Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Record Second Quarter 2026 Financial Results. Seanergy reported revenue, adj. EBITDA, and adj. EPS of $55.7 million, $41.5 million, and $1.32, respectively, compared to $37.5 million, $18.3 million, and $0.18 during the prior year period. We had projected revenue, adj. EBITDA, and adj. EPS of $54.9 million, $38.4 million, and $1.15, respectively. Second quarter financial results reflected both materially higher time charter equivalent (TCE) rates compared to the prior year quarter and lower-than-expected interest and finance costs relative to our estimates.
Updating Estimates. We have increased our FY 2026 revenue, adj. EBITDA, and adj. EPS estimates to $205.9 million, $134.2 million, and $3.70, respectively, compared to our prior estimates of $203.2 million, $131.3 million, and $3.50. Our revised estimates reflect higher time charter equivalent (TCE) rates and fewer off-hire days.
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Delivers Record Q2 Net Income of $26.2 Million and EPS/ Adjusted EPS of $1.21/ $1.32; Declares Quarterly Dividend of $0.35 Per Share, Representing the Company’s 19th Consecutive Distribution
Expands Fleet Renewal Program to $591 Million Across Eight Modern Capesize & Newcastlemax Vessels; Completes €100 Million Unsecured Bond Offering
______________________________ 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 — $108.4 Million Returned Since Program Inception
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 – $591 million Aggregate Investment Plan
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 — €100 Million Bond and $296.5 Million of Facilities Secured
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 of 63% year over year
Estimated Q3 2026 TCE of approximately $31,0003 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 $0.35 per common share. This marks Seanergy’s 19th consecutive quarterly dividend under its capital return policy and reflects the Company’s strong earnings generation and disciplined approach to capital allocation.
For the quarter ended June 30, 2026, the Company generated Net Revenues of $55.7 million, compared to $37.5 million in the second quarter of 2025. Net Income and Adjusted Net Income for the quarter increased to $26.2 million and $28.5 million, respectively, compared to $2.9 million and $3.8 million, respectively, in the prior-year period. EBITDA and Adjusted EBITDA for the quarter reached $39.3 million and $41.5 million, respectively, compared to $17.4 million and $18.3 million, respectively, for the same period of 2025. The fleet achieved a daily TCE of $32,355 for the second quarter of 2026, representing a 63% year-over-year increase.
For the six months ended June 30, 2026, Seanergy generated Net Revenues of $97.8 million, Net Income of $35.9 million and Adjusted Net Income of $42.0 million, compared to Net Revenues of $61.7 million, a Net Loss of $4.0 million and Adjusted Net Loss of $1.7 million in the first half of 2025. Adjusted EBITDA increased by 165% to $69.6 million, while Adjusted EPS reached $1.96, compared to an adjusted loss per share of $0.09 in the prior-year period. Fleet TCE increased by 69% to $28,244 per day.
Cash and cash-equivalents and restricted cash, as of June 30, 2026, stood at $59.5 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges amounted to $294.9 million, compared with a fleet book value of $542.3 million, including advances paid for vessels under construction and a vessel under sales-type lease, resulting in a fleet loan-to-book value ratio of approximately 55%. Stockholders’ equity increased by $31.7 million, or 11% to $313.1 million, over the six-month period.
______________________________ 3 Blended Q3 TCE estimated on approx. 71% of Q3 available days already fixed and FFA rates as of July 28, 2026.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Seanergy delivered record results in the second quarter with Net Income of $26.2 million and Adjusted EPS of $1.32, bringing first-half Adjusted EPS to $1.96, and underscoring the strong earnings power and operating leverage of our pure-play Capesize platform.”
“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 $0.35 per share, our 19th consecutive distribution, bringing cumulative dividends to $3.19 per share, or approximately $63.2 million in aggregate. In total, we have returned $108.4 million to shareholders since program inception, through dividends and the repurchases of shares, warrants and convertible notes.”
“We further advanced our fleet renewal strategy by agreeing to acquire two additional high-quality Japanese Capesize vessels for an aggregate consideration of approximately $130 million. These transactions consist of a scrubber-fitted newbuilding and a modern 2022-built vessel, both expected to join our fleet in 2029. These acquisitions lock in modern, fuel-efficient tonnage and scarce 2029 delivery slots ahead of an anticipated tightening in Capesize supply.”
“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 $591 million. Four of the eight vessels are scheduled to deliver in 2027, accelerating fleet renewal and earnings contribution from 2027 onward. We continue to execute selectively, pairing scarce delivery slots with disposals of older tonnage at firm valuations, while maintaining a disciplined balance sheet.”
“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 €100 million unsecured corporate bond in Greece diversifies our capital base and complements our existing secured financings. Its five-year non-amortizing structure provides non-dilutive, long-term capital precisely matched to the construction phase of our program, before the new vessels begin generating revenues.”
