Seanergy Maritime Holdings Corp., a leading pure-play Capesize owner and operator, reported its financial results for the third quarter and nine months ended September 30, 2026. The Company also declared a quarterly cash dividend of $0.40 per common share, increased from the $0.35 per share declared last quarter, marking Seanergy’s 20th consecutive quarterly dividend under its capital return policy and reflecting its strong earnings generation and disciplined approach to capital allocation.
For the quarter ended September 30, 2026, the Company generated Net Revenues of $57.5 million, compared to $47.0 million in the third quarter of 2025. Net Income increased to $26.0 million from $12.8 million, while Adjusted Net Income increased to $27.0 million from $14.0 million. EBITDA and Adjusted EBITDA reached $39.4 million and $40.8 million, respectively, compared to $27.5 million and $28.9 million, respectively, for the same period of 2025. The fleet achieved a daily TCE of $34,266, representing a 46% year-over-year increase.
For the nine months ended September 30, 2026, Seanergy generated Net Revenues of $155.2 million, compared to $108.7 million in the first nine months of 2025. Net Income increased to $61.9 million from $8.8 million for the same period in 2025, while Adjusted Net Income increased to $69.0 million from $12.3 million. Adjusted EBITDA doubled to $110.5 million, and Adjusted EPS reached $3.21, compared to $0.60 for the same period in 2025. Fleet TCE increased by 59% to $30,216 per day.
Cash and cash equivalents and restricted cash, as of September 30, 2026, stood at $167.9 million. Long-term debt (senior loans and other financial liabilities, including our senior unsecured bond) net of deferred charges amounted to $409.7 million, compared with a fleet book value of $575.7 million, including advances paid for vessels under construction and a vessel under sales-type lease. Stockholders’ equity increased over the nine-month period to $333.1 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Seanergy delivered another highly profitable quarter, earning a TCE of $34,266 per day, up 46% year-over-year, and bringing nine-month Net Income to a record $61.9 million and Adjusted EPS to $3.21. This performance underscores the significant operating leverage of our pure-play Capesize platform in a strong market.
“Our board of directors raised the quarterly cash dividend to $0.40 per share – double the first-quarter level – marking our 20th consecutive distribution. Including buybacks, we have now returned approximately $117.0 million to our shareholders since the inception of our program. We are raising distributions while comfortably funding a large fleet investment program. We do not trade-off shareholder returns for growth.
“In January 2027, we expect to take delivery of the first newbuilding in Seanergy’s history, approximately four months ahead of schedule, together with the modern 2019-built Japanese Capesize M/V Midnightship. The deliveries will coincide with the planned sale of the 2009-built M/V Friendship.
“With four vessels added this quarter, representing an approximately $264 million investment, our program now comprises twelve vessels, approximately $855 million investment and 2.3 million dwt of additional capacity – expanding our fleet’s carrying capacity by more than 50%. We contracted early, and values have moved in our favor since. Based on market report valuations, the newbuilding vessels are worth approximately $85.0 million more than their contract prices, representing significant value that is not reflected on our balance sheet.
“Of the six vessels scheduled to deliver in 2027 and 2028, four have secured, or are close to securing, multi-year employment with first-class charterers. These charters combine profitable floor rates with index-linked upside, providing downside protection from delivery while retaining meaningful participation in a strong Capesize market.
“The program’s funding is progressing well, supported by strong cash reserves of $167.9 million, a staggered payment schedule with the largest instalments falling due upon the respective deliveries, and diversified sources of capital. On that basis, we remain well positioned to execute our strategy while preserving our balance sheet strength and maintaining cash distributions to our shareholders.
“Twelve vessels give us the scale, fleet profile and delivery visibility to meet our medium-term objectives. The focus shifts to execution – financing, employing and integrating these vessels as they are delivered, while preserving the flexibility to act selectively on attractive opportunities.
“The Capesize market performed strongly in the third quarter, supported by record bauxite volumes, continued growth in iron ore ton-mile demand and resilient coal trades. Market fundamentals remain constructive, underpinned by relatively limited fleet growth, an ageing Capesize fleet and increasing voyage distances driven by rising West African and Brazilian exports of iron ore and bauxite. With approximately 86% of fourth-quarter days already fixed, we expect Q4 TCE to reach approximately $33,284 per day, resulting in full-year 2026 TCE of approximately $31,000 per day, up roughly 48% compared to 2025.
“Our strategy is working: strong earnings are funding both a rising dividend and a transformational fleet renewal, while older vessels are monetized at firm market values. Seanergy enters 2027 from a position of financial and commercial strength, supported by increasing earnings, contracted cash flows, a modernizing fleet and a clear focus on enhancing long-term value per share.”