Delivers Record Nine-Month Net Income of $61.9 Million; Raises Quarterly Cash Dividend to $0.40 Per Share, Bringing Cumulative Dividends to $3.59 Per Share
Expands Fleet Investment Program to $855 Million – Twelve Capesize and Newcastlemax Vessels Adding 2.3 Million DWT
| Highlights | ||||||||||
| (in million USD, except EPS and TCE) | Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | 9M YoY Growth (%) |
|||||
| Net Revenues | $57.5 | $47.0 | $155.2 | $108.7 | 43% | |||||
| Net Income | $26.0 | $12.8 | $61.9 | $8.8 | 604% | |||||
| Adjusted Net Income1 | $27.0 | $14.0 | $69.0 | $12.3 | 459% | |||||
| EBITDA1 | $39.4 | $27.5 | $102.2 | $51.5 | 98% | |||||
| Adjusted EBITDA1 | $40.8 | $28.9 | $110.5 | $55.1 | 100% | |||||
| Fleet TCE2 | $34,266 | $23,476 | $30,216 | $19,031 | 59% | |||||
| Earnings per share Basic & Diluted | $1.20 | $0.61 | $2.87 | $0.42 | 583% | |||||
| Adjusted Earnings per share Basic1 | $1.25 | $0.67 | $3.21 | $0.60 | 435% | |||||
| Adjusted Earnings per share Diluted1 | $1.25 | $0.67 | $3.21 | $0.59 | 444% | |||||
Other Highlights and Developments:
Record Nine-Month Performance and Consistent Shareholder Returns
- Delivered another highly profitable quarter, bringing nine-month Net Income to a record $61.9 million, Adjusted EBITDA to $110.5 million and Adjusted EPS to $3.21.
- Declared a quarterly cash dividend of $0.40 per share, marking Seanergy’s 20th consecutive quarterly distribution.
Disciplined Fleet Renewal and Selective Growth
- Added four high-quality vessels for aggregate consideration of approximately $264 million, comprising:
- a modern 2019-built Japanese Capesize, expected to join the fleet in January 2027;
- a 2014-built Japanese Newcastlemax for delivery in the second half of 2029;
- a Japanese-built Capesize newbuilding for delivery in the second half of 2029; and
- a 210,000 dwt Newcastlemax newbuilding at Hengli, scheduled for Q1 2029.
- Agreed the sale of a 2009-built Capesize vessel for $33.0 million, expected to generate approximately $19.6 million in net liquidity and a book gain of approximately $12.4 million, closely aligning the disposal of the fleet’s oldest vessel with the deliveries of the modern 2019-built Japanese Capesize and our first newbuilding.
- The current fleet investment program now comprises twelve vessels – nine newbuildings and three Japanese-built eco secondhand Capesize and Newcastlemax vessels – totaling approximately $855 million and 2.3 million dwt, with deliveries staggered from January 2027 through 2029.
- Strong employment coverage for upcoming deliveries, with four of the six vessels scheduled for delivery in 2027–2028 having secured, or being close to securing, multi-year charters with first-class charterers, combining profitable floor rates with index-linked upside.
________________________
1 Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted Earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income, the most directly comparable U.S. GAAP measure.
2 Time Charter Equivalent (“TCE”) rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to Net Revenues from vessels, the most directly comparable U.S. GAAP measure.
ATHENS, Greece, Nov. 12, 2026 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize owner and operator, today 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.”