“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 55% of our ownership days for the second half of the year at a daily rate of $30,800, providing significant earnings visibility while preserving meaningful index-linked exposure in a strong Capesize market. Additionally, based on the current FFA curve, our estimated 3Q 2026 daily TCE of approximately $31,000 further reinforces our positive earnings outlook and our ability to continue generating attractive returns in the quarters ahead.”
“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:
Fleet Data:
(U.S. Dollars in thousands)
(In thousands of U.S. Dollars, except operating days and TCE rate)
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
Net income / (loss) to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
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)
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 71% of the Company fleet’s expected operating days in the third quarter of 2026 have been fixed at an estimated TCE rate of approximately $30,112. Assuming that for the remaining operating days of our index-linked time charters, the BCI-180 rate will be equal to $33,980 (based on the FFA curve as of July 28, 2026), our estimated TCE rate for the third quarter of 2026 will be approximately $30,9984. The following table provides the breakdown of index-linked charters and fixed-rate charters in the third quarter of 2026:
______________________________ 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 $33,980 (based on the FFA curve as of July 28, 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.
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 $0.20 per common share for the first quarter of 2026 to all shareholders of record as of June 29, 2026.
The Company has declared a quarterly cash dividend of $0.35 per common share for the second quarter of 2026 payable on or about October 9, 2026, to all shareholders of record as of September 25, 2026.
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 $37.3 million since 2024 in environmental upgrades, vessel improvements and dry-dockings.
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 $130.0 million.
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 5% of the purchase price for the Capesize newbuilding. The remaining balance of the purchase price shall be payable as follows: 35% in three instalments by November 2028, and the remaining 60% upon delivery of the vessel. Concerning the 2022-built Capesize vessel, the agreement involves a 10% advance payment, while the remaining 90% of the purchase price will be payable upon the vessel’s delivery.
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 $72.6 million for its newbuilding and fleet renewal program while maintaining a strong liquidity position.
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 $29.5 million, generating net proceeds of about $13.8 million. Seanergy continues to provide technical and management services to the vessel, facilitating the continuation of the vessel’s existing commercial employment.
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 $23,100 per day, designed to cover the vessels’ estimated cash breakeven levels. Above the floor, hire is calculated at a significant premium over the BCI-180 up to an average upper threshold of approximately $29,750 per day. Above the upper threshold, incremental earnings based on the same premium over the BCI-180 are shared equally between Seanergy and the respective charterer.
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 €100 Million Five-Year Unsecured Corporate Bond Offering
In July 2026, Seanergy successfully completed a €100 million unsecured bond offering to investors in Greece (ATHEX: SHIPB1). The bonds were admitted to trading on the Fixed Income Securities Segment of Euronext Athens Holding S.A. on July 13, 2026.
The bonds were issued at par, mature in July 2031 and carry a coupon of 4.90% per annum, payable semi-annually. The five-year bullet structure involves no scheduled principal amortization before maturity, preserving liquidity during the construction phase of the Company’s newbuilding program.
Newbuilding Capesize vessel – Sale and Leaseback agreement
The Company has agreed to enter into a $60.0 million sale and leaseback agreement to partially finance the acquisition of the Capesize vessel scheduled for delivery in the fourth quarter of 2027. The agreement also provides pre-delivery financing for certain instalments under the shipbuilding contract. Upon delivery, the vessel will be sold and chartered back for a period of 84 months. The Company will have continuous purchase options at predetermined prices as set forth in the agreement, commencing two years after the charter commencement date. The charterhire principal will amortize in 28 quarterly instalments of $0.7 million along with a purchase option of $40.0 million at the expiry of the bareboat charter. The pre-delivery financing amounts will accrue interest, payable quarterly in arrears.
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.
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”.
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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Updating Estimates. We have increased our 2Q 2026 revenue, adj. EBITDA, and adj. EPS estimates to $54.9 million, $38.4 million, and $1.15, respectively, from $50.0 million, $35.2 million, and $1.00. Our estimates reflect higher time charter equivalent rates than previously estimated. Moreover, we have lowered our estimates for vessel operating expenses in the second quarter and increased our estimate for general and administrative expenses in the second and third quarters. For FY 2026, we forecast revenue, adj. EBITDA, and adj. EPS of $203.2 million, $131.3 million, and $3.50, respectively, compared to our previous estimates of $198.3 million, $130.2 million, and $3.45.
Constructive Outlook. Seanergy’s outlook remains constructive, supported by favorable Capesize market fundamentals, a disciplined capital allocation strategy, and a multi-year fleet modernization program that positions the company to benefit from what we think will be a structurally attractive market through 2029. Following a strong first quarter in which the company reported significantly higher earnings and cash flow, we expect the momentum to continue, with second quarter time charter equivalent (TCE) rates projected to be approximately $31,430 per day.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
GLYFADA, Greece, July 08, 2026 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today the pricing of the offering of €100 million of unsecured bonds (the “Bonds”) to investors in Greece. The Bonds will be admitted to trading on the Fixed Income Securities Segment of Euronext Athens Holding S.A. (“Euronext Athens”).
