Seanergy Maritime Q1 Revenues Jump 77% to $42.9M; Declares $0.20 Dividend
SHIP•Seanergy Maritime reported first-quarter net revenues of $42.9 million, up 77% year-over-year, with adjusted EBITDA surging 251% to $28.1 million and net income of $9.7 million. The company declared a $0.20 per share cash dividend and outlined a $460 million fleet renewal program for six eco-design vessels.
1. Strong First-Quarter Financial Performance
Seanergy Maritime generated net revenues of $42.9 million in Q1 2026, up 77% year-over-year, delivering net income of $9.7 million and adjusted EBITDA of $28.1 million, a 251% increase. Fleet time charter equivalent (TCE) rates averaged $24,219 per day, an 81% gain year-over-year and a 6% premium to the BCI-180 index.
2. Capital Return and Dividend Policy
The board declared a cash dividend of $0.20 per share, marking the 18th consecutive quarterly payout and cumulative distributions of $2.84 per share (approximately $55.6 million) since program inception. This reflects the company’s disciplined capital allocation and commitment to shareholder returns.
3. Fleet Renewal Program Expansion
Seanergy advanced its $460 million fleet renewal program by contracting six scrubber-fitted, eco-design vessels—five 181,500 dwt Capesizes (deliveries Q2–Q4 2027 and Q1 2029) and one 211,000 dwt Newcastlemax (Q2 2028). The sale of a 2010-built Capesize for $29.5 million is expected to yield $13.4 million in net liquidity, while $237 million in debt financings have been secured at attractive terms.
4. Commercial Outlook and Q2 Guidance
The fleet outperformed the Baltic Capesize Index-180 in Q1 and the company expects a blended Q2 TCE of approximately $31,430 per day. Approximately 45% of Q2 available days are fixed at rates above $29,000 per day, providing earnings visibility and exposure to market upside.
