Seanergy Maritime Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Seanergy Maritime (NASDAQ: SHIP) reported strong Q1 2026 results, with net revenues of $42.9 million, up 77% year-over-year, and net income of $9.7 million. Adjusted EBITDA rose to $28.1 million from $8.0 million. EPS was $0.45 and adjusted EPS $0.63.
The board declared a $0.20 per share cash dividend, the 18th consecutive quarterly payout, bringing cumulative distributions to $2.84 per share. The $460 million fleet renewal now covers six eco-design Capesize/Newcastlemax newbuildings, supported by about $237 million in new debt financings and one vessel sale for $29.5 million.
AI-generated analysis. Not financial advice.
Positive
- Net revenues increased 77% year-over-year to $42.9 million in Q1 2026
- Q1 2026 net income reached $9.7 million versus a $6.8 million loss
- Adjusted EBITDA rose to $28.1 million from $8.0 million, up 251%
- Declared $0.20 per share cash dividend, 18th consecutive quarterly distribution
- Fleet TCE of $24,219 per day, an 81% increase year-over-year
- Expanded $460 million fleet renewal with six modern eco-design newbuildings contracted
Negative
- Daily vessel operating expenses increased to $7,181 from $6,629 year-over-year
- Long-term debt net of deferred charges stands at $319.7 million
- Newbuilding and fleet renewal commitments increase capital needs despite $68.8 million in cash
News Market Reaction – SHIP
On the day this news was published, SHIP declined 4.78%, reflecting a moderate negative market reaction. Argus tracked a peak move of +6.5% during that session. Argus tracked a trough of -11.8% from its starting point during tracking. Our momentum scanner triggered 25 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $17M from the company's valuation, bringing the market cap to $338.24M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Marine shipping peers show mixed moves: scanner flags DSX up about 6% with no news there, while UFG and TORO are down. Sector watchlist peers SMHI, DSX, and GASS all show negative price changes today, suggesting stock‑specific factors around SHIP’s earnings rather than a broad sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Quarterly earnings | Positive | +4.9% | Q3 2025 results, dividend, first newbuilding deal and fleet upgrade steps. |
| Aug 05 | Quarterly earnings | Positive | +4.7% | Q2 2025 return to profitability, positive TCE and continued dividend. |
| Nov 05 | Quarterly earnings | Positive | +5.6% | Strong Q3 2024 results with higher revenues, net income and dividend. |
| Aug 06 | Quarterly earnings | Positive | +13.9% | Record Q2/H1 2024 results with rising EPS, dividend and buyback activity. |
Recent earnings releases have generally been received positively, with all four tagged earnings events showing positive next‑day moves.
Over the past few reporting cycles, Seanergy has paired solid earnings with ongoing capital returns and fleet upgrades. Prior quarters highlighted rising TCE rates, consistent quarterly dividends, and growing adjusted EBITDA, alongside successive steps in a newbuilding and renewal program. These themes continue in the latest Q1 2026 release, which reports higher net revenues, a stronger earnings profile, and further expansion of the eco‑design Capesize/Newcastlemax fleet and related financing.
Historical Comparison
In the last four earnings releases, SHIP’s average next‑day move was about 7.27%, giving a useful baseline for how markets have typically reacted to its financial updates and dividend announcements.
Earnings releases have tracked a progression of stronger TCEs, rising adjusted EBITDA, and recurring dividends, alongside a stepwise expansion of the Capesize newbuilding and fleet renewal program.
Market Pulse Summary
This announcement highlights materially stronger Q1 2026 performance, with net revenues of $42.9M, adjusted EBITDA of $28.1M, and adjusted EPS of $0.63, alongside an $0.20 dividend. Management is extending a $460M fleet renewal program and has lined up about $237M in new debt for newbuildings. Investors may watch future TCE trends, execution on chartering these vessels, leverage metrics, and continued dividend sustainability across the shipping cycle.
Key Terms
ebitda financial
adjusted ebitda financial
time charter equivalent technical
baltic capesize index technical
forward freight agreements financial
bareboat technical
index linked technical
non-gaap financial
AI-generated analysis. Not financial advice.