The Bonds mature in July 2031, were issued at par and carry a coupon of 4.90% per annum, payable semi-annually. Settlement is expected on July 10, 2026 and trading is expected to commence on July 13, 2026.
The proceeds are expected to be used to finance part of the cost of newbuilding vessels and/or second-hand vessel acquisitions, as well as for general corporate and working capital purposes. Offering expenses are estimated at approximately €4.4 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are very pleased with the successful completion of this offering, which represents an important milestone for Seanergy in the Hellenic capital markets.
“We sincerely thank the Hellenic investment community for its strong confidence in our strategy and long-term prospects.
“The Bonds provide meaningful non-dilutive capital, diversifying further our capital structure, while supporting the disciplined execution of our fleet growth strategy.”
The Bonds have not been and will not be registered under the Securities Act of 1933, as amended or the securities laws of any state of the United States, and, subject to certain exceptions, may not be offered or sold within the United States. The offering of Bonds is not directed to, and may not be accessed by, any person located in the United States. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Bonds, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
AboutSeanergyMaritimeHoldingsCorp.
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 19 vessels (2 Newcastlemax and 17 Capesize) with an average age of approximately 15.0 years and an aggregate cargo carrying capacity of approximately 3,463,843 dwt. Upon completion of the sale of the M/V Dukeship and the delivery of the newbuilding vessels, the Company is expected to 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”.
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 the consummation of and use of proceeds of the offering of Bonds. 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: [email protected]
Capital Link, Inc. Paul Lampoutis 230 Park Avenue Suite 1540 New York, NY 10169 Tel: (212) 661-7566 E-mail: [email protected]
Anna Wichmann Capital Link Athens Tel: +30 210 6109 800 E-mail: [email protected]
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First quarter 2026 Financial Results. For the first quarter of 2026,Seanergy reported net revenues of $42.9 million, up 77% from $24.2 million in the prior-year period, driven by significantly stronger charter rates and improved fleet performance. EBITDA increased to $23.6 million from $6.6 million, while adjusted EBITDA rose to $28.1 million from $8.0 million. The company generated net income of $9.7 million, or $0.45 per diluted share, compared to a net loss of $6.8 million, or $0.34 per diluted share, in the first quarter of 2025. Adjusted net income totaled $13.4 million, or $0.63 per diluted share, versus an adjusted net loss of $5.5 million, or $0.27 per share, in the prior-year quarter.
Updating Estimates. We have increased our 2026 revenue, EBITDA, and EPS estimates to $198.3 million, $130.2 million, and $3.45, respectively, from $182.1 million, $106.7 million, and $2.40. The increase in our estimates reflects higher time charter equivalent rates. The company has 83% of its fleet expected operating days during the second quarter fixed at an estimated TCE rate of $29,725. During the first quarter, Seanergy earned an average fleet time charter equivalent rate of approximately $24,219 per day.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Lowering 1Q26 estimates. We have reduced our 1Q26 revenue, adjusted EBITDA, adjusted net income attributable to common shareholders, and EPS estimates to $42.9 million, $23.5 million, $9.5 million, and $0.45, respectively, from prior estimates of $43.9 million, $24.8 million, $10.1 million, and $0.48. The revisions primarily reflect a modest reduction in operating days to 1,696 from 1,700, a lower average daily TCE rate of $24,200 versus $25,100, and higher voyage and G&A expenses, including non-cash stock compensation.
FY26 estimates are mostly unchanged. We now project FY26 revenue, adjusted EBITDA, adjusted net income attributable to common shareholders, and EPS of $182.1 million, $106.7 million, $50.4 million, and $2.40, respectively, compared with prior estimates of $183.2 million, $105.2 million, $50.4 million, and $2.40.
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GLYFADA, Greece, April 01, 2026 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (the “Annual Report”) has been filed with U.S. Securities and Exchange Commission. The Annual Report may also be accessed through Seanergy’s website, www.seanergymaritime.com, at the “Investor Relations” section under “Financial Reports”.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize ship-owner 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 14.7 years and an aggregate cargo carrying capacity of approximately 3,633,861 dwt. Upon completion of the sales of the M/Vs Squireship, Dukeship, and the delivery of the newbuilding vessels, the Company is expected to own or finance lease 23 vessels (3 Newcastlemax and 20 Capesize), with an aggregate cargo carrying capacity of approximately 4,218,890 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”.
