Fleet Expansion Sets Stage For Long-Term Growth Efforts

Seanergy Maritime is scaling its fleet renewal with a $460 million newbuilding program that now includes six modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029.

Since October, Seanergy has steadily expanded its newbuilding program, most recently adding a Capesize newbuilding at Hengli Shipbuilding in China, which was secured in April.

The orderbook now stands at three vessels at Hengli Shipbuilding for delivery in 2027, two at Japan’s Imabari Shipbuilding for delivery in 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry scheduled for delivery in 2028. To date, the company said it has paid $68.6 million for its newbuilding program while maintaining a strong liquidity position.

Four of the six vessels have already been financed, with roughly $237 million in debt financing secured. The company has also deployed about $69 million of internal funds toward the program, while continuing selective vessel sales, including a 2010-built Capesize sold for $29.5 million that will generate about $13.4 million in liquidity after repayment of associated debt.

First Quarter Sees Improvements Across Line Items

As for its first-quarter earnings, Seanergy reported improvements across the board. Take net revenues of $42.9 million, for starters; this was up 77% compared to $24.2 million in the first quarter of 2025. Meanwhile, EBITDA of $23.6 million was up 258% compared to $6.6 million in the year-ago first quarter, while adjusted EBITDA of $28.1 million was up 251% year over year. The company swung to a profit in the first quarter, posting net income and adjusted net income of $9.7 million and $13.4 million, respectively, compared with a net loss of $6.8 million and an adjusted net loss of $5.5 million in the first quarter of 2025.

Seanergy’s fleet achieved a daily time charter equivalent of $24,219 for the first quarter of 2026, representing a 6% premium over the average Baltic Capesize Index–180 of $22,902 for the same period.

Looking out to the remainder of the year, Seanergy expects continued strength supported by what it called “resilient Chinese iron ore demand, continued growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes.” What’s more, Seanergy said that energy security issues caused by the Middle East crisis and expectations of a strong El Niño weather pattern further 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,” said Tsantanis.

United Maritime Unit Reports Serious Improvement In Q1

Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also posted improvements in the first quarter. Starting with net loss and adjusted net income, the first-quarter net loss narrowed to $0.1 million compared to $4.5 million in the year-ago first quarter. Meanwhile, adjusted net income was $0.2 million compared to an adjusted net loss of $4.4 million in the first quarter of 2025, reflecting stronger market conditions and improved execution.

United Maritime also declared a quarterly dividend of $0.10 per common share for the first quarter of 2026. It marks the 14th consecutive quarterly distribution, underscoring its continued commitment to shareholder returns.

United Maritime’s management has been repositioning the company by selling smaller Kamsarmax vessels and its non-core Offshore sector investment, while recycling that capital to fund an expansion into larger Capesize bulkers.

During the first quarter, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea, which it said represents a deliberate reallocation of capital during an attractive point in the market cycle. The imminent delivery of M/V Squireship and the near completion of United Maritime’s profitable exit from the Offshore newbuilding project mark the final steps of this process. United Maritime said the financial benefits of the repositioning have already begun to materialize and that it expects the full earnings and cash flow contribution to build progressively through the year. 

For the second quarter, United Maritime said it secured about 92% of Q2 available days at an average of $17,807 per day. Based on current FFA levels, it expects Q2 TCE of approximately $17,957 per day. Looking beyond Q2, approximately half of its operating days are already fixed, providing a balanced combination of earnings visibility and continued market upside exposure, reported United Maritime.  

“United delivered a significantly improved financial performance, driven by stronger dry bulk market conditions and continued strategic execution,” said Tsantanis. “The company is now on a strong path to profitability, and we remain confident in our ability to sustain meaningful cash distributions, supported by favorable market conditions and the progressive earnings contribution from our ongoing fleet repositioning.” 

Featured image provided by Seanergy Maritime.

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