Company Fleet:
| Vessel Name | Capacity (DWT) | Year Built |
Yard | Scrubber Fitted | Employment Type | FFA conversion option(1) | Minimum time charter (“T/C”) expiration | Maximum T/C expiration(2) | Charterer |
| Titanship | 207,855 | 2011 | NACKS | – | T/C Index Linked(3) | No | 09/2026 | 03/2027 | Cargill |
| Meiship | 207,851 | 2013 | Imabari | – | T/C Index Linked | Yes | 01/2028 | 06/2028 | Glencore |
| Patriotship | 181,709 | 2010 | Imabari | Yes | T/C Index Linked | Yes | 01/2028 | 03/2028 | Glencore |
| Paroship | 181,415 | 2012 | Koyo -Imabari | Yes | T/C Index Linked | Yes | 07/2027 | 12/2027 | Oldendorff |
| Worldship | 181,415 | 2012 | Koyo – Imabari | Yes | T/C Index Linked | Yes | 11/2026 | 03/2027 | NYK |
| Kaizenship | 181,396 | 2012 | Koyo Dock | – | T/C Index Linked | Yes | 01/2028 | 06/2028 | Oldendorff |
| Iconship | 181,392 | 2013 | Imabari | – | T/C Index Linked | Yes | 03/2027 | 07/2027 | K Line |
| Hellasship | 181,325 | 2012 | Imabari | – | T/C Index Linked | Yes | 04/2027 | 08/2027 | NYK |
| Honorship | 180,242 | 2010 | Imabari | – | T/C Index Linked | Yes | 03/2028 | 06/2028 | NYK |
| Fellowship | 179,701 | 2010 | Daewoo | – | T/C Index Linked | Yes | 01/2028 | 03/2028 | Anglo American |
| Championship | 179,238 | 2011 | Sungdong | Yes | T/C Index Linked | Yes | 04/2027 | 08/2027 | Cargill |
| Partnership | 179,213 | 2012 | Hyundai | Yes | T/C Index Linked | Yes | 01/2027 | 05/2027 | Glencore |
| Knightship | 178,978 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 12/2026 | 04/2027 | Glencore |
| Lordship | 178,838 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 01/2027 | 03/2027 | Glencore |
| Blueship | 178,459 | 2011 | Mitsui | – | T/C Index Linked | Yes | 12/2027 | 04/2028 | NYK |
| Friendship(4) | 176,952 | 2009 | Namura | – | T/C Index Linked | Yes | 04/2027 | 09/2027 | Glencore |
| Flagship | 176,387 | 2013 | Mitsui | – | T/C Index Linked | Yes | 10/2027 | 02/2028 | Cargill |
| Premiership | 170,024 | 2010 | Sungdong | Yes | T/C Index Linked | Yes | 01/2028 | 03/2028 | Glencore |
| Total / Average age |
3,282,390 | 15.3 years | – | – | – | – | – | – | – |
| Vessels under construction | |||||||||
| TBN Primeship | 181,000 | 2027 | Hengli | Yes | T/C Index Linked(5) | – | 5 years(6) | European Operator | |
| TBN Chrysship | 181,500 | 2027 | Hengli | Yes | T/C Index Linked(5) | – | 5 years(6) | European Operator | |
| NB Vessel | 181,500 | 2027 | Hengli | Yes | T/C Index Linked(5) | – | 4 years(7) | Major Miner | |
| TBN Nikiship | 181,500 | 2027 | Japanese Yard | Yes | – | – | – | – | – |
| TBN Megaship | 211,000 | 2028 | Hantong | Yes | – | – | – | – | – |
| TBN Kingship | 181,500 | 2029 | Japanese Yard | Yes | – | – | – | – | – |
| NB Vessel | 181,000 | 2029 | Japanese Yard | Yes | – | – | – | – | – |
| NB Vessel | 181,000 | 2029 | Japanese Yard | Yes | – | – | – | – | – |
| NB Vessel | 210,000 | 2029 | Hengli | Yes | – | – | – | – | – |
| Vessels to be delivered | |||||||||
| TBN | 182,000 | 2022 | Japanese Yard | – | – | – | – | – | – |
| TBN | 210,000 | 2014 | Japanese Yard | – | – | – | – | – | – |
| TBN Midnightship | 180,000 | 2019 | Japanese Yard | – | – | – | – | – | – |
| Bareboat charter out | |||||||||
| Dukeship | 181,453 | 2010 | Sasebo | – | Bareboat | – | 08/2027 | 09/2027 | United |
| (1) | The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA rate for the selected period. |
| (2) | The latest redelivery date does not include any additional optional periods. |
| (3) | The time charter agreement provides a fixed floor rate. Above the floor, the hire is calculated based on a significant premium over the BCI-180, with incremental earnings shared equally between Seanergy and the respective charterer. |
| (4) | The vessel is expected to be delivered to her new owners in early Q1 2027. |
| (5) | The time charter agreement provides a floor rate. Above the floor, the hire is calculated at a significant premium over the BCI-180 up to an upper threshold, and above the upper threshold, the hire is calculated based on the same premium over the BCI-180, with incremental earnings shared equally between Seanergy and the respective charterer. |