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 Venezuela, Israel and Hamas or Iran, 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.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in 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”.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Newbuild program expands to five vessels. Seanergy announced the acquisition of two Japanese newbuild scrubber-fitted 181,500 dwt Capesize vessels, expanding the total newbuild program to five vessels, including four Capesize vessels and one Newcastlemax, with a combined contract value of approximately $384 million. The first Japanese vessel is a direct purchase with delivery expected between Q2 and Q3 2027, while the second is structured as a 10-year bareboat-in contract with a Q1 2029 delivery and a purchase option beginning at year five. The combined cost of both Japanese vessels is approximately $158 million.
Sale of M/V Squireship. Seanergyagreed to sell the 2010-built, 170,018 dwt M/V Squireship to a related party for $29.5 million with delivery expected between late April and early June 2026. The transaction is expected to generate net proceeds of approximately $13.5 million after debt repayment and produce an accounting gain of roughly $4 million. The sale is consistent with management’s capital recycling strategy, monetizing an older vessel at an attractive valuation while funding the newbuilding program and reducing average fleet age.
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GLYFADA, Greece, March 12, 2026 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that it has agreed to acquire two scrubber-fitted 181,500 dwt Capesize vessels to be constructed at a first-class shipyard in Japan and has entered into an agreement for the sale of the 2010-built M/V Squireship.
The transactions expand the Company’s newbuilding program to five vessels (four Capesizes and one Newcastlemax) totaling approximately $384.0 million and underscore its disciplined fleet renewal strategy, which focuses on reallocating capital from older vessels into modern, fuel-efficient tonnage with attractive delivery positions.
Acquisition of Two Japanese Newbuilding Capesizes
The Company entered into an agreement with an unaffiliated third party in Japan for the acquisition of a 181,500 dwt scrubber fitted Capesize newbuilding vessel with prompt delivery, constructed at a first-class Japanese Shipyard. The delivery is expected between the second and the third quarter of 2027.
In addition, the Company has entered into a 10-year bareboat-in contract for a second 181,500 dwt scrubber fitted Capesize dry bulk vessel to be constructed by the same first-class Japanese shipyard with delivery expected in the first quarter of 2029. Seanergy has the option to acquire the vessel starting at the end of year five until the end of the charter period.
The combined acquisition cost of the above vessels is estimated at approximately $158 million, assuming the exercise of the option to acquire the second vessel at the end of the 10-year period and excluding interest payments under the bareboat scheme.
The Company believes that securing a prompt 2027 delivery position from a top-tier Japanese yard represents a highly attractive strategic opportunity, given the limited availability of near-term construction slots and the strong expected demand for modern Capesize tonnage over the near and medium-term. In addition, the structure associated with the second Japanese Capesize vessel, provides Seanergy with advantageous fleet renewal optionality while maintaining capital flexibility.
Sale of M/V Squireship
Seanergy has agreed to sell the M/V Squireship, a 2010-built Capesize vessel constructed in South Korea with a cargo capacity of 170,018 dwt, to United Maritime Corporation, a related party, for a purchase price of $29.5 million, with delivery expected between end April to beginning of June 2026.
The transaction is expected to generate net cash proceeds of approximately $13.5 million after repayment of the associated debt, supporting the Company’s ongoing newbuilding program, while reducing Seanergy’s average fleet age. The vessel sale is expected to result in an accounting profit of around $4 million, which will be recorded in Seanergy’s second quarter financial results.
The transaction allows the Company to monetize the Squireship at an attractive market valuation. Following delivery, Seanergy will continue to provide technical and commercial management services to the vessel, facilitating the continuation of the vessel’s existing commercial employment.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“These transactions represent another step in the disciplined renewal of our fleet. By monetizing an older vessel at an attractive valuation and reinvesting in high-quality Japanese newbuildings with favorable delivery positions, we continue to enhance the long-term earnings capacity and efficiency of our fleet.
“Including our newbuilding orders in China, we expect to take delivery of five high-quality vessels with a total contract value of approximately $384 million, including three deliveries in mid-2027, one in mid-2028 and one in early-2029. We believe vessels delivering between 2027 and 2029 will be well positioned to benefit from strong Capesize fundamentals, an aging fleet and constrained vessel supply.
“Our strategy remains clear: reallocate capital from older assets into modern Capesize tonnage, maintain balance sheet discipline, and position the Company to capture long-term market upside. At the same time, we remain firmly committed to our capital return policy and expect to continue delivering meaningful returns to our shareholders.”
Commercial Performance Update
Further to the Company’s previous commercial updates provided in the FY 2025 Earnings Release, Seanergy has secured fixed rates for approximately 45% of its available operating days for the period Q2–Q4 2026, at an average gross daily rate of $29,300. These fixtures enhance forward earnings visibility while preserving meaningful exposure to market upside.
