By Meg Flippin, Benzinga
DETROIT, MICHIGAN - April 7, 2026 (NEWMEDIAWIRE) - Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), the U.S.-listed pure-play Capesize shipping company, is building on its momentum in 2026, expanding its newbuilding program and continuing its stretch of consecutive quarters of dividends and profit in its fourth quarter and full year 2025. SHIP stock had gained over 40% over the six months ending March 30.
A key part of that momentum comes from the improvement of the Capesize market, which just concluded one of the strongest first quarters of the past decade. It is notable that the first quarter of the year is a seasonal weak period, so this counter-seasonal strength has reinforced the positive outlook for the Capesize market over the next quarters. Additionally, Seanergy’s growing newbuilding program, focused on acquiring fuel-efficient and environmentally friendly ships, along with the timely divestment of older ships, has been important in shedding some light on the company’s prudent fleet replacement program and future capital expenditures. The timing of this shift to a younger fleet couldn’t be better. As it stands, Seanergy reports that there is a severe shortage of new vessel supply in the global market, at the same time that demand for greener vessels that meet stringent requirements is growing. By purchasing new ships, it is lowering the age of its fleet, reducing maintenance cost and improving fuel consumption and profitability.
Take the news it announced in March. The company announced it had agreed to acquire two scrubber-fitted 181,500 dwt Capesize vessels to be constructed at a first-class shipyard in Japan. That is in addition to its debut order last year of two Capesize vessels and one Newcastlemax.
In total, Seanergy’s newbuilding program now includes five vessels worth about $384 million in new orders, all focused on modern, fuel-efficient designs. Seanergy said the transactions showcase its focus on a disciplined fleet renewal strategy that calls for reallocating capital from older vessels into modern, fuel-efficient tonnage with attractive delivery positions.
“These transactions represent another step in the disciplined renewal of our fleet,” said Stamatis Tsantanis, Seanergy Chairman and Chief Executive Officer. “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.”
Deliveries Expected Next Year
Under the most recent deals, Seanergy 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 delivery expected between the second and third quarters of 2027. In addition, the company 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 Japanese shipyard, with delivery expected in the first quarter of 2029.
Seanergy has the option to acquire the second vessel starting at the end of year five until the end of the charter period. Together, these two vessels represent a total investment of approximately $158 million (excluding interest), supporting both near-term fleet growth and long-term acquisition optionality. In addition, the structure associated with the second Japanese Capesize vessel provides Seanergy with advantageous fleet renewal optionality while maintaining capital flexibility.
The company has secured three vessels delivering in 2027, as well as one vessel in 2028 and one in 2029, forming part of a broader fleet expansion program totaling five eco vessels.
According to the company, securing relatively prompt delivery of these newbuildings places it in a strong strategic position, given limited near-term construction slots and strong expected demand for modern Capesize tonnage. Leveraging this expanded fleet, Seanergy’s chartering strategy focuses on securing long-term, index-linked time charters across its fleet. Certain vessels are scrubber-fitted, allowing the company to earn modest scrubber premiums and operate more cost-efficiently by using lower-cost compliant fuel. This technology also enhances the fleet’s attractiveness to charterers seeking environmentally compliant voyages at competitive rates.
Out With The Old
Separately, in a strategic fleet upgrade, Seanergy said it 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 Corp. (NASDAQ: USEA) for $29.5 million. Delivery of that vessel is expected between the end of April and the beginning of June. Seanergy said the transaction is expected to generate net cash proceeds of approximately $13.5 million after repayment of the associated debt, which will go to support its newbuilding program and reduce its average fleet age. The sale is expected to result in a profit of roughly $4 million, which will be realized in the company’s second quarter.
“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,” added Seanergy’s CEO.
Profit For Q4, Full Year 2025
As for the company’s financials, for all of 2025, Seanergy was able to post a profit for the fifth consecutive year. The company declared a fourth-quarter cash dividend of $0.20 per common share, marking 17 consecutive quarters of dividends, and posted an increase in net revenue in the fourth quarter.
Diving deeper into the details, in Q4, Seanergy’s net revenues rose to $49.4 million, up from $41.7 million a year earlier. 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. Seanergy said its fleet achieved a daily time charter equivalent of $26,614 for the fourth quarter. Earnings in the fourth quarter boosted the company’s profit for all of 2025, marking the fifth year in a row of profit for the shipping company.
Looking ahead, Seanergy said the market remains “constructive” as it moves through the year with robust iron ore and bauxite trade flows, limited Capesize newbuilding supply and favorable ton-mile dynamics continuing 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,” said Tsantanis.
United Maritime Continues To Declare Dividends
Separately, Seanergy’s spin-off, United Maritime, also declared a dividend for the fourth quarter of $0.10 per common share, implying a very high annualized dividend yield of about 20%, and generated net revenue of $6.6 million on a daily time charter equivalent rate of $14,129. During the fourth quarter, United Maritime made a series of strategic actions that it says strengthen earning power, improve balance sheet flexibility and position it for more shareholder value creation, including the delivery of one Capesize vessel and the agreement to buy another from Seanergy. Both the Capesize vessels operate on fixed time charter rates until the end of 2026, guaranteeing high free cash flow yield for the year, while also exposing United to a positive Capesize outlook for 2027 and beyond, reported the company.
As of Mar. 30, 2026, the company’s stock was up over 20% over the past six months.
During the quarter, the company also entered into an agreement to sell its early-stage investment in the Norwegian JV owning an Energy Construction Vessel currently under construction and to sell its oldest Kamsarmax vessel, the 2009-built MV Cretansea, to an unaffiliated third party. The combined release of liquidity from the sales is estimated at approximately $15.5 million, reported the company. Proceeds will go for more accretive transactions, subject to market conditions, as well as continued shareholder returns.
“With a strengthened fleet, improved earnings visibility, a proven track record of consistent capital returns, and growing financial flexibility, United Maritime is well positioned to capitalize on market opportunities and continue building per-share value for our shareholders,” noted Tsantanis.
Featured image from Seanergy.
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