Seanergy Maritime Reports Second Quarter and First-Half 2026 Financial Results
Rhea-AI Summary
Seanergy Maritime (NASDAQ: SHIP) reported record Q2 2026 net income of $26.2 million and EPS/adjusted EPS of $1.21/$1.32, on net revenues of $55.7 million versus $37.5 million a year earlier. Adjusted EBITDA rose to $41.5 million, while fleet TCE increased 63% year over year to $32,355 per day.
For 6M 2026, net revenues reached $97.8 million, with net income of $35.9 million and adjusted net income of $42.0 million. The company declared a $0.35 quarterly dividend, its 19th consecutive, and has returned $108.4 million to shareholders to date. Seanergy expanded its fleet renewal and growth program to eight modern vessels with an aggregate $591 million investment, including two additional Japanese-built Capesize vessels (~$130 million) for 2029 delivery, and completed the sale of M/V Squireship, generating about $13.8 million net liquidity. It also completed a €100 million 5-year unsecured bond and has approximately $296.5 million of facilities secured, with a fleet loan-to-book value ratio of ~55%.
Positive
- Net revenues $55.7M in Q2 2026 vs. $37.5M in Q2 2025
- Q2 2026 net income $26.2M vs. $2.9M prior year
- Adjusted EBITDA $69.6M for 6M 2026, up 165% year over year
- Fleet TCE $32,355/day in Q2 2026, up 63% year over year
- $0.35 quarterly dividend, 19th consecutive, total returns $108.4M
- $591M fleet renewal program with eight modern vessels and funding largely secured
- €100M 5-year unsecured bond further diversifying capital structure
Negative
- Ownership days 1,706 in Q2 2026 vs. 1,911 in Q2 2025
- Daily vessel operating expenses $7,143 for 6M 2026 vs. $6,937 in 6M 2025
Market Reaction – SHIP
Following this news, SHIP has gained 6.84%, reflecting a notable positive market reaction. Our momentum scanner has triggered 5 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $17.19.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 28 | Earnings report | Positive | -4.8% | Strong Q1 revenue, earnings, EBITDA, dividend, and fleet renewal expansion |
| Nov 13 | Earnings report | Positive | +4.9% | Q3 profitability, dividend increase, financing, and newbuilding contract |
| Aug 05 | Earnings report | Positive | +4.7% | Return to profitability, dividend, financing, and vessel sale |
| Nov 05 | Earnings report | Positive | +5.6% | Revenue growth, profitability, dividend, and financing transaction |
| Aug 06 | Earnings report | Positive | +13.9% | Record revenue, earnings, EBITDA, dividend, and fleet updates |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Four of five tag-matched earnings events had positive 24-hour reactions, while the May 28, 2026 earnings release diverged with a -4.78% reaction.
Key Terms
time charter equivalent technical
non-gaap financial
loan-to-book value ratio financial
scrubber-fitted technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Delivers Record Q2 Net Income of
Expands Fleet Renewal Program to
| Highlights | ||||||||||||
| (in million USD, except EPS, LPS and TCE) | Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | 6M YoY Growth (%) | |||||||
| Net Revenues | + | |||||||||||
| Net income / (loss) | ( | |||||||||||
| Adjusted net income / (loss)1 | ( | |||||||||||
| EBITDA1 | + | |||||||||||
| Adjusted EBITDA1 | + | |||||||||||
| Fleet TCE2 | + | |||||||||||
| Earnings / (loss) per share Basic & Diluted | ( | |||||||||||
| Adjusted earnings / (loss) per share Basic and diluted1 | ( | |||||||||||
______________________________
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 / (loss) per share, Adjusted Net Income / (loss), 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:
Exceptional Financial Performance & Consistent Shareholder Returns —
- Record Q2 and H1 profit of
$26.2 million and$35.9 million , respectively, up from$2.9 million net income and$4.0 million loss in the prior-year periods - Quarterly cash dividend of
$0.35 per share, the Company’s 19th consecutive cash dividend; payout of approx.27% of Q2 Adjusted EPS $108.4 million of total capital returned to shareholders, comprising$63.2 million of cash dividends ($3.19 per share) and$45.2 million of share, warrant and convertible note repurchases
Disciplined Fleet Growth and Renewal –
- Entered into an agreement to acquire two Japanese-built Capesize vessels – a newbuilding and a modern 2022-built vessel – for aggregate consideration of approximately
$130 million , both scheduled to join the fleet in early 2029 - Expanded fleet renewal and growth program from six to eight modern vessels comprising seven newbuildings and one 2022-built Capesize, for an aggregate investment of approximately