Sphinx – Economou Litigation Update
The Supreme Court of the Republic of the Marshall Islands affirmed the dismissal of the lawsuit brought by Sphinx Investment Corp., an affiliate of George Economou, upholding the prior decision of the High Court of the Republic of the Marshall Islands. The ruling brings this matter to a final resolution.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize ship-owner 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 14.7 years and an aggregate cargo carrying capacity of approximately 3,633,861 dwt. Following the sale of the M/V Squireship and the delivery of the newbuilding vessels, the Company will own or finance lease 24 vessels (3 Newcastlemax and 21 Capesize), with an aggregate cargo carrying capacity of approximately 4,400,343 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 Venezuela, Israel and Hamas or Iran, 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.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in 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”.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q4’25 financial results. Seanergy reported Q4 net revenues of $49.4 million and adjusted EBITDA of $28.9 million, exceeding our estimates of $48.3 million and $28.2 million, respectively. Adjusted net income and adjusted EPS were $14.2 million and $0.68, ahead of our $11.7 million and $0.56 estimates. The stronger than expected earnings were due to a higher average time charter equivalent (TCE) rate of $26,614 per day versus our $26,000 estimate.
Favorable Capesize market. The Capesize market is supported by favorable supply and demand fundamentals. The global orderbook stands at roughly 12% of the fleet, while approximately 40% of Capesize, Newcastlemax, and VLOC vessels are over 15 years old, with special surveys expected to reduce effective supply by 1.5% to 2.5% annually. Additionally, Brazilian iron ore exports and West African bauxite shipments continue to expand, with Simandou expected to add incremental long-haul volumes in 2026 and 2027. In our view, this combination of structural supply constraints and steady commodity trade flows supports a constructive rate environment throughout 2026.
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Declares $0.20 Per Share Dividend and Expands Prompt Newbuilding Program Totaling $226m
Highlights and Developments:
Fifth consecutive year of profitability, delivering adjusted EPS of $1.28, underscoring the resilience and earnings power of Seanergy’s pure-play Capesize strategy across cycles
Declared a Q4 cash dividend of $0.20 per share and total cash dividends for 2025 of $0.43 per share
The Q4 dividend marks the Company’s 17th consecutive quarterly dividend bringing cumulative distributions to $2.64 per share, or approximately $51.2 million
Expanded the prompt newbuilding program to three eco vessels totaling $226million, securing attractive early delivery positions and enhancing future earnings capacity:
Two scrubber-fitted 181,000 dwt Capesize bulkers with expected deliveries in Q2 and Q3 2027
One scrubber-fitted 211,000 dwt Newcastlemax bulker with expected delivery in Q2 2028
Advanced fleet renewal through the sale of the 2010-built M/V Dukeship at a highly attractive valuation, via an 18-month bareboat charter with purchase obligation, generating positive cash flows and releasing significant liquidity
Completed $123.0 million of refinancings at improved terms, generating $51.9 million of incremental liquidity in Q4 and this year to date
Q1 TCE guidance of $25,2732, representing a 14% premium to the average AV5 Baltic Capesize Index year-to-date
____________________________ 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.
ATHENS, Greece, Feb. 17, 2026 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize shipping company, today reported its financial results for the fourth quarter and twelve months ended December 31, 2025, and announced a quarterly cash dividend of $0.20 per common share. This represents Seanergy’s 17th consecutive quarterly dividend under its capital return policy, with total cash dividends for 2025 of $0.43 per common share, underscoring the Company’s commitment to disciplined capital allocation and consistent shareholder returns.
For the quarter ended December 31, 2025, Seanergy generated Net Revenues of $49.4 million, up from $41.7 million in the fourth quarter of 2024. Net Income and Adjusted Net Income for the quarter were $12.5 million and $14.4 million, respectively, compared to Net Income of $6.6 million and Adjusted Net Income of $7.1 million in the fourth quarter of 2024. Adjusted EBITDA for the quarter was $28.9 million, compared to $20.4 million in the same period of 2024. The fleet achieved a daily Time Charter Equivalent (“TCE”) of $26,614 for the fourth quarter of 2025.
For the full year 2025, Seanergy delivered Net Revenues of $158.1 million, compared to $167.5 million in 2024. Net Income and Adjusted Net Income were $21.2 million and $26.7 million, respectively, compared to Net Income of $43.5 million and Adjusted Net Income of $48.8 million in 2024. Adjusted EBITDA for the twelve months was $81.7 million, compared to $98.4 million for 2024. The daily TCE rate of the fleet for 2025 was $20,937, compared to $25,063 in 2024. The average daily OPEX was $7,127 compared to $6,976 in 2024.
Cash and cash-equivalents and restricted cash, as of December 31, 2025, stood at $62.7 million. Stockholders’ equity at the end of the fourth quarter was $281.4 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $290.2 million, while the book value of the fleet was $506.7 million, including vessels under construction.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Driven by a strong Capesize market, Seanergy delivered a very strong fourth quarter, marking our fifth consecutive year of profitability. This performance reflects the durability of our pure-play Capesize strategy, disciplined balance sheet management, and our ability to consistently capture market upside.
