Seanergy Maritime Reports Third Quarter and Nine-Month 2026 Financial Results

The dividend rises from $0.35 to $0.40 per share as fleet investment commitments extend through 2029.

Rhea-AI Summary

Seanergy Maritime (NASDAQ: SHIP) reported third-quarter 2026 net income of $26.0 million, up from $12.8 million a year earlier. Revenue rose to $57.5 million from $47.0 million. Nine-month net income reached $61.9 million versus $8.8 million, while revenue increased 43% to $155.2 million.

The quarterly dividend increased to $0.40 per share from $0.35. The fleet investment program now covers twelve vessels costing approximately $855 million, with deliveries from January 2027 through 2029. Seanergy agreed to sell Friendship for $33.0 million, expecting approximately $19.6 million in net liquidity and a $12.4 million book gain. Cash, cash equivalents and restricted cash totaled $167.9 million; long-term debt net of deferred charges was $409.7 million. With approximately 86% of fourth-quarter days fixed, the company expects daily time charter equivalent revenue, a non-GAAP measure, of approximately $33,284 for Q4.

18 points · 1 major

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1 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Twelve-vessel investment program adds approximately 2.3 million deadweight tons, with deliveries staggered from January 2027 through 2029.
• Moderate pointQ3 net income increased to $26.0 million from $12.8 million; basic and diluted EPS rose to $1.20 from $0.61.
• Moderate pointQ3 revenue increased to $57.5 million from $47.0 million in 2025.
• Moderate pointQ3 EBITDA increased to $39.4 million from $27.5 million; nine-month EBITDA reached $102.2 million versus $51.5 million.
• Moderate pointDaily time charter equivalent revenue rose 46% to $34,266 in Q3 and 59% to $30,216 over nine months.
• Moderate pointQuarterly dividend increased to $0.40 per share from $0.35, marking the twentieth consecutive quarterly distribution.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Friendship sale agreed at $33.0 million, with expected net liquidity of approximately $19.6 million and book gain of approximately $12.4 million. 9.9% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 daily time charter equivalent revenue is expected at approximately $31,000, up roughly 48% versus 2025.

10 minor points

• Minor pointNine-month net income rose 604% to $61.9 million; basic and diluted EPS increased to $2.87 from $0.42.
• Minor pointNine-month revenue increased 43% to $155.2 million from $108.7 million.
• Minor pointAdjusted net income rose to $27.0 million from $14.0 million in Q3; nine-month income reached $69.0 million versus $12.3 million.
• Minor pointAdjusted Q3 basic and diluted EPS increased to $1.25 from $0.67.
• Minor pointAdjusted nine-month EPS reached $3.21, versus basic EPS of $0.60 and diluted EPS of $0.59.
• Minor pointAdjusted EBITDA rose to $40.8 million from $28.9 million in Q3 and doubled to $110.5 million over nine months.
• Minor pointFleet utilization improved to 98.7% from 97.1% in Q3 and to 97.6% from 95.8% over nine months.
• Minor pointDaily vessel operating expenses fell to $6,699 from $7,376 in Q3 and to $6,999 from $7,086 over nine months.
• Minor point. Forward-looking: it has not happened yet and may not happen.First newbuilding delivery is expected in January 2027, approximately four months ahead of schedule, alongside Midnightship.
• Minor pointStockholders' equity increased over the nine-month period to $333.1 million.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Approximately $855 million investment program requires payments, with the largest instalments due upon respective vessel deliveries. 2.6× market cap
• Moderate pointLong-term debt net of deferred charges totaled $409.7 million at September 30, 2026.
• Moderate pointEmployment coverage remains partly pending: four of six 2027–2028 deliveries have secured, or are close to securing, multi-year charters.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 daily time charter equivalent revenue is expected at approximately $33,284, versus $34,266 achieved in Q3.
• Minor pointOperating days declined to 1,634 from 1,856 in Q3 and to 4,990 from 5,363 over nine months.
• Minor pointOwnership days declined to 1,656 from 1,911 in Q3 and to 5,115 from 5,600 over nine months.

News Explained

Seanergy says four of the six vessels scheduled for delivery in 2027–2028 have secured, or are close to securing, multi-year charters with floor rates and index-linked upside, giving part of the upcoming fleet expansion disclosed employment coverage ahead of delivery.