$591 million ; four vessels to be delivered in 2027 - Completed the profitable sale of the 2010-built M/V Squireship, generating approximately
$13.8 million of net liquidity and a gain on sale of approximately$4.6 million , while continuing to provide technical and management services to the vessel - Secured long-term time charters with leading counterparties for the three China-built 2027 newbuildings with floor rates covering expected cash breakeven, as well as potentially significant index-linked market upside
Diversified Capital Resources —
- Successfully completed a
€100 million 5-year unsecured corporate bond offering in Greece, further diversifying the Company’s capital resources and supporting its fleet growth and renewal program - Fleet renewal program substantially funded:
$72.6 million advanced from own funds and approximately$296.5 million of pre- and post-delivery facilities secured, alongside the€100 million bond
Strong Commercial Performance
- Q2 2026 fleet TCE of
$32,355 per day, an increase of63% year over year - Estimated Q3 2026 TCE of approximately
$31,000 3 per day - increased H2 earnings visibility
ATHENS, Greece, July 30, 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 second quarter and six months ended June 30, 2026, and declared a quarterly cash dividend of
For the quarter ended June 30, 2026, the Company generated Net Revenues of
For the six months ended June 30, 2026, Seanergy generated Net Revenues of
Cash and cash-equivalents and restricted cash, as of June 30, 2026, stood at
______________________________
3 Blended Q3 TCE estimated on approx.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Seanergy delivered record results in the second quarter with Net Income of
“Building on our solid performance, we continued to execute on our disciplined capital return policy. Our board of directors declared a quarterly cash dividend of
“We further advanced our fleet renewal strategy by agreeing to acquire two additional high-quality Japanese Capesize vessels for an aggregate consideration of approximately
“Our fleet renewal and growth program now comprises eight modern vessels, including seven newbuildings and one 2022-built Capesize, and represents an aggregate investment of approximately
“We have also secured multi-year employment for our three Chinese-built 2027 newbuildings with leading global counterparties, at floor rates covering expected cash breakeven plus a premium index-linked formula and profit sharing above an upper threshold. This approach materially de-risks the first phase of the program from day one of delivery while maintaining the upside potential central to our investment thesis.”
“Our successful issuance of a
“The Capesize market continued to perform strongly during the second quarter, supported by record quarterly China iron ore imports and continued growth in bauxite trade against low fleet supply growth. Looking ahead, the market outlook remains constructive: a low orderbook against a rapidly ageing fleet, strong iron ore export growth, and resilient coal and bauxite volumes. In this context, we have fixed about
“Our strategic direction remains clear: deliver consistent shareholder distributions, invest strategically in modern tonnage, and preserve financial flexibility. We believe this balanced approach positions Seanergy to create meaningful long-term shareholder value.”
Company Fleet:
| Vessel Name | Capacity (DWT) | Year Built | 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 | 01/2028 | 06/2028 | Oldendorff |
| 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 | 01/2028 | 03/2028 | 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 | 12/2027 | 04/2028 | NYK |
| Friendship | 176,952 | 2009 | Namura | - | T/C Index Linked | Yes | 04/2027 | 09/2027 | Glencore |
| Flagship | 176,387 | 2013 | Mitsui | - | T/C Index Linked | Yes | 10/2027 | 02/2028 | Cargill |
| Premiership | 170,024 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 03/2027 | 05/2027 | Glencore |
| Total / Average age | 3,282,390 | 15.1 years | - | - | - | - | - | - | - |
| Vessels under construction | |||||||||
| TBN Primeship | 181,000 | 2027 | Hengli | Yes | T/C Index Linked(3) | - | 5 years(4) | European Operator | |
| TBN Chrysship | 181,500 | 2027 | Hengli | Yes | T/C Index Linked(3) | - | 5 years(4) | European Operator | |
| NB Vessel | 181,500 | 2027 | Hengli | Yes | T/C Index Linked(3) | - | 4 years(5) | Major Miner | |
| TBN Nikiship | 181,500 | 2027 | Japanese Yard | Yes | - | - | - | - | - |
| TBN Megaship | 211,000 | 2028 | Hantong | Yes | - | - | - | - | - |