“We remain firmly focused on delivering consistent shareholder returns. In 2025, we distributed $0.43 per common share in cash dividends, and with the declaration of the Q4 dividend of $0.20 per common share, we marked our 17th consecutive quarterly dividend. Since launching our dividend program, we have returned $2.64 per common share, or approximately $51.2 million, to our shareholders, underscoring both the strong earnings capacity of our fleet and our disciplined approach to capital allocation.
“Looking ahead, market fundamentals remain constructive as we move into 2026. Robust iron ore and bauxite trade flows, limited Capesize newbuilding supply, and favorable ton-mile dynamics continue to support earnings visibility. With a high-quality fleet, predominantly index-linked employment, and balanced leverage profile, we believe Seanergy is well positioned to capture meaningful upside in this favorable environment.
“Our fleet renewal program is progressing as planned and remains a core strategic priority. In recent months, we added two prompt, eco newbuilding orders at leading Chinese shipyards: a scrubber-fitted Capesize sister vessel to the unit previously announced, scheduled for delivery in Q3 2027, and a scrubber-fitted Newcastlemax scheduled for delivery in Q2 2028. The total current newbuilding investment of approximately $226 million reflects our intention to continue pursuing selective and prompt newbuilding opportunities when market conditions and financing terms are favorably aligned.
“In parallel, and taking advantage of firm secondhand values, we recently agreed to sell the 2010-built Dukeship through an 18-month bareboat arrangement, crystallizing a solid price and generating positive cash flows through the bareboat period. We continue to actively evaluate opportunities to optimize our fleet through selective acquisitions and targeted disposals, while keeping long-term shareholder value and returns as a top priority.
“On the commercial front, we secured index-linked renewals for five vessels, maintaining full participation in a strengthening market while selectively utilizing FFAs to manage volatility. This disciplined approach continues to deliver strong commercial performance. For the first quarter of 2026, we estimate a daily TCE of approximately $25,300, representing a 14% premium to the prevailing AV5 BCI year-to-date, based on the current FFA curve, with approximately 77% of available days fixed at an average rate of $24,739.
“Seanergy enters 2026 from a position of financial strength, operational excellence, and strategic clarity, with a clear path toward continued per-share value creation for our shareholders.”
______________________________ 2 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 $27,830 (based on the FFA curve as of February 12, 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.
Company Fleet:
Fleet Data:
(U.S. Dollars in thousands)
(In thousands of U.S. Dollars, except operating days and TCE rate)
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
Net income to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
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, gain on sale of vessel, loss on forward freight agreements, net, loss on extinguishment of debt, and loss / (gain) on FX forwards (“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 Reconciliation and calculation of Adjusted Earnings Per Share
(In thousands of U.S. Dollars, except for share and per share data)
To derive 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, loss / (gain) on FX forwards 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.
First Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately 77% of the Company fleet’s expected operating days in the first quarter of 2026 have been fixed at an estimated TCE rate of approximately $24,739. Assuming that for the remaining operating days of our index-linked time charters, the BCI 5TC 180 rate will be equal to $27,830 (based on the FFA curve as of February 12, 2026), our estimated TCE rate for the first quarter of 2026 will be approximately $25,2733. The following table provides the breakdown of index-linked charters and fixed-rate charters in the first quarter of 2026:
Fourth Quarter and Recent Developments:
Dividend Distribution for Q3 2025 and Declaration of Q4 2025 Dividend
On January 9, 2026, the Company paid a quarterly cash dividend of $0.13 per common share for the third quarter of 2025 to all shareholders of record as of December 29, 2025.
The Company has declared a quarterly cash dividend of $0.20 per common share for the fourth quarter of 2025 payable on or about April 10, 2026, to all shareholders of record as of March 27, 2026.
Fleet Updates
Newbuilding Contract for a Newcastlemax Vessel at Hantong Shipyard
In November 2025, the Company entered into an agreement for the acquisition of a newbuilding 211,000 dwt scrubber-fitted Newcastlemax vessel from Jiangsu Hantong Ship Heavy Industry Co., Ltd., with delivery expected in the second quarter of 2028. The purchase price is approximately $75.8 million. The first installment, representing 15% of the purchase price, has already been paid. The remaining installments are linked to the vessel’s construction milestones, with 30% of the purchase price payable over the next 2 years and the remaining 55% upon delivery of the vessel.
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 Second Capesize Vessel at Hengli Shipyard
In January 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 Capesize vessel. The contract price is approximately $75.2 million, with delivery expected in the third quarter of 2027. The purchase price will be paid in five installments, linked to the vessel’s construction milestones, with 45% of the purchase price payable over the next 14 months and the remaining 55% upon delivery of the vessel.
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.
