 2025. Net Income and Adjusted Net Income for the quarter were $9.7 million and $13.4 million, respectively, compared to Net Loss of $6.8 million and Adjusted Net Loss of $5.5 million in the first quarter of 2025. EBITDA and Adjusted EBITDA for the quarter were $23.6 million and $28.1 million, respectively, compared to $6.6 million and $8.0 million, respectively, for the same period of 2025. The fleet achieved a daily Time Charter Equivalent ("TCE") of $24,219 for the first quarter of 2026, representing a 6% premium over the average Baltic Capesize Index - 180 ("BCI-180") of $22,902 for the same period.
Cash and cash-equivalents and restricted cash, as of March 31, 2026, stood at $68.8 million. Stockholders' equity at the end of the first quarter was $289.3 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $319.7 million, while the book value of the fleet was $530.5 million, including instalments paid for vessels under construction.
________________3 Blended Q2 TCE estimated on approx. 83% of Q2 available days already fixed and FFA rates as of May 26, 2026.
Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"Seanergy delivered a very strong first quarter, with Adjusted EPS of $0.63 and Adjusted EBITDA of $28.1 million, up 251% year-over-year, demonstrating the earnings power of our pure-play Capesize platform, despite the seasonally weakest period of the year. Reflecting on this performance and our disciplined capital return policy, we are pleased to declare our 18th consecutive quarterly cash dividend of $0.20 per share, bringing cumulative distributions to $2.84 per share since program inception.
"We have meaningfully advanced our fleet renewal program, contracting three additional newbuilding vessels at leading shipyards in China and Japan, and agreeing to sell one of our older Capesize vessels at firm secondhand pricing. Since launch, the program now comprises six modern eco-design newbuildings and three older vessel disposals, a significant upgrade to fleet quality, efficiency and long-term earnings capacity. To date, Seanergy has advanced approximately $69 million from internal funds toward our newbuilding program, while financing for four vessels has already been agreed at attractive terms.
"Our newbuilding strategy combines disciplined growth with risk management. Based on advanced discussions with leading charterers, we expect these vessels to secure multi-year time charters with downside protection above cash breakeven, complemented by profit-sharing mechanisms preserving meaningful upside exposure. The combination of attractive early delivery dates in a tight global newbuilding market, competitive financing, and selective disposals represents capital allocation positioned to deliver compelling long-term returns.
"On the commercial front, our consistent index-linked employment strategy enabled fleet outperformance of the BCI-180, while disciplined use of the conversion options from floating to fixed time charter rates, allows Seanergy to capture market upside, while limiting our downside risk where possible. During the strong first quarter Capesize market, our fleet outperformed the BCI-180, while for the second quarter we expect to achieve a daily TCE of about $31,4303. From the second quarter onward, approximately 45% of our available days are fixed at an average rate exceeding $29,000 per day providing meaningful earnings visibility, while preserving substantial exposure to market upside.
"The Capesize market has started 2026 on a strong footing, supported by resilient Chinese iron ore demand, continued growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The energy security issues raised by the Middle East crisis and the expectations of strong El Nino weather pattern are expected to further support ton mile demand for the rest of the year. At the same time, effective fleet supply remains constrained due to limited new deliveries, slower sailing speeds, and an aging Capesize fleet. While macroeconomic and geopolitical uncertainties remain, we remain encouraged by the underlying strength in ton-mile demand and the medium-term supply backdrop.
"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."
Company Fleet:
Vessel Name
Capacity (DWT)
YearBuilt
Yard
Scrubber Fitted
Employment Type
FFA conversion option(1)
Minimum time charter ("T/C") expiration
Maximum T/C expiration(2)
Charterer
Titanship
207,855
2011
NACKS
-
T/C Index Linked
No
09/2026
03/2027
Cargill
Meiship
207,851
2013
Imabari
-
T/C Index Linked
Yes
01/2028
06/2028
Glencore
Patriotship
181,709
2010
Imabari
Yes
T/C Index Linked
Yes
01/2027
03/2027
Glencore
Paroship
181,415
2012
Koyo -Imabari
Yes
T/C Index Linked
Yes
07/2027
12/2027
Oldendorff
Worldship
181,415
2012
Koyo, Imabari
Yes
T/C Index Linked
Yes
11/2026
03/2027
NYK
Kaizenship
181,396
2012
Koyo Dock
-
T/C Index Linked
Yes
07/2026
09/2026
MOL
Iconship
181,392
2013
Imabari
-
T/C Index Linked
Yes
03/2027
07/2027
K Line
Hellasship
181,325
2012
Imabari
-
T/C Index Linked
Yes
04/2027
08/2027
NYK
Honorship
180,242
2010
Imabari
-
T/C Index Linked
Yes
03/2028
06/2028
NYK
Fellowship
179,701
2010
Daewoo
-
T/C Index Linked
Yes
06/2026
11/2026
Anglo American
Championship
179,238
2011
Sungdong SB
Yes
T/C Index Linked
Yes
04/2027
08/2027
Cargill
Partnership
179,213
2012
Hyundai
Yes
T/C Index Linked
Yes
01/2027
05/2027
Glencore
Knightship
178,978
2010
Hyundai
Yes
T/C Index Linked
Yes
12/2026
04/2027
Glencore
Lordship
178,838
2010
Hyundai
Yes
T/C Index Linked
Yes
01/2027
03/2027
Glencore
Blueship
178,459
2011
Mitsui SB
-
T/C Index Linked
Yes
06/2026
11/2026
NYK
Friendship