| TBN Kingship | 181,500 | 2029 | Japanese Yard | Yes | - | - | - | - | - |
| NB Vessel | 181,000 | 2029 | Japanese Yard | Yes | - | - | - | - | - |
| Vessel to be delivered | |||||||||
| TBN | 182,162 | 2022 | Japanese Yard | - | - | - | - | - | - |
| Bareboat charter out | |||||||||
| Dukeship | 181,453 | 2010 | Sasebo | - | Bareboat | - | 08/2027 | 09/2027 | United |
| (1 | ) | The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA rate for the selected period. |
| (2 | ) | The latest redelivery date does not include any additional optional periods. |
| (3 | ) | The time charter agreement provides a floor rate. Above the floor, the hire is calculated at a significant premium over the BCI-180 up to an upper threshold, and above the upper threshold, the hire is calculated based on the same premium over the BCI-180, with incremental earnings shared equally between Seanergy and the respective charterer. |
| (4 | ) | The time charter agreement provides three optional extension periods of minimum 10 to maximum 14 months each. |
| (5 | ) | The time charter agreement provides two optional extension periods of about 11 to about 13 months each. |
Fleet Data:
(U.S. Dollars in thousands)
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||||||||
| Ownership days (1) | 1,706 | 1,911 | 3,459 | 3,689 | ||||||||
| Operating days (2) | 1,660 | 1,794 | 3,356 | 3,507 | ||||||||
| Fleet utilization (3) | ||||||||||||
| TCE rate (4) | ||||||||||||
| Daily Vessel Operating Expenses (5) | ||||||||||||
| (1 | ) | Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period. |
| (2 | ) | Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are in ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies. |
| (3 | ) | Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period. Fleet Utilization is used to measure a company’s ability to efficiently find suitable employment for its vessels and minimize the number of days that its vessels are off-hire for unforeseen events. We believe it provides additional meaningful information and assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and because we believe that it provides useful information to investors regarding the efficiency of our operations. The Company’s calculation of fleet utilization may not be comparable to that reported by other companies. |
| (4 | ) | TCE rate is defined as the Company’s net vessel revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, which is not a recognized measure under U.S. GAAP, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate. |
(In thousands of U.S. Dollars, except operating days and TCE rate)
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||||
| Vessel revenue, net | 55,045 | 36,664 | 96,744 | 60,340 | ||||
| Less: Voyage expenses | 1,335 | 1,131 | 1,958 | 1,847 | ||||
| Time charter equivalent revenues | 53,710 | 35,533 | 94,786 | 58,493 | ||||
| Operating days | 1,660 | 1,794 | 3,356 | 3,507 | ||||
| TCE rate | ||||||||
| (5 | ) | Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre delivery costs, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses. |
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||||
| Vessel operating expenses | 12,118 | 13,802 | 24,706 | 26,346 | ||||
| Less: Pre-delivery expenses | - | - | - | 757 | ||||
| Vessel operating expenses before pre-delivery expenses | 12,118 | 13,802 | 24,706 | 25,589 | ||||
| Ownership days | 1,706 | 1,911 | 3,459 | 3,689 | ||||
| Daily Vessel Operating Expenses | ||||||||
Net income / (loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||||
| Net income / (loss) | 26,243 | 2,862 | 35,894 | (3,967 | ) | |||
| Interest and finance cost, net | 3,813 | 5,472 | 8,141 | 10,566 | ||||
| Depreciation and amortization | 9,195 | 9,052 | 18,797 | 17,377 | ||||
| EBITDA | 39,251 | 17,386 | 62,832 | 23,976 | ||||
| Stock based compensation | 1,936 | 1,138 | 4,518 | 2,677 | ||||
| Loss on extinguishment of debt | 388 | - | 2,172 | 28 | ||||
| (Gain) / loss on forward freight agreements, net | (15 | ) | 1 | 10 | 19 | |||
| (Gain) / loss on FX derivatives | (19 | ) | (243 | ) | 114 | (423 | ) | |
| Adjusted EBITDA | 41,541 | 18,282 | 69,646 | 26,277 |
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income / (loss), net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, (gain) / loss on forward freight agreements, net, loss on extinguishment of debt, and (gain) / loss on FX derivatives. which the Company believes are not indicative of the ongoing performance of its core operations.
EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability from period to period. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.