Key Figures

Q3 net income: $26.0 million Nine-month net income: $61.9 million Adjusted EPS: $3.21 +4 more

Q3 net income

$26.0 million

Q3 2026, compared with $12.8 million in Q3 2025

Nine-month net income

$61.9 million

Nine months ended September 30, 2026, compared with $8.8 million in 2025

Adjusted EPS

$3.21

Nine months ended September 30, 2026, compared with $0.60 in 2025

Quarterly cash dividend

$0.40 per share

Raised from $0.35 per share declared last quarter

Fleet investment program

12 vessels; 2.3 million dwt

Current program includes nine newbuildings and three secondhand vessels

Capesize vessel sale

$33.0 million

Agreed sale of a 2009-built vessel

Q3 fleet TCE

$34,266 per day

Q3 2026, up 46% year over year

Previous Earnings Reports

2 past events · Latest: Jul 30

Same Type 2 events

1. Jul 30

   earnings report

   24h Move

   +10.8%

   Reported Q2 net income of $26.2 million and raised the quarterly dividend to $0.35.

2. May 28

   earnings report

   24h Move

   -4.8%

   Reported Q1 net income of $9.7 million and declared a $0.20 quarterly dividend.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

time charter equivalent, non-gaap, ebitda

3 terms

time charter equivalent financial

"Time Charter Equivalent (“TCE”) rate is a non-GAAP measure."

Time charter equivalent (TCE) converts the money a ship earns on specific trips into a single daily rate, so different voyages and contract types can be compared on the same scale. Think of it as translating various one-off jobs into a common “daily wage,” which matters to investors because it reveals how much a vessel or fleet is earning per day, helping assess operating profitability, cash flow and valuation across companies and market conditions.

non-gaap financial

"Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

ebitda financial

"Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

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Delivers Record Nine-Month Net Income of $61.9 Million; Raises Quarterly Cash Dividend to $0.40 Per Share, Bringing Cumulative Dividends to $3.59 Per Share

Expands Fleet Investment Program to $855 Million – Twelve Capesize and Newcastlemax Vessels Adding 2.3 Million DWT

Highlights
(in million USD, except EPS and TCE)		Q3 2026		Q3 2025		9M 2026		9M 2025		9M YoY Growth (%)
Net Revenues		$57.5		$47.0		$155.2		$108.7		43%
Net Income		$26.0		$12.8		$61.9		$8.8		604%
Adjusted Net Income1		$27.0		$14.0		$69.0		$12.3		459%
EBITDA1		$39.4		$27.5		$102.2		$51.5		98%
Adjusted EBITDA1		$40.8		$28.9		$110.5		$55.1		100%
Fleet TCE2		$34,266		$23,476		$30,216		$19,031		59%
Earnings per share Basic & Diluted		$1.20		$0.61		$2.87		$0.42		583%
Adjusted Earnings per share Basic1		$1.25		$0.67		$3.21		$0.60		435%
Adjusted Earnings per share Diluted1		$1.25		$0.67		$3.21		$0.59		444%

Other Highlights and Developments:

Record Nine-Month Performance and Consistent Shareholder Returns

• Delivered another highly profitable quarter, bringing nine-month Net Income to a record $61.9 million, Adjusted EBITDA to $110.5 million and Adjusted EPS to $3.21.
• Declared a quarterly cash dividend of $0.40 per share, marking Seanergy’s 20th consecutive quarterly distribution.

Disciplined Fleet Renewal and Selective Growth

• Added four high-quality vessels for aggregate consideration of approximately $264 million, comprising:
  • a modern 2019-built Japanese Capesize, expected to join the fleet in January 2027;
  • a 2014-built Japanese Newcastlemax for delivery in the second half of 2029;
  • a Japanese-built Capesize newbuilding for delivery in the second half of 2029; and
  • a 210,000 dwt Newcastlemax newbuilding at Hengli, scheduled for Q1 2029.