| (6) | The time charter agreement provides three optional extension periods of minimum 10 to maximum 14 months each. |
| (7) | The time charter agreement provides two optional extension periods of about 11 to about 13 months each. |
Fleet Data:
(U.S. Dollars in thousands)
| Q3 2026 |
Q3 2025 |
9M 2026 |
9M 2025 |
|||||
| Ownership days (1) | 1,656 | 1,911 | 5,115 | 5,600 | ||||
| Operating days (2) | 1,634 | 1,856 | 4,990 | 5,363 | ||||
| Fleet utilization (3) | 98.7% | 97.1% | 97.6% | 95.8% | ||||
| TCE rate (4) | $34,266 | $23,476 | $30,216 | $19,031 | ||||
| Daily Vessel Operating Expenses (5) | $6,699 | $7,376 | $6,999 | $7,086 |
| (1) | Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period. |
| (2) | Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are in ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies. |
| (3) | Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period. Fleet Utilization is used to measure a company’s ability to efficiently find suitable employment for its vessels and minimize the number of days that its vessels are off-hire for unforeseen events. We believe it provides additional meaningful information and assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and because we believe that it provides useful information to investors regarding the efficiency of our operations. The Company’s calculation of fleet utilization may not be comparable to that reported by other companies. |
| (4) | TCE rate is defined as the Company’s net vessel revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, which is not a recognized measure under U.S. GAAP, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate. |
(In thousands of U.S. Dollars, except operating days and TCE rate)
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | |
| Vessel revenue, net | 56,800 | 46,126 | 153,544 | 106,466 |
| Less: Voyage expenses | 809 | 2,555 | 2,767 | 4,402 |
| Time charter equivalent revenues | 55,991 | 43,571 | 150,777 | 102,064 |
| Operating days | 1,634 | 1,856 | 4,990 | 5,363 |
| TCE rate | $34,266 | $23,476 | $30,216 | $19,031 |
| (5) | Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre delivery costs, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses. |
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | |
| Vessel operating expenses | 11,094 | 14,095 | 35,800 | 40,441 |
| Less: Pre-delivery expenses | – | – | – | 757 |
| Vessel operating expenses before pre-delivery expenses | 11,094 | 14,095 | 35,800 | 39,684 |
| Ownership days | 1,656 | 1,911 | 5,115 | 5,600 |
| Daily Vessel Operating Expenses | $6,699 | $7,376 | $6,999 | $7,086 |
Net income to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | |||||
| Net income | 25,965 | 12,752 | 61,859 | 8,785 | ||||
| Interest and finance cost, net | 4,141 | 5,378 | 12,280 | 15,943 | ||||
| Depreciation and amortization | 9,280 | 9,415 | 28,077 | 26,792 | ||||
| EBITDA | 39,386 | 27,545 | 102,216 | 51,520 | ||||
| Stock based compensation | 1,648 | 1,026 | 6,166 | 3,703 | ||||
| Loss on extinguishment of debt | 417 | 63 | 2,589 | 91 | ||||
| Loss on forward freight agreements, net | 16 | 35 | 26 | 54 | ||||
| (Gain) / loss on FX derivatives | (20 | ) | 192 | 94 | (231 | ) | ||
| Unrealized gain on equity securities | (36 | ) | – | (36 | ) | – | ||
| Unrealized FX gain on unsecured bond | (600 | ) | – | (600 | ) | – | ||
| Adjusted EBITDA | 40,811 | 28,861 | 110,455 | 55,137 |
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income, net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, loss on forward freight agreements, net, loss on extinguishment of debt, (gain) / loss on FX derivatives, unrealized gain on equity securities and unrealized FX gain on unsecured bond which the Company believes are not indicative of the ongoing performance of its core operations.
EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability from period to period. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.