Adjusted Net Income / (Loss) Reconciliation and calculation of Adjusted Earnings / (Loss) Per Share
(In thousands of U.S. Dollars, except for share and per share data)
| Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 | |||||
| Net income / (loss) | 26,243 | 2,862 | 35,894 | (3,967 | ) | |||
| Stock based compensation | 1,936 | 1,138 | 4,518 | 2,677 | ||||
| Loss on extinguishment of debt (non-cash) | 388 | - | 1,441 | 18 | ||||
| (Gain) / loss on FX derivatives | (19 | ) | (243 | ) | 114 | (423 | ) | |
| Adjusted net income / (loss) | 28,548 | 3,757 | 41,967 | (1,695 | ) | |||
| Dividends to non-vested participating securities | (112 | ) | (27 | ) | (180 | ) | (66 | ) |
| Undistributed earnings to non-vested participating securities | (566 | ) | (48 | ) | (573 | ) | - | |
| Adjusted net income / (loss) – common shareholders | 27,870 | 3,682 | 41,214 | (1,761 | ) | |||
| Adjusted earnings / (loss) per common share, basic and diluted | 1.32 | 0.18 | 1.96 | (0.09 | ) | |||
| Weighted average number of common shares outstanding, basic | 21,107,948 | 20,355,465 | 21,019,838 | 20,255,507 | ||||
| Weighted average number of common shares outstanding, diluted | 21,107,948 | 20,444,086 | 21,019,838 | 20,255,507 |
To derive Adjusted Net Income and Adjusted Earnings / (loss) Per Share, a non-GAAP financial measure, from Net Income / (loss), we adjust for dividends and undistributed earnings to non-vested participating securities and exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income / (loss) and Adjusted Earnings / (loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as loss on extinguishment of debt, stock based compensation, (gain) / loss on FX derivatives and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income / (loss) and Adjusted Earnings / (loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
Third Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately
| Operating Days | TCE | ||
| TCE - fixed rate (incl. FFA conversions) | 920 | ||
| TCE – index-linked | 718 | ||
| Total / Average | 1,638 | ||
______________________________
4 This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates, or projected utilization rates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the BCI 5TC 180 rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to
Second Quarter and Recent Developments:
Dividend Distribution for Q1 2026 and Declaration of Q2 2026 Dividend
On July 10, 2026, the Company paid a quarterly cash dividend of
The Company has declared a quarterly cash dividend of
Vessel Improvements - Environmental Investments - Dry-Dockings
The Company is renewing its fleet through the addition of advanced eco-design newbuildings and modern secondhand tonnage, while selectively divesting older vessels. The seven newbuildings under the Company's fleet renewal and growth program are designed to meet International Maritime Organization requirements for Phase 3 greenhouse gas emissions reduction ("IMO GHG Phase 3") and Tier III nitrogen oxide emissions ("IMO NOx Tier III") and are scrubber-fitted.
In parallel, the Company continues to implement the environmental upgrade program across its existing fleet, having invested approximately
Together, the fleet renewal and environmental upgrade initiatives are expected to improve fuel efficiency and reduce greenhouse gas emissions. Having completed the majority of the scheduled upgrades in prior quarters, the Company expects approximately 50 off-hire days for the remainder of 2026 in connection with scheduled dry-dockings, vessel repairs and environmental upgrades.
Fleet Update
Acquisition of Two Japanese-Built Capesize Vessels for 2029 Delivery
The Company has entered into an agreement with unaffiliated third parties to acquire two Japanese Capesize vessels for aggregate consideration of approximately
The acquisitions comprise:
- a 181,000 dwt scrubber-fitted Capesize newbuilding, expected to be delivered between the first and second quarters of 2029; and
- a 182,162 dwt Capesize vessel built in 2022, with forward delivery expected between the fourth quarter of 2028 and the second quarter of 2029.
The Company has already paid a deposit of
The newbuilding vessel will incorporate advanced eco-design features, intended to enhance fuel efficiency and reduce emissions. Together, the two acquisitions will add modern high-quality tonnage at a delivery point, which is aligned with the next phase of the Company’s fleet renewal strategy and expected requirements.
To date, the Company has already paid
Sale of M/V Squireship
In June 2026, the Company delivered to United Maritime Corporation, a related party, the 170,018 dwt M/V Squireship, built in 2010. The gross sale price was approximately
Commercial Updates
Long-Term Time Charters for Three 2027-Delivery Newbuildings
In July 2026, the Company entered into multi-year time charter agreements for three scrubber-fitted Capesize newbuildings scheduled for delivery between the second and fourth quarters of 2027.