• Agreed the sale of a 2009-built Capesize vessel for $33.0 million, expected to generate approximately $19.6 million in net liquidity and a book gain of approximately $12.4 million, closely aligning the disposal of the fleet’s oldest vessel with the deliveries of the modern 2019-built Japanese Capesize and our first newbuilding.
• The current fleet investment program now comprises twelve vessels – nine newbuildings and three Japanese-built eco secondhand Capesize and Newcastlemax vessels – totaling approximately $855 million and 2.3 million dwt, with deliveries staggered from January 2027 through 2029.
• Strong employment coverage for upcoming deliveries, with four of the six vessels scheduled for delivery in 2027–2028 having secured, or being close to securing, multi-year charters with first-class charterers, combining profitable floor rates with index-linked upside.
  

________________________
¹ Adjusted earnings per share, Adjusted Net Income, 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.

ATHENS, Greece, Nov. 12, 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 third quarter and nine months ended September 30, 2026. The Company also declared a quarterly cash dividend of $0.40 per common share, increased from the $0.35 per share declared last quarter, marking Seanergy’s 20th consecutive quarterly dividend under its capital return policy and reflecting its strong earnings generation and disciplined approach to capital allocation.

For the quarter ended September 30, 2026, the Company generated Net Revenues of $57.5 million, compared to $47.0 million in the third quarter of 2025. Net Income increased to $26.0 million from $12.8 million, while Adjusted Net Income increased to $27.0 million from $14.0 million. EBITDA and Adjusted EBITDA reached $39.4 million and $40.8 million, respectively, compared to $27.5 million and $28.9 million, respectively, for the same period of 2025. The fleet achieved a daily TCE of $34,266, representing a 46% year-over-year increase.

For the nine months ended September 30, 2026, Seanergy generated Net Revenues of $155.2 million, compared to $108.7 million in the first nine months of 2025. Net Income increased to $61.9 million from $8.8 million for the same period in 2025, while Adjusted Net Income increased to $69.0 million from $12.3 million. Adjusted EBITDA doubled to $110.5 million, and Adjusted EPS reached $3.21, compared to $0.60 for the same period in 2025. Fleet TCE increased by 59% to $30,216 per day.

Cash and cash equivalents and restricted cash, as of September 30, 2026, stood at $167.9 million. Long-term debt (senior loans and other financial liabilities, including our senior unsecured bond) net of deferred charges amounted to $409.7 million, compared with a fleet book value of $575.7 million, including advances paid for vessels under construction and a vessel under sales-type lease. Stockholders' equity increased over the nine-month period to $333.1 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“Seanergy delivered another highly profitable quarter, earning a TCE of $34,266 per day, up 46% year-over-year, and bringing nine-month Net Income to a record $61.9 million and Adjusted EPS to $3.21. This performance underscores the significant operating leverage of our pure-play Capesize platform in a strong market.

“Our board of directors raised the quarterly cash dividend to $0.40 per share – double the first-quarter level – marking our 20^th consecutive distribution. Including buybacks, we have now returned approximately $117.0 million to our shareholders since the inception of our program. We are raising distributions while comfortably funding a large fleet investment program. We do not trade-off shareholder returns for growth.

“In January 2027, we expect to take delivery of the first newbuilding in Seanergy’s history, approximately four months ahead of schedule, together with the modern 2019-built Japanese Capesize M/V Midnightship. The deliveries will coincide with the planned sale of the 2009-built M/V Friendship.

“With four vessels added this quarter, representing an approximately $264 million investment, our program now comprises twelve vessels, approximately $855 million investment and 2.3 million dwt of additional capacity - expanding our fleet’s carrying capacity by more than 50%. We contracted early, and values have moved in our favor since. Based on market report valuations, the newbuilding vessels are worth approximately $85.0 million more than their contract prices, representing significant value that is not reflected on our balance sheet.

“Of the six vessels scheduled to deliver in 2027 and 2028, four have secured, or are close to securing, multi-year employment with first-class charterers. These charters combine profitable floor rates with index-linked upside, providing downside protection from delivery while retaining meaningful participation in a strong Capesize market.

“The program’s funding is progressing well, supported by strong cash reserves of $167.9 million, a staggered payment schedule with the largest instalments falling due upon the respective deliveries, and diversified sources of capital. On that basis, we remain well positioned to execute our strategy while preserving our balance sheet strength and maintaining cash distributions to our shareholders.

“Twelve vessels give us the scale, fleet profile and delivery visibility to meet our medium-term objectives. The focus shifts to execution – financing, employing and integrating these vessels as they are delivered, while preserving the flexibility to act selectively on attractive opportunities.