Adjusted Net Income Reconciliation and calculation of Adjusted Earnings Per Share
(In thousands of U.S. Dollars, except for share and per share data)
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | |||||
| Net income | 25,965 | 12,752 | 61,859 | 8,785 | ||||
| Stock based compensation | 1,648 | 1,026 | 6,166 | 3,703 | ||||
| Loss on extinguishment of debt (non-cash) | 83 | 63 | 1,524 | 81 | ||||
| (Gain) / loss on FX derivatives | (20 | ) | 192 | 94 | (231 | ) | ||
| Unrealized gain on equity securities | (36 | ) | – | (36 | ) | – | ||
| Unrealized FX gain on unsecured bond | (600 | ) | – | (600 | ) | – | ||
| Adjusted net income | 27,040 | 14,033 | 69,007 | 12,338 | ||||
| Dividends to non-vested participating securities | (171 | ) | (25 | ) | (348 | ) | (91 | ) |
| Undistributed earnings to non-vested participating securities | (416 | ) | (282 | ) | (984 | ) | (102 | ) |
| Adjusted net income – common shareholders | 26,453 | 13,726 | 67,675 | 12,145 | ||||
| Adjusted earnings per common share, basic | 1.25 | 0.67 | 3.21 | 0.60 | ||||
| Adjusted earnings per share, diluted | 1.25 | 0.67 | 3.21 | 0.59 | ||||
| Weighted average number of common shares outstanding, basic | 21,177,455 | 20,493,231 | 21,072,954 | 20,336,137 | ||||
| Weighted average number of common shares outstanding, diluted | 21,177,455 | 20,562,616 | 21,072,954 | 20,425,195 |
To derive Adjusted Net Income and Adjusted Earnings Per Share, a non-GAAP financial measure, from Net Income, we adjust for dividends and undistributed earnings to non-vested participating securities and exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income and Adjusted Earnings Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as loss on extinguishment of debt, stock based compensation, (gain) / loss on FX derivatives, unrealized gain on equity securities, unrealized FX gain on unsecured bond and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income and Adjusted Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
Fourth Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately 86% of the Company fleet’s expected operating days in the fourth quarter of 2026 have been fixed at an estimated TCE rate of approximately $32,923. Assuming that for the remaining operating days of our index-linked time charters, the BCI-180 rate will be equal to $37,968 (based on the FFA curve as of November 5, 2026), our estimated TCE rate for the fourth quarter of 2026 will be approximately $33,2843. The following table provides the breakdown of index-linked charters and fixed-rate charters in the fourth quarter of 2026:
| Operating Days | TCE | ||
| TCE – fixed rate (incl. FFA conversions) | 1,195 | $32,254 | |
| TCE – index-linked | 435 | $36,109 | |
| Total / Average | 1,630 | $33,284 | |
________________________
3 This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates, or projected utilization rates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the BCI 5TC 180 rate assumed for the remaining operating days of the quarter for index-linked T/Cs is equal to $37,968 (based on the FFA curve as of November 5, 2026). Spot estimates are provided using the load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE rate will be reduced accordingly.
Third Quarter and Recent Developments:
Dividend Distribution for Q2 2026 and Declaration of Q3 2026 Dividend
On October 9, 2026, the Company paid a quarterly cash dividend of $0.35 per common share for the second quarter of 2026 to all shareholders of record as of September 25, 2026.
The Company has declared a quarterly cash dividend of $0.40 per common share for the third quarter of 2026 payable on or about January 8, 2027, to all shareholders of record as of December 24, 2026.
Fleet Update
Acquisition of Four Vessels for Delivery Between 2027 and 2029
Since its previous quarterly update, the Company has agreed to acquire four vessels from unaffiliated third parties for an aggregate consideration of approximately $264 million, comprising:
- a 180,000 dwt Capesize built in 2019 in Japan, to be renamed M/V Midnightship, expected to be delivered in January 2027 and to be funded through cash on hand and debt financing;
- a 210,000 dwt scrubber-fitted Newcastlemax newbuilding, contracted in July 2026 with Hengli Shipbuilding (Dalian) Co., Ltd. and Hengli Shipbuilding (Singapore) Pte. Ltd., with delivery expected in the first quarter of 2029;
- a 181,000 dwt scrubber-fitted Capesize newbuilding at a Japanese shipyard, with delivery expected in the second half of 2029; and
- a 210,000 dwt Newcastlemax built in 2014 in Japan, with delivery expected in the second half of 2029.