Two of our vessels to be delivered in 2027, to be named M/V Primeship and M/V Chrysship, have each been chartered for a period of five years to a leading European operator, with three optional extension periods of minimum 10 to maximum 14 months each. The third vessel, a 181,000 dwt Capesize vessel scheduled for delivery in the fourth quarter of 2027 has been chartered for four years to a major mining company, with two optional extension periods of about 11 to about 13 months. The charters are expected to commence upon the respective delivery of each vessel.
The agreements provide for average floor rates of approximately
M/V Kaizenship – New Time Charter agreement
In July 2026, the Company entered into a new time charter agreement with Oldendorff Carriers GmbH & Co. KG (“Oldendorff”) for the M/V Kaizenship, for a period of about 18 to about 28 months. The new time charter agreement with Oldendorff is expected to commence in August 2026. The daily hire is based on the 5 T/C routes of the BCI, with an option for the Company to fix the rate for 1 to 16 months based on the prevailing Capesize FFA curve.
M/V Blueship – New Time Charter agreement
In June 2026, the Company entered into a new time charter agreement with Nippon Yusen Kabushiki Kaisha (“NYK”) for the M/V Blueship, for a period of about minimum 14 to about maximum 17 months. The new time charter agreement with NYK is expected to commence in November 2026, in direct continuation of the maximum period of the current charter. The daily hire is based on the 5 T/C routes of the BCI along with a fixed daily premium, with an option for the Company to fix the rate for 2 to 12 months based on the prevailing Capesize FFA curve.
M/V Fellowship – Time Charter Extension
In July 2026, the existing charterer exercised its option to extend the time charter agreement for the M/V Fellowship until a minimum of January 2028 and a maximum of March 2028, with the extension commencing immediately upon the expiration of the current charter period.
M/V Friendship – Time Charter Extension
In June 2026, the existing charterer of the vessel exercised its option to extend the time charter agreement for M/V Friendship by six months beyond the current minimum/maximum charter period, in direct continuation from the previous agreement.
Financing Updates
Successful Completion of
In July 2026, Seanergy successfully completed a
The bonds were issued at par, mature in July 2031 and carry a coupon of
Newbuilding Capesize vessel – Sale and Leaseback agreement
The Company has agreed to enter into a
Conference Call:
The Company’s management will host a conference call to discuss financial results on July 30, 2026, at 10:00 a.m. Eastern Time.
Audio Webcast and Earnings Presentation:
There will be a live, and then archived, webcast of the conference call and accompanying presentation available through the Company’s website. To access the presentation and listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on Seanergy’s website approximately 10 minutes prior to the start of the webcast, following this link.
Conference Call Details:
Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) | ||||||
| June 30, 2026 | December 31, 2025* | |||||
| ASSETS | ||||||
| Cash and cash equivalents and restricted cash | 59,474 | 62,653 | ||||
| Vessels, net, vessels under construction, finance lease prepayment and sales type leases | 542,288 | 506,660 | ||||
| Other assets | 41,700 | 37,266 | ||||
| TOTAL ASSETS | 643,462 | 606,579 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt and other financial liabilities, net of deferred finance costs | 294,867 | 290,160 | ||||
| Other liabilities | 35,486 | 35,036 | ||||
| Stockholders’ equity | 313,109 | 281,383 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 643,462 | 606,579 | ||||
* Derived from the audited consolidated financial statements as of that date
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Operations (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated) | |||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||
| Vessel revenue, net | 55,045 | 36,664 | 96,744 | 60,340 | |||||||
| Fees from related parties | 642 | 815 | 1,049 | 1,345 | |||||||
| Revenue, net | 55,687 | 37,479 | 97,793 | 61,685 | |||||||
| Expenses: | |||||||||||
| Voyage expenses | (1,335 | ) | (1,131 | ) | (1,958 | ) | (1,847 | ) | |||
| Vessel operating expenses | (12,118 | ) | (13,802 | ) | (24,706 | ) | (26,346 | ) | |||
| Management fees | (241 | ) | (301 | ) | (520 | ) | (552 | ) | |||