“The Capesize market performed strongly in the third quarter, supported by record bauxite volumes, continued growth in iron ore ton-mile demand and resilient coal trades. Market fundamentals remain constructive, underpinned by relatively limited fleet growth, an ageing Capesize fleet and increasing voyage distances driven by rising West African and Brazilian exports of iron ore and bauxite. With approximately 86% of fourth-quarter days already fixed, we expect Q4 TCE to reach approximately $33,284 per day, resulting in full-year 2026 TCE of approximately $31,000 per day, up roughly 48% compared to 2025.

“Our strategy is working: strong earnings are funding both a rising dividend and a transformational fleet renewal, while older vessels are monetized at firm market values. Seanergy enters 2027 from a position of financial and commercial strength, supported by increasing earnings, contracted cash flows, a modernizing fleet and a clear focus on enhancing long-term value per share.”

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(3)	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	01/2028	03/2028	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	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	-	T/C Index Linked	Yes	12/2027	04/2028	NYK
Friendship(4)	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	Yes	T/C Index Linked	Yes	01/2028	03/2028	Glencore
Total / Average age	3,282,390	15.3 years	-	-	-	-	-	-	-
Vessels under construction
TBN Primeship	181,000	2027	Hengli	Yes	T/C Index Linked(5)	-	5 years(6)		European Operator
TBN Chrysship	181,500	2027	Hengli	Yes	T/C Index Linked(5)	-	5 years(6)		European Operator
NB Vessel	181,500	2027	Hengli	Yes	T/C Index Linked(5)	-	4 years(7)		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	-	-	-	-	-
NB Vessel	181,000	2029	Japanese Yard	Yes	-	-	-	-	-
NB Vessel	210,000	2029	Hengli	Yes	-	-	-	-	-
Vessels to be delivered
TBN	182,000	2022	Japanese Yard	-	-	-	-	-	-
TBN	210,000	2014	Japanese Yard	-	-	-	-	-	-
TBN Midnightship	180,000	2019	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 fixed floor rate. Above the floor, the hire is calculated based on a significant premium over the BCI-180, with incremental earnings shared equally between Seanergy and the respective charterer.
(4)	The vessel is expected to be delivered to her new owners in early Q1 2027.
(5)	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.
(6)	The time charter agreement provides three optional extension periods of minimum 10 to maximum 14 months each.
(7)	The time charter agreement provides two optional extension periods of about 11 to about 13 months each.

Fleet Data:

(U.S. Dollars in thousands)

	Q3 2026		Q3 2025		9M 2026		9M 2025
Ownership days (1)	1,656		1,911		5,115		5,600
Operating days (2)	1,634		1,856		4,990		5,363
Fleet utilization (3)	98.7%		97.1%		97.6%		95.8%
TCE rate (4)	$34,266		$23,476		$30,216		$19,031
Daily Vessel Operating Expenses (5)	$6,699		$7,376		$6,999		$7,086

(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)

	Q3 2026	Q3 2025	9M 2026	9M 2025
Vessel revenue, net	56,800	46,126	153,544	106,466
Less: Voyage expenses	809	2,555	2,767	4,402
Time charter equivalent revenues	55,991	43,571	150,777	102,064
Operating days	1,634	1,856	4,990	5,363
TCE rate	$34,266	$23,476	$30,216	$19,031

(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)

	Q3 2026	Q3 2025	9M 2026	9M 2025
Vessel operating expenses	11,094	14,095	35,800	40,441
Less: Pre-delivery expenses	-	-	-	757
Vessel operating expenses before pre-delivery expenses	11,094	14,095	35,800	39,684
Ownership days	1,656	1,911	5,115	5,600
Daily Vessel Operating Expenses	$6,699	$7,376	$6,999	$7,086

Net income to EBITDA and Adjusted EBITDA Reconciliation:

(In thousands of U.S. Dollars)

	Q3 2026		Q3 2025		9M 2026		9M 2025
Net income	25,965		12,752		61,859		8,785
Interest and finance cost, net	4,141		5,378		12,280		15,943
Depreciation and amortization	9,280		9,415		28,077		26,792
EBITDA	39,386		27,545		102,216		51,520
Stock based compensation	1,648		1,026		6,166		3,703
Loss on extinguishment of debt	417		63		2,589		91
Loss on forward freight agreements, net	16		35		26		54
(Gain) / loss on FX derivatives	(20	)	192		94		(231	)
Unrealized gain on equity securities	(36	)	-		(36	)	-
Unrealized FX gain on unsecured bond	(600	)	-		(600	)	-
Adjusted EBITDA	40,811		28,861		110,455		55,137