M/V Dukeship – Disposal of Vessel through Bareboat Charter
In February 2026, the Company entered into an agreement with United Maritime Corporation (“United”), a related party, for the disposal of the M/V Dukeship through an 18-month bareboat charter. The charter period commenced following the delivery of the vessel on February 12, 2026. United has advanced a downpayment of $5.5 million and will pay a daily charter rate of $9,450, with a purchase obligation of $22.1 million at the end of the bareboat charter. A special committee of disinterested members of our Board of Directors negotiated the terms and approved the agreement.
Commercial Updates
M/V Flagship – New T/C agreement
In December 2025, the M/V Flagship commenced a new T/C agreement with Cargill International SA with the agreement set to terminate between November 1, 2027 to February 1, 2028, each date subject to (+/- 15 days). 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 3 to 9 months based on the prevailing Capesize FFA curve.
M/V Paroship – New T/C agreement
In December 2025, the M/V Paroship commenced a new T/C agreement with Oldendorff GMBH & CO. KG., Ltd 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 3 to 9 months based on the prevailing Capesize FFA curve. The Company will also receive most of the benefit from the scrubber profit-sharing scheme.
M/V Friendship – New T/C agreement
In January 2026, the M/V Friendship commenced a new T/C agreement with Glencore Freight Pte. Ltd (“Glencore”) for a period of about 10 to about 14 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 Partnership – New T/C agreement
In February 2026, the M/V Partnership commenced a new T/C agreement with Glencore 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 9 months based on the prevailing Capesize FFA curve. The Company will also receive most of the benefit from the scrubber profit-sharing scheme.
M/V Lordship – Time charter extension
In January 2026, the charterer of the M/V Lordship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence on August 21, 2026, for a duration of minimum January 1st, 2027 until maximum March 31st, 2027. The Company receives most of the benefit from the scrubber profit-sharing scheme while the daily hire will be based on a revised premium over the BCI.
M/V Hellasship – Time charter extension
In February 2026, the charterer of the M/V Hellasship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence on April 9, 2026, for a duration of minimum 12 to maximum 16 months. The daily hire is based on a revised premium over the BCI, while all other main terms of the time charter remain materially the same.
In December 2025, the Company entered into a new sustainability linked loan facility with Danish Ship Finance secured by the M/Vs Fellowship, Premiership, Championship and Flagship to refinance the sale and leaseback agreement for the M/V Flagship and to increase the existing indebtedness of the other three vessels.
The facility includes a new tranche of $16.8 million secured by the M/V Flagship, with a five-year term. The principal is repayable in 20 quarterly installments of $0.8 million each and a balloon of $1.8 million payable together with the final installment. The interest rate is 2.10% plus 3-month Term SOFR and can fluctuate by 0.05% based on certain emission reduction thresholds.
The additional top-up tranche of $7.3 million, secured by the M/Vs Fellowship, Premiership & Championship, has a three-and-a-half year term and is repayable in 14 quarterly payments of $0.5 million resulting in zero outstanding balance at maturity. The interest rate is 1.95% plus 3-month Term SOFR and can fluctuate by 0.05% based on certain emission reduction thresholds.
M/Vs Hellasship, Patriotship, Iconship & Newbuilding Capesize vessel – Huarong Sale and Leaseback agreements
In December 2025, the Company entered into three separate sale and leaseback agreements totaling $72.5 million for the M/Vs Hellasship, Patriotship & Iconship with entities affiliated with China Huarong Financial Leasing Co., Ltd. The proceeds were used to refinance the outstanding indebtedness of the respective vessels under three sale and leaseback agreements with AVIC International Leasing Co., Ltd. On January 8, 2026, the vessels were sold and chartered back on a bareboat basis for a period of 81 months. The Company has continuous options to purchase the vessels at predetermined prices, starting one year after the commencement date and a purchase obligation at expiry date of each charter. The charterhire principal for the three agreements amortizes in 27 quarterly installments of $2.0 million along with the aggregate purchase obligations of $18.3 million at the expiry of the bareboat charters. Each financing bears interest at a rate of 3-month Term SOFR plus 2.00% per annum, 55 bps lower than the rate of the refinanced agreements. The sale and leaseback agreements do not include any financial covenants or security value maintenance provisions.
Regarding the upcoming delivery of our newbuilding Capesize vessel previously announced, the Company has agreed to enter into a sale and leaseback agreement of $56.3 million to partially finance its acquisition with an entity affiliated with China Huarong Financial Leasing Co., Ltd., which will also provide pre-delivery financing for certain installments under the shipbuilding contract. Upon delivery, the vessel will be sold and chartered back for a period of 60 months. The Company will have continuous purchase options at predetermined prices, commencing one year after the charter commencement date and a purchase obligation at the expiry date. The charterhire principal amortizes in 20 quarterly installments of $0.6 million along with a purchase obligation of $43.5 million at the expiry of the bareboat charter. The financing will bear interest at a rate of 3-month Term SOFR plus 1.80% per annum, while pre-delivery financing amounts will accrue interest payable quarterly in arrears. The sale and leaseback agreement will not include any financial covenants or security value maintenance provisions.