| General and administrative expenses | (6,899 | ) | (4,956 | ) | (14,165 | ) | (9,012 | ) | |||
| Depreciation and amortization | (9,195 | ) | (9,052 | ) | (18,797 | ) | (17,377 | ) | |||
| Gain on sales type leases | - | - | 4,101 | - | |||||||
| Gain on sale of vessel | 4,559 | - | 4,559 | - | |||||||
| Gain / (loss) on forward freight agreements, net | 15 | (1 | ) | (10 | ) | (19 | ) | ||||
| Operating income | 30,473 | 8,236 | 46,297 | 6,532 | |||||||
| Other income / (expenses): | |||||||||||
| Interest and finance costs | (4,259 | ) | (5,687 | ) | (9,139 | ) | (10,930 | ) | |||
| Loss on extinguishment of debt | (388 | ) | - | (2,172 | ) | (28 | ) | ||||
| Interest and other income | 261 | 172 | 733 | 337 | |||||||
| Interest and other income – related party | 184 | 48 | 282 | 48 | |||||||
| Other, net | (28 | ) | 93 | (107 | ) | 74 | |||||
| Total other expenses, net: | (4,230 | ) | (5,374 | ) | (10,403 | ) | (10,499 | ) | |||
| Net income / (loss) | 26,243 | 2,862 | 35,894 | (3,967 | ) | ||||||
| Net income / (loss) attributable to common shareholders | 25,565 | 2,787 | 35,141 | (4,033 | ) | ||||||
| Net income / (loss) per common share, basic and diluted | 1.21 | 0.14 | 1.67 | (0.20 | ) | ||||||
| Weighted average number of common shares outstanding, basic | 21,107,948 | 20,355,465 | 21,019,838 | 20,255,507 | |||||||
| Weighted average number of common shares outstanding, diluted | 21,107,948 | 20,444,086 | 21,019,838 | 20,255,507 | |||||||
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars) | ||||||
| Six months ended June 30, | ||||||
| 2026 | 2025 | |||||
| Net cash provided by operating activities | 44,656 | 16,239 | ||||
| Vessels acquisitions and improvements | (1,928 | ) | (35,325 | ) | ||
| Vessels under construction | (70,022 | ) | - | |||
| Loan to related party | - | (2,000 | ) | |||
| Repayment of loan by related party | - | 2,000 | ||||
| Finance lease prepayments and other initial direct costs | (3,882 | ) | (8,150 | ) | ||
| Proceeds from sale of asset | 29,500 | - | ||||
| Due from related parties | 3,144 | (188 | ) | |||
| Net cash used in investing activities | (43,188 | ) | (43,663 | ) | ||
| Proceeds from long-term debt and other financial liabilities | 111,950 | 88,060 | ||||
| Repayments of long-term debt and other financial liabilities | (107,433 | ) | (60,274 | ) | ||
| Payments of financing and stock issuance costs | (3,090 | ) | (1,563 | ) | ||
| Payments of finance lease liabilities | - | (1,099 | ) | |||
| Proceeds from other non-current liabilities | 1,004 | 166 | ||||
| Dividends payments | (7,078 | ) | (7,388 | ) | ||
| Net cash (used in) / provided by financing activities | (4,647 | ) | 17,902 | |||
| SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
| Cash paid during the period for interest, net of capitalized interest | 6,498 | 11,031 | ||||
| Noncash investing activities | ||||||
| Vessels’ improvements | 1,412 | 387 | ||||
| Vessels under construction | 139 | - | ||||
| Right-of use assets and initial direct costs | - | 23,897 | ||||
| Noncash financing activities | ||||||
| Dividends declared but not paid | 4,334 | 1,045 | ||||
| Financing and stock issuance costs | 1,444 | (177 | ) | |||
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company owns or operates under finance leases 19 vessels (2 Newcastlemax and 17 Capesize) with an average age of approximately 15.1 years and an aggregate cargo carrying capacity of 3,463,843 dwt. Upon the sale of the M/V Dukeship and the delivery of the seven newbuilding vessels and one secondhand Capesize vessel, the Company will own or operates under finance lease 26 vessels (3 Newcastlemax and 23 Capesize), with an aggregate cargo carrying capacity of approximately 4,763,552 dwt.
The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.
Please visit our Company website at: www.seanergymaritime.com.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to declaration of dividends, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks arising from trade disputes between the U.S. and China, including the re-imposition of reciprocal port fees; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between the U.S. and Israel and Iran, the U.S. and Venezuela, China and Taiwan and Russia and Ukraine; risks associated with the length and severity of pandemics; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: +1 212 661 7566
E-mail: seanergy@capitallink.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e1f170b-2bb8-4229-946a-e1063cd8f000