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income, 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, loss on forward freight agreements, net, loss on extinguishment of debt, (gain) / loss on FX derivatives, unrealized gain on equity securities and unrealized FX gain on unsecured bond 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 Reconciliation and calculation of Adjusted Earnings Per Share

(In thousands of U.S. Dollars, except for share and per share data)

	Q3 2026		Q3 2025		9M 2026		9M 2025
Net income	25,965		12,752		61,859		8,785
Stock based compensation	1,648		1,026		6,166		3,703
Loss on extinguishment of debt (non-cash)	83		63		1,524		81
(Gain) / loss on FX derivatives	(20	)	192		94		(231	)
Unrealized gain on equity securities	(36	)	-		(36	)	-
Unrealized FX gain on unsecured bond	(600	)	-		(600	)	-
Adjusted net income	27,040		14,033		69,007		12,338
Dividends to non-vested participating securities	(171	)	(25	)	(348	)	(91	)
Undistributed earnings to non-vested participating securities	(416	)	(282	)	(984	)	(102	)
Adjusted net income – common shareholders	26,453		13,726		67,675		12,145
Adjusted earnings per common share, basic	1.25		0.67		3.21		0.60
Adjusted earnings per share, diluted	1.25		0.67		3.21		0.59
Weighted average number of common shares outstanding, basic	21,177,455		20,493,231		21,072,954		20,336,137
Weighted average number of common shares outstanding, diluted	21,177,455		20,562,616		21,072,954		20,425,195

To derive Adjusted Net Income and Adjusted Earnings Per Share, a non-GAAP financial measure, from Net Income, 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 and Adjusted Earnings 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, unrealized gain on equity securities, unrealized FX gain on unsecured bond 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 and Adjusted Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.

Fourth Quarter 2026 TCE Rate Guidance:

As of the date hereof, approximately 86% of the Company fleet’s expected operating days in the fourth quarter of 2026 have been fixed at an estimated TCE rate of approximately $32,923. Assuming that for the remaining operating days of our index-linked time charters, the BCI-180 rate will be equal to $37,968 (based on the FFA curve as of November 5, 2026), our estimated TCE rate for the fourth quarter of 2026 will be approximately $33,284³. The following table provides the breakdown of index-linked charters and fixed-rate charters in the fourth quarter of 2026:

	Operating Days	TCE
TCE - fixed rate (incl. FFA conversions)	1,195	$32,254
TCE – index-linked	435	$36,109
Total / Average	1,630	$33,284

________________________
³ 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 index-linked T/Cs is equal to $37,968 (based on the FFA curve as of November 5, 2026). Spot estimates are provided using the load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE rate will be reduced accordingly.

Third Quarter and Recent Developments:

Dividend Distribution for Q2 2026 and Declaration of Q3 2026 Dividend

On October 9, 2026, the Company paid a quarterly cash dividend of $0.35 per common share for the second quarter of 2026 to all shareholders of record as of September 25, 2026.

The Company has declared a quarterly cash dividend of $0.40 per common share for the third quarter of 2026 payable on or about January 8, 2027, to all shareholders of record as of December 24, 2026.

Fleet Update

Acquisition of Four Vessels for Delivery Between 2027 and 2029

Since its previous quarterly update, the Company has agreed to acquire four vessels from unaffiliated third parties for an aggregate consideration of approximately $264 million, comprising:

• a 180,000 dwt Capesize built in 2019 in Japan, to be renamed M/V Midnightship, expected to be delivered in January 2027 and to be funded through cash on hand and debt financing;
• a 210,000 dwt scrubber-fitted Newcastlemax newbuilding, contracted in July 2026 with Hengli Shipbuilding (Dalian) Co., Ltd. and Hengli Shipbuilding (Singapore) Pte. Ltd., with delivery expected in the first quarter of 2029;
• a 181,000 dwt scrubber-fitted Capesize newbuilding at a Japanese shipyard, with delivery expected in the second half of 2029; and
• a 210,000 dwt Newcastlemax built in 2014 in Japan, with delivery expected in the second half of 2029.
  