Declares
Adds Capesize Newbuilding for 2027 - Fleet Renewal Program Expands to
| Highlights | |||||||
| (in million USD, except EPS and TCE) | Q1 2026 | Q1 2025 | 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 & 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 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 , up251% 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:
- 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, a6% 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
For the quarter ended March 31, 2026, the Company generated Net Revenues of
Cash and cash-equivalents and restricted cash, as of March 31, 2026, stood at
________________
3 Blended Q2 TCE estimated on approx.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Seanergy delivered a very strong first quarter, with Adjusted EPS of
“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
“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
“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) | 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 | 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 | 176,952 | 2009 | Namura | - | T/C Index Linked | Yes | 10/2026 | 03/2027 | 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 |
| Squireship3 | 170,018 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 03/2027 | 05/2027 | Glencore |
| Total / Average age | 3,452,408 | 14.8 years | - | - | - | - | - | - | - |
| Vessels under construction | |||||||||
| NB Vessel | 181,000 | 2027 | Hengli | Yes | - | - | - | - | - |
| NB Vessel | 181,500 | 2027 | Hengli | Yes | - | - | - | - | - |
| NB Vessel | 181,500 | 2027 | Hengli | Yes | - | - | - | - | - |
| NB Vessel | 181,500 | 2027 | Imabari | Yes | - | - | - | - | - |
| NB Vessel | 211,000 | 2028 | Hantong | Yes | - | - | - | - | - |
| NB Vessel | 181,500 | 2029 | Imabari | Yes | - | - | - | - | - |
| 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 vessel will be delivered to her new owners in June 2026.
Fleet Data:
(U.S. Dollars in thousands)
| Q1 2026 | Q1 2025 | |||
| Ownership days (1) | 1,753 | 1,778 | ||
| Operating days (2) | 1,696 | 1,713 | ||
| 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)
| Q1 2026 | Q1 2025 | |||
| Vessel revenue, net | 42,446 | 23,676 | ||
| Less: Voyage expenses | 1,370 | 716 | ||
| Time charter equivalent revenues | 41,076 | 22,960 | ||
| Operating days | 1,696 | 1,713 | ||
| 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)
| Q1 2026 | Q1 2025 | |||
| Vessel operating expenses | 12,588 | 12,544 | ||
| Less: Pre-delivery expenses | - | 757 | ||
| Vessel operating expenses before pre-delivery expenses | 12,588 | 11,787 | ||
| Ownership days | 1,753 | 1,778 | ||
| Daily Vessel Operating Expenses | ||||
Net income / (loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
| Q1 2026 | Q1 2025 | ||
| Net income / (loss) | 9,651 | (6,829 | ) |
| Interest and finance cost, net | 4,327 | 5,094 | |
| Depreciation and amortization | 9,602 | 8,325 | |
| EBITDA | 23,580 | 6,590 | |
| Stock based compensation | 2,582 | 1,539 | |
| Loss on extinguishment of debt | 1,784 | 28 | |
| Loss on forward freight agreements, net | 25 | 18 | |
| Loss / (gain) on FX derivatives | 133 | (180 | ) |
| Adjusted EBITDA | 28,104 | 7,995 |
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, loss on forward freight agreements, net, loss on extinguishment of debt, and loss / (gain) on FX derivatives (“Other, net” in statement of operations), 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. 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)
| Q1 2026 | Q1 2025 | |||
| Net income / (loss) | 9,651 | (6,829 | ) | |
| Stock based compensation | 2,582 | 1,539 | ||
| Loss on extinguishment of debt (non-cash) | 1,053 | 18 | ||
| Loss / (gain) on FX derivatives | 133 | (180 | ) | |
| Adjusted net income / (loss) | 13,419 | (5,452 | ) | |
| Dividends to non-vested participating securities | (68 | ) | (34 | ) |
| Undistributed earnings to non-vested participating securities | (85 | ) | - | |
| Adjusted net income / (loss) – common shareholders | 13,266 | (5,486 | ) | |
| Adjusted earnings / (loss) per common share, basic and diluted | 0.63 | (0.27 | ) | |
| Weighted average number of common shares outstanding, basic and diluted | 20,930,586 | 20,156,636 |
To derive 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, loss / (gain) 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.