For the 2019-built Capesize, the Company has paid a 10% deposit, with the remaining 90% payable upon delivery. The contract price of the Hengli newbuilding is payable in five instalments linked to construction milestones, with 60% payable upon delivery. For the Japanese Capesize newbuilding, the Company has paid the first instalment of the purchase price, with 35% payable in three instalments linked to construction milestones and 60% payable upon delivery. For the 2014-built Newcastlemax, the agreement provides for a 10% deposit, with the remaining 90% payable upon delivery.
The newbuildings will incorporate eco-design features, enhancing fuel efficiency and reducing emissions in line with the Company’s fleet renewal and decarbonization strategy.
Advances Towards the Ship Investment Program
Including the four additional vessels, the Company’s total investment program currently stands at $855 million. To date, the Company has paid $127.4 million towards its fleet investment program. The remaining commitments of approximately $727.6 million are staggered through 2029, with the largest instalments payable upon delivery of the respective vessels, and are expected to be funded through a combination of existing liquidity, including cash and restricted cash of $167.9 million as of September 30, 2026, operating cash flow, committed and future vessel financing and proceeds from selective vessel disposals.
Sale of M/V Friendship
In November 2026, the Company agreed on the main terms to sell the M/V Friendship to United Maritime Corporation (“United”), a related party, for an aggregate purchase price of $33.0 million. The sale is subject to the existing financier’s approval and the parties entering into final documentation, with delivery expected in early Q1 2027. A special committee of independent and disinterested members of the Company’s board of directors negotiated and approved the terms.
The transaction is expected to generate net cash proceeds of approximately $19.6 million, supporting the Company’s ongoing fleet renewal program, while reducing Seanergy’s average fleet age. The sale is also expected to result in a book gain of approximately $12.4 million, to be recognized upon delivery of the vessel in the first quarter of 2027. Following delivery, Seanergy will continue to provide technical and commercial management services to the vessel.
Commercial Updates
M/V Premiership – Time Charter Extension
In September 2026, the time charter agreement for the M/V Premiership was extended until minimum January 2028 and maximum March 2028, in direct continuation from the previous agreement. The revised daily hire is based on the 5 T/C routes of the BCI, while all other main terms of the time charter remain materially the same.
M/V Patriotship – Time Charter Extension
In November 2026, the time charter agreement for M/V Patriotship was extended until minimum January 2028 and maximum March 2028, in direct continuation from the previous agreement. The revised daily hire is based on the 5 T/C routes of the BCI, with retroactive effect from January 2026, while all other main terms of the time charter remain materially the same.
Conference Call:
The Company’s management will host a conference call to discuss financial results on November 12, 2026, at 10:00 a.m. Eastern Time.
Audio Webcast:
There will be a live, and then archived, webcast of the conference call available through the Company’s website. To listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on Seanergy’s website approximately 10 minutes prior to the start of the webcast, following this link.
Conference Call Details:
Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) |
||||||
| September 30, 2026 |
December 31, 2025* |
|||||
| ASSETS | ||||||
| Cash and cash equivalents and restricted cash | 167,944 | 62,653 | ||||
| Vessels, net, vessels under construction, advances for vessel acquisition, finance lease prepayment and sales type leases | 575,674 | 506,660 | ||||
| Other assets | 38,277 | 37,266 | ||||
| TOTAL ASSETS | 781,895 | 606,579 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt and other financial liabilities, net of deferred finance costs | 409,726 | 290,160 | ||||
| Other liabilities | 39,030 | 35,036 | ||||
| Stockholders’ equity | 333,139 | 281,383 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 781,895 | 606,579 | ||||
* Derived from the audited consolidated financial statements as of that date