  

For the 2019-built Capesize, the Company has paid a 10% deposit, with the remaining 90% payable upon delivery. The contract price of the Hengli newbuilding is payable in five instalments linked to construction milestones, with 60% payable upon delivery. For the Japanese Capesize newbuilding, the Company has paid the first instalment of the purchase price, with 35% payable in three instalments linked to construction milestones and 60% payable upon delivery. For the 2014-built Newcastlemax, the agreement provides for a 10% deposit, with the remaining 90% payable upon delivery.

The newbuildings will incorporate eco-design features, enhancing fuel efficiency and reducing emissions in line with the Company’s fleet renewal and decarbonization strategy.

Advances Towards the Ship Investment Program

Including the four additional vessels, the Company’s total investment program currently stands at $855 million. To date, the Company has paid $127.4 million towards its fleet investment program. The remaining commitments of approximately $727.6 million are staggered through 2029, with the largest instalments payable upon delivery of the respective vessels, and are expected to be funded through a combination of existing liquidity, including cash and restricted cash of $167.9 million as of September 30, 2026, operating cash flow, committed and future vessel financing and proceeds from selective vessel disposals.

Sale of M/V Friendship

In November 2026, the Company agreed on the main terms to sell the M/V Friendship to United Maritime Corporation (“United”), a related party, for an aggregate purchase price of $33.0 million. The sale is subject to the existing financier’s approval and the parties entering into final documentation, with delivery expected in early Q1 2027. A special committee of independent and disinterested members of the Company’s board of directors negotiated and approved the terms.

The transaction is expected to generate net cash proceeds of approximately $19.6 million, supporting the Company’s ongoing fleet renewal program, while reducing Seanergy’s average fleet age. The sale is also expected to result in a book gain of approximately $12.4 million, to be recognized upon delivery of the vessel in the first quarter of 2027. Following delivery, Seanergy will continue to provide technical and commercial management services to the vessel.

Commercial Updates

M/V Premiership – Time Charter Extension

In September 2026, the time charter agreement for the M/V Premiership was extended until minimum January 2028 and maximum March 2028, in direct continuation from the previous agreement. The revised daily hire is based on the 5 T/C routes of the BCI, while all other main terms of the time charter remain materially the same.

M/V Patriotship – Time Charter Extension

In November 2026, the time charter agreement for M/V Patriotship was extended until minimum January 2028 and maximum March 2028, in direct continuation from the previous agreement. The revised daily hire is based on the 5 T/C routes of the BCI, with retroactive effect from January 2026, while all other main terms of the time charter remain materially the same.

Conference Call:

The Company’s management will host a conference call to discuss financial results on November 12, 2026, at 10:00 a.m. Eastern Time.

Audio Webcast:

There will be a live, and then archived, webcast of the conference call available through the Company’s website. To 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)
		September 30, 2026			December 31, 2025*
ASSETS
Cash and cash equivalents and restricted cash		167,944			62,653
Vessels, net, vessels under construction, advances for vessel acquisition, finance lease prepayment and sales type leases		575,674			506,660
Other assets		38,277			37,266
TOTAL ASSETS		781,895			606,579
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt and other financial liabilities, net of deferred finance costs		409,726			290,160
Other liabilities		39,030			35,036
Stockholders’ equity		333,139			281,383
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		781,895			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 September 30,				Nine months ended September 30,
		2026		2025		2026			2025
Vessel revenue, net		56,800		46,126		153,544			106,466
Fees from related parties		652		866		1,701			2,211
Revenue, net		57,452		46,992		155,245			108,677
Expenses:
Voyage expenses		(809	)	(2,555	)	(2,767	)		(4,402	)
Vessel operating expenses		(11,094	)	(14,095	)	(35,800	)		(40,441	)
Management fees		(225	)	(279	)	(745	)		(831	)
General and administrative expenses		(6,187	)	(4,629	)	(20,352	)		(13,641	)
Depreciation and amortization		(9,280	)	(9,415	)	(28,077	)		(26,792	)
Gain on sales type leases		-		-		4,101			-
Gain on sale of vessel		-		2,308		4,559			2,308
Loss on forward freight agreements, net		(16	)	(35	)	(26	)		(54	)
Operating income		29,841		18,292		76,138			24,824
Other income / (expenses):
Interest and finance costs		(5,114	)	(5,566	)	(14,253	)		(16,496	)
Loss on extinguishment of debt		(417	)	(63	)	(2,589	)		(91	)
Interest and other income		837		193		1,570			530
Interest and other income – related party		182		-		464			48
Other, net		636		(104	)	529			(30	)
Total other expenses, net:		(3,876	)	(5,540	)	(14,279	)		(16,039	)
Net income		25,965		12,752		61,859			8,785
Net income attributable to common shareholders		25,378		12,445		60,527			8,592
Net income per common share, basic and diluted		1.20		0.61		2.87			0.42
Weighted average number of common shares outstanding, basic		21,177,455		20,493,231		21,072,954			20,336,137
Weighted average number of common shares outstanding, diluted		21,177,455		20,562,616		21,072,954			20,425,195

Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars)
		Nine months ended September 30,
		2026		2025
Net cash provided by operating activities		82,219		25,819
Vessels acquisitions and improvements		(3,029	)	(34,401	)
Advance for vessel acquisition		(4,950	)	-
Vessels under construction		(102,170	)	-
Loan to related party		-		(2,000	)
Repayment of loan by related party		-		2,000
Finance lease prepayments and other initial direct costs		(3,883	)	(8,150	)
Investment in equity securities		(924	)	-
Proceeds from sale of assets		13,813		21,590
Due from related parties		2,466		(188	)
Net cash used in investing activities		(98,677	)	(21,149	)
Proceeds from long-term debt and other financial liabilities		255,100		110,560
Repayments of long-term debt and other financial liabilities		(114,184	)	(80,120	)
Payments of financing and stock issuance costs		(8,760	)	(2,045	)
Payments of finance lease liabilities		-		(23,747	)
Proceeds from other non-current liabilities		1,004		166
Dividends payments		(11,412	)	(8,433	)
Proceeds from issuance of common stocks and warrants, net of underwriters fees and commissions		-		845
Net cash provided by / (used in) financing activities		121,748		(2,774	)
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest, net of capitalized interest		9,509		15,893
Noncash investing activities
Vessels’ improvements		810		263
Other financial liabilities assumed by buyer upon sale of vessel		15,687		-
Vessels under construction		532		-
Noncash financing activities
Dividends declared but not paid		7,584		1,056
Financing and stock issuance costs		2,013		78
Other financial liabilities assumed by buyer upon sale of vessel		(15,687	)	-

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 15.3 years and an aggregate cargo carrying capacity of 3,463,843 dwt. Upon the sale of the M/Vs Dukeship and Friendship and the delivery of the nine newbuilding vessels and three secondhand vessels, the Company will own or operate under finance leases 29 vessels (5 Newcastlemax and 24 Capesize), with an aggregate cargo carrying capacity of approximately 5,367,438 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 may 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 U.S. Securities and Exchange Commission (“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/faee33af-960d-4b38-a5b5-039cbf064d45

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Seanergy Maritime earn in the third quarter of 2026?

Seanergy earned $26.0 million, or $1.20 per basic and diluted share, compared with $12.8 million, or $0.61 per share, in Q3 2025. Revenue increased to $57.5 million from $47.0 million.

How much is Seanergy Maritime's increased quarterly dividend?

The quarterly cash dividend is $0.40 per common share, increased from $0.35 last quarter. This marks Seanergy's twentieth consecutive quarterly dividend.

What charter terms are listed for Seanergy's upcoming newbuildings?

Primeship and Chrysship have five-year charters with a European operator, while another 2027 newbuilding has a four-year charter with a major miner. These agreements provide floor rates and index-linked hire, with incremental earnings above an upper threshold shared equally with charterers. The five-year agreements have three optional extensions; the four-year agreement has two.

Which four vessels did Seanergy add to its fleet investment program?

The additions total approximately $264 million: a 2019-built Japanese Capesize expected in January 2027, a 2014-built Japanese Newcastlemax and Japanese-built Capesize newbuilding for delivery in the second half of 2029, and a 210,000-deadweight-ton Newcastlemax newbuilding at Hengli scheduled for Q1 2029.