Second Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately
| Operating Days | TCE | ||
| TCE - fixed rate (incl. FFA conversions) | 819 | ||
| TCE – index-linked | 873 | ||
| Total / Average | 1,692 | ||
________________
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
First Quarter and Recent Developments:
Dividend Distribution for Q4 2025 and Declaration of Q1 2026 Dividend
On April 10, 2026, the Company paid a quarterly cash dividend of
The Company has declared a quarterly cash dividend of
Fleet Updates
Newbuilding Contract for a Capesize Vessel at Imabari Shipbuilding
In February 2026, the Company entered into an agreement with an unaffiliated third party for the acquisition of a Japanese newbuilding 181,500 dwt scrubber-fitted Capesize vessel, to be built in Imabari Shipbuilding Co., Ltd., with delivery expected between the second and the third quarter of 2027.
The new vessel will be built incorporating the latest technological advancements and eco-friendly design features, resulting in enhanced fuel efficiency and reduced emissions in line with the Company’s ongoing fleet renewal and decarbonization strategy.
Newbuilding Contract through Bareboat Charter for a Capesize Vessel at Imabari Shipbuilding
In February 2026, the Company entered into a ten-year bareboat charter agreement with an unaffiliated third party for a Japanese newbuilding 181,500 dwt scrubber-fitted Capesize vessel, to be built in Imabari Shipbuilding Co., Ltd., with delivery expected in the first quarter of 2029. Following the fifth anniversary of the bareboat charter, the Company will have continuous options to purchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement.
The new vessel will be built incorporating the latest technological advancements and eco-friendly design features, resulting in enhanced fuel efficiency and reduced emissions in line with the Company’s ongoing fleet renewal and decarbonization strategy.
Newbuilding Contract for a Third Capesize Vessel at Hengli Shipyard
In April 2026, the Company entered into an agreement with Hengli Shipbuilding (Dalian) Co., Ltd. and Hengli Shipbuilding (Singapore) Pte. Ltd. for the construction of a 181,500 dwt scrubber-fitted newbuilding Capesize vessel. The contract price is approximately
The new vessel will be built incorporating the latest technological advancements and eco-friendly design features, resulting in enhanced fuel efficiency and reduced emissions in line with the Company’s ongoing fleet renewal and decarbonization strategy.
To date, the Company has already paid
Sale of M/V Squireship
In March 2026, the Company agreed main terms to sell the M/V Squireship to United Maritime Corporation (“United”), a related party, for an aggregate purchase price of
The transaction is expected to generate net cash proceeds of approximately
Commercial Updates
M/V Iconship – New T/C agreement
In March 2026, the M/V Iconship commenced a new T/C agreement with Kawasaki Kisen Kaisha, Ltd. (“K Line”) for a period of about 12 to about 15 months. 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 12 months based on the prevailing Capesize FFA curve.
M/V Meiship – New T/C agreement
In May 2026, the M/V Meiship commenced a new T/C agreement with Glencore Freight Pte. Ltd (“Glencore”) for a period of about 20 to about 24 months. 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 9 months based on the prevailing Capesize FFA curve.
M/V Honorship – Time charter extension
In May 2026, the charterer of the M/V Honorship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence in October 2026, for a duration of minimum 17 to about 20 months. The daily hire is based on the 5 T/C routes of the BCI along with a fixed daily premium.
