Seanergy's Record Quarter: Fleet Power Soars 63%

Seanergy Maritime Holdings Corp. reported exceptional financial results for the second quarter of 2026, marking a period of record performance. Net revenue soared to $55.7 million, accompanied by adjusted EBITDA of $41.5 million and adjusted earnings per share of $1.32.

The company demonstrated strong forward earnings visibility, with 55% of its ownership days for the second half of 2026 already contracted at an average rate of $30,800 per day. This secures substantial revenue and provides protection against market downturns.

A significant $591 million fleet renewal program is in progress, focusing on acquiring modern, fuel-efficient vessels. Four out of eight newbuilds are slated for delivery in 2027, with three already chartered on long-term contracts.

Seanergy also successfully diversified its capital sources with an inaugural €100 million unsecured corporate bond in Greece, which was oversubscribed and priced at a 4.9% all-in cost. This issuance boosts financial flexibility.

The company maintained its commitment to shareholder returns, declaring its 19th consecutive quarterly dividend of $0.35 per share, a 75% increase. Since 2021, $108 million has been returned to shareholders.

Despite the positive results, the company noted performance slightly below the BCI index in Q2 due to hedging strategies that capped earnings during a period of rapid rate increases. Ongoing geopolitical disruptions and elevated bunker prices contribute to market volatility.

Future performance is contingent on sustained commodity demand, particularly from China. The fleet renewal program also carries execution risks related to newbuild deliveries and financing.

In response to a question about funding strategies, Chairman and CEO Stamatis Santanis emphasized a conservative approach, prioritizing shareholder rewards through dividends while maintaining the current order book and capital allocation strategy.