M/V Partnership and Newbuilding Newcastlemax vessel – BOCL Sale and Leaseback agreement
The Company is in the process of finalizing a $26.5 million sale and leaseback agreement for the M/V Partnership with an affiliate of BOC Financial Leasing Corporation Limited to refinance the outstanding indebtedness of the respective vessel under the sale and leaseback agreement with Chugoku Bank, Ltd. The agreement will become effective upon the delivery of the M/V Partnership to the lessor which is expected in March 2026. The Company will sell and charter back the vessel on a bareboat basis for a period of 78 months and will have continuous options to repurchase the vessel at any time following the second anniversary of the delivery at predetermined prices as set forth in the agreement. The charterhire principal will amortize in 26 quarterly installments of $0.8 million along with a purchase option of $6.3 million at the expiry of the bareboat charter. The financing will bear an interest rate of 3-month Term SOFR plus 1.85% per annum, 105 bps lower than the rate of the refinanced agreement. The sale and leaseback agreement will not include any financial covenants or security value maintenance provisions.
Regarding the upcoming delivery of our newbuilding Newcastlemax vessel described above, the Company has agreed to enter into a sale and leaseback agreement of $57.8 million to partially finance its acquisition. The lessor will be an affiliate of BOC Financial Leasing Corporation Limited, which will also provide pre-delivery financing for certain installments under the shipsales contract. Upon delivery, the vessel will be sold and chartered back for a period of 96 months. The Company will have continuous purchase options at predetermined prices as set forth in the agreement, commencing two years after the charter commencement date. The charterhire principal will amortize in 32 quarterly installments of $0.7 million along with a purchase option of $36.3 million at the expiry of the bareboat charter. The financing will bear interest at a rate of 3-month Term SOFR plus 1.85% per annum, while pre-delivery financing amounts will accrue interest payable quarterly in arrears. The sale and leaseback agreement will not include any financial covenants or security value maintenance provisions.
Conference Call:
The Company’s management will host a conference call to discuss financial results on February 17, 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.
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’s operating fleet consists of 19 vessels (2 Newcastlemax and 17 Capesize) with an average age of approximately 14.6 years and an aggregate cargo carrying capacity of 3,452,408 dwt. Upon the delivery of the newbuilding vessels, the Company’s operating fleet will consist of 22 vessels (3 Newcastlemax and 19 Capesize), with an aggregate cargo carrying capacity of 4,025,908 dwt. Additionally, the Company owns one Capesize vessel that has been chartered out on a bareboat basis.
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”.
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 Venezuela, Israel and Hamas or Iran, 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.
Earnings Release: Tuesday, February 17, 2026, Before Market Open in New York Conference Call and Webcast: Tuesday, February 17, 2026, at 10:00 a.m. Eastern Time
GLYFADA, Greece, Feb. 12, 2026 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that it will release its financial results for the fourth quarter and year ended December 31, 2025, prior to the open of the market in New York on Tuesday, February 17, 2026.
Seanergy’s senior management will conduct a conference call and simultaneous Internet webcast to review these results on Tuesday, February 17, 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 slides available through the Company’s website. To access the slides 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, by 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.
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’s operating fleet consists of 20 vessels (2 Newcastlemax and 18 Capesize) with an average age of approximately 14.6 years and an aggregate cargo carrying capacity of approximately 3,633,861 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”.
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; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between Israel and Hamas or Iran, China and Taiwan and between Russia and Ukraine; risks associated with the length and severity of pandemics, including their effects on demand for dry bulk products and the transportation thereof; 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: [email protected]
Capital Link, Inc. Paul Lampoutis 230 Park Avenue Suite 1540 New York, NY 10169 Tel: (212) 661-7566 Email: [email protected]
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in 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”.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Third quarter results. Seanergy generated third quarter net revenue of $47.0 million compared to $44.4 million during the prior year period and above our $45.1 million estimate. Relative to the third quarter of 2024, revenue growth was driven by an expanded fleet, an increase in operating days, and higher fleet utilization. Third quarter time charter equivalent (TCE) rates and fees from related parties were above our estimates. Operating expenses were in line with expectations, resulting in adjusted EBITDA of $26.6 million and EPS of $0.67, respectively, both ahead of our $25.0 million and $0.50 estimates, respectively.
Market outlook. During the investor call, management highlighted favorable Capesize market supply and demand fundamentals that are expected to support charter rates, including increasing Atlantic-based trade, a historically low order book, and limited shipyard availability. With a 20-vessel fleet consisting purely of Capesize and Newcastlemax vessels and a conservative capital structure, Seanergy is well positioned to benefit from strong Capesize market fundamentals.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