Financing Updates
M/V Lordship & Newbuilding Capesize vessel – Huarong Sale and Leaseback agreements
In May 2026, the Company agreed to enter into a
In addition, in May 2026, the Company agreed to enter into a
M/V Dukeship – Alpha Bank Loan Facility
In May 2026, the Company agreed to enter into an agreement with Alpha Bank S.A. to (i) extend the maturity of the existing facility by 18 months, aligning the facility tenor with the duration of the current bareboat charter agreement with United (ii) provide an additional
Conference Call:
The Company’s management will host a conference call to discuss financial results on May 28, 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) | ||||||
| March 31, 2026 | December 31, 2025* | |||||
| ASSETS | ||||||
| Cash and cash equivalents and restricted cash | 68,802 | 62,653 | ||||
| Vessels, net, vessels under construction and sales type leases | 530,538 | 506,660 | ||||
| Other assets | 40,642 | 37,266 | ||||
| TOTAL ASSETS | 639,982 | 606,579 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt and other financial liabilities, net of deferred finance costs | 319,716 | 290,160 | ||||
| Other liabilities | 30,984 | 35,036 | ||||
| Stockholders’ equity | 289,282 | 281,383 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 639,982 | 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 March 31, | |||||
| 2026 | 2025 | ||||
| Vessel revenue, net | 42,446 | 23,676 | |||
| Fees from related parties | 407 | 530 | |||
| Revenue, net | 42,853 | 24,206 | |||
| Expenses: | |||||
| Voyage expenses | (1,370 | ) | (716 | ) | |
| Vessel operating expenses | (12,588 | ) | (12,544 | ) | |
| Management fees | (279 | ) | (251 | ) | |
| General and administrative expenses | (7,266 | ) | (4,056 | ) | |
| Depreciation and amortization | (9,602 | ) | (8,325 | ) | |
| Gain on sales type leases | 4,101 | - | |||
| Loss on forward freight agreements, net | (25 | ) | (18 | ) | |
| Operating income / (loss) | 15,824 | (1,704 | ) | ||
| Other income / (expenses): | |||||
| Interest and finance costs | (4,880 | ) | (5,243 | ) | |
| Interest and other income | 472 | 165 | |||
| Interest and other income – related party | 98 | - | |||
| Loss on extinguishment of debt | (1,784 | ) | (28 | ) | |
| Other, net | (79 | ) | (19 | ) | |
| Total other expenses, net: | (6,173 | ) | (5,125 | ) | |
| Net income / (loss) | 9,651 | (6,829 | ) | ||
| Net income / (loss) attributable to common shareholders | 9,498 | (6,863 | ) | ||
| Net income / (loss) per common share, basic and diluted | 0.45 | (0.34 | ) | ||
| Weighted average number of common shares outstanding, basic and diluted | 20,930,586 | 20,156,636 | |||
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated) | |||||
| Three months ended March 31, | |||||
| 2026 | 2025 | ||||
| Net cash provided by operating activities | 12,966 | 5,632 | |||
| Vessels acquisitions and improvements | (1,165 | ) | (33,666 | ) | |
| Vessels under construction | (31,439 | ) | - | ||
| Finance lease prepayments and other initial direct costs | - | (8,150 | ) | ||
| Due from related parties | 105 | 76 | |||
| Net cash used in investing activities | (32,499 | ) | (41,740 | ) | |
| Proceeds from long-term debt and other financial liabilities | 98,950 | 88,060 | |||
| Repayments of long-term debt and other financial liabilities | (68,904 | ) | (49,479 | ) | |
| Payments of financing and stock issuance costs | (2,623 | ) | (719 | ) | |
| Payments of finance lease liabilities | - | (473 | ) | ||
| Proceeds from other non-current liabilities | 1,004 | - | |||
| Dividends payments | (2,745 | ) | (5,297 | ) | |
| Net cash provided by financing activities | 25,682 | 32,092 | |||
| SUPPLEMENTAL CASH FLOW INFORMATION | |||||
| Cash paid during the period for interest, net of capitalized interest | 2,542 | 5,508 | |||
| Noncash investing activities | |||||
| Vessels’ improvements | 664 | 457 | |||
| Vessels under construction | 106 | - | |||
| Right-of use assets and initial direct costs | - | 23,747 | |||
| Noncash financing activities | |||||
| Dividends declared but not paid | 4,334 | 2,090 | |||
| Financing and stock issuance costs | 261 | 595 | |||
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 finance leases 20 vessels (2 Newcastlemax and 18 Capesize) with an average age of approximately 14.9 years and an aggregate cargo carrying capacity of 3,633,861 dwt. Upon the sale of the M/Vs Squireship and Dukeship and the delivery of the six newbuilding vessels, the Company will own or finance lease 24 vessels (3 Newcastlemax and 21 Capesize), with an aggregate cargo carrying capacity of approximately 4,400,390 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: (212) 661-7566
E-mail: seanergy@capitallink.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a7fdb83d-c32d-4af8-ac6a-6838e2650774
