Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) today announced its financial results for the third quarter and nine-month period of 2026, as well as an increase in its quarterly dividend to $0.40 per common share, from $0.35. This marks the 20th consecutive quarterly dividend payment, reflecting strong profitability and prudent capital allocation.
In the third quarter of 2026, net revenues totalled $57.5 million, compared with $47.0 million a year earlier. Net income rose to $26.0 million from $12.8 million, while adjusted net income reached $27.0 million, up from $14.0 million.
EBITDA and adjusted EBITDA came to $39.4 million and $40.8 million, respectively, compared with $27.5 million and $28.9 million in the same period of 2025. The fleet's TCE rate for the third quarter of 2026 was $34,266, an increase of 46%.
For the nine-month period of 2026, net revenues totalled $155.2 million, compared with $108.7 million in the same period of 2025. Net income and adjusted net income came to $61.9 million and $69.0 million, respectively, compared with $8.8 million and $12.3 million in the first nine months of 2025.
Adjusted EBITDA doubled to $110.5 million, while adjusted earnings per share came to $3.21, compared with $0.60 in the same period a year earlier. The fleet's average daily TCE rate for the nine-month period of 2026 was $30,216, up 59%.
At 30 September 2026, cash and cash equivalents totalled $167.9 million. Financial liabilities stood at $409.7 million, compared with a fleet book value of $575.7 million. Equity rose to $333.1 million from $281.4 million at the end of 2025.
Mr Stamatis Tsantanis, the Company's Chairman and Chief Executive Officer, said:
“Seanergy delivered another strong quarter, with record nine-month net income of $61.9 million and adjusted earnings of $3.21 per share. The fleet's average daily TCE rate was $34,266, up 46% year on year. These results highlight the benefits of our strategic focus on Capesize vessels amid a strong freight market.
The Board increased the quarterly dividend to $0.40 per share, double the level in the first quarter, marking our 20th consecutive dividend payment. Since launching our capital return programme, we have returned a total of approximately $117.0 million to shareholders through dividends and security buybacks.
Our fleet investment programme is now entering the first-delivery phase. In January 2027, we expect to take delivery of two modern Capesize vessels: our first newbuilding from the Hengli shipyard, around four months ahead of the original schedule, and the M/V Midnightship, built in Japan in 2019. The addition of the two vessels is expected to significantly increase the fleet's carrying capacity and revenue-generating potential.
With the addition of four vessels since our previous update, worth approximately $264 million in total, our investment programme now comprises 12 vessels, representing a total investment of $855 million and a 2.3 million DWT increase in carrying capacity.
By signing the relevant agreements early, before market prices rose, we have created significant value appreciation of approximately $85.0 million relative to the initial purchase prices of the newbuildings, based on current market estimates. This is not reflected on our balance sheet.
Our goal is not simply to grow the fleet, but to renew it meaningfully. The upcoming sale of the 2009-built M/V Friendship for $33.0 million, together with the two Capesize deliveries in early 2027, reflects our strategy: gradually replacing older vessels with newer, more efficient and more economical ships to operate.
In addition, of the six vessels expected to be delivered in 2027 and 2028, four have already secured, or are close to securing, multi-year charter contracts with leading international charterers.
Our investment programme is supported by diversified funding sources, strong operating cash flows and significant liquidity. Payments are spread out through 2029, with a significant portion linked to vessel deliveries, preserving our financial flexibility and our ability to continue returning capital to shareholders.
At the market level, the Capesize sector performed strongly in the third quarter, supported by higher bauxite shipment volumes, continued growth in iron ore demand and resilient coal transportation activity.
The outlook remains positive, as growth in the global fleet remains relatively limited, while a significant proportion of the existing fleet consists of older vessels. In addition, expanding exports from the Atlantic are increasing voyage distances and boosting demand in tonne-miles.
For the fourth quarter, around 86% of our fleet's operating days are already covered and, based on current FFA levels, the estimated daily TCE rate is expected to be around $33,284, improving the visibility of our revenues for the full year.
Overall, our strategy is progressing as planned: strong operating performance is generating significant cash flows; our fleet renewal programme is now moving into the vessel-delivery phase; older vessels are being selectively sold at attractive prices; and returning capital to shareholders remains a key priority.”