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Operations (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated) |
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| Three months ended September 30, |
Nine months ended September 30, |
|||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||
| Vessel revenue, net | 56,800 | 46,126 | 153,544 | 106,466 | ||||||
| Fees from related parties | 652 | 866 | 1,701 | 2,211 | ||||||
| Revenue, net | 57,452 | 46,992 | 155,245 | 108,677 | ||||||
| Expenses: | ||||||||||
| Voyage expenses | (809 | ) | (2,555 | ) | (2,767 | ) | (4,402 | ) | ||
| Vessel operating expenses | (11,094 | ) | (14,095 | ) | (35,800 | ) | (40,441 | ) | ||
| Management fees | (225 | ) | (279 | ) | (745 | ) | (831 | ) | ||
| General and administrative expenses | (6,187 | ) | (4,629 | ) | (20,352 | ) | (13,641 | ) | ||
| Depreciation and amortization | (9,280 | ) | (9,415 | ) | (28,077 | ) | (26,792 | ) | ||
| Gain on sales type leases | – | – | 4,101 | – | ||||||
| Gain on sale of vessel | – | 2,308 | 4,559 | 2,308 | ||||||
| Loss on forward freight agreements, net | (16 | ) | (35 | ) | (26 | ) | (54 | ) | ||
| Operating income | 29,841 | 18,292 | 76,138 | 24,824 | ||||||
| Other income / (expenses): | ||||||||||
| Interest and finance costs | (5,114 | ) | (5,566 | ) | (14,253 | ) | (16,496 | ) | ||
| Loss on extinguishment of debt | (417 | ) | (63 | ) | (2,589 | ) | (91 | ) | ||
| Interest and other income | 837 | 193 | 1,570 | 530 | ||||||
| Interest and other income – related party | 182 | – | 464 | 48 | ||||||
| Other, net | 636 | (104 | ) | 529 | (30 | ) | ||||
| Total other expenses, net: | (3,876 | ) | (5,540 | ) | (14,279 | ) | (16,039 | ) | ||
| Net income | 25,965 | 12,752 | 61,859 | 8,785 | ||||||
| Net income attributable to common shareholders | 25,378 | 12,445 | 60,527 | 8,592 | ||||||
| Net income per common share, basic and diluted | 1.20 | 0.61 | 2.87 | 0.42 | ||||||
| Weighted average number of common shares outstanding, basic | 21,177,455 | 20,493,231 | 21,072,954 | 20,336,137 | ||||||
| Weighted average number of common shares outstanding, diluted | 21,177,455 | 20,562,616 | 21,072,954 | 20,425,195 | ||||||
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars) |
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| Nine months ended September 30, |
|||||
| 2026 | 2025 | ||||
| Net cash provided by operating activities | 82,219 | 25,819 | |||
| Vessels acquisitions and improvements | (3,029 | ) | (34,401 | ) | |
| Advance for vessel acquisition | (4,950 | ) | – | ||
| Vessels under construction | (102,170 | ) | – | ||
| Loan to related party | – | (2,000 | ) | ||
| Repayment of loan by related party | – | 2,000 | |||
| Finance lease prepayments and other initial direct costs | (3,883 | ) | (8,150 | ) | |
| Investment in equity securities | (924 | ) | – | ||
| Proceeds from sale of assets | 13,813 | 21,590 | |||
| Due from related parties | 2,466 | (188 | ) | ||
| Net cash used in investing activities | (98,677 | ) | (21,149 | ) | |
| Proceeds from long-term debt and other financial liabilities | 255,100 | 110,560 | |||
| Repayments of long-term debt and other financial liabilities | (114,184 | ) | (80,120 | ) | |
| Payments of financing and stock issuance costs | (8,760 | ) | (2,045 | ) | |
| Payments of finance lease liabilities | – | (23,747 | ) | ||
| Proceeds from other non-current liabilities | 1,004 | 166 | |||
| Dividends payments | (11,412 | ) | (8,433 | ) | |
| Proceeds from issuance of common stocks and warrants, net of underwriters fees and commissions | – | 845 | |||
| Net cash provided by / (used in) financing activities | 121,748 | (2,774 | ) | ||
| SUPPLEMENTAL CASH FLOW INFORMATION | |||||
| Cash paid during the period for interest, net of capitalized interest | 9,509 | 15,893 | |||
| Noncash investing activities | |||||
| Vessels’ improvements | 810 | 263 | |||
| Other financial liabilities assumed by buyer upon sale of vessel | 15,687 | – | |||
| Vessels under construction | 532 | – | |||
| Noncash financing activities | |||||
| Dividends declared but not paid | 7,584 | 1,056 | |||
| Financing and stock issuance costs | 2,013 | 78 | |||
| Other financial liabilities assumed by buyer upon sale of vessel | (15,687 | ) | – | ||
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company owns or operates under finance leases 19 vessels (2 Newcastlemax and 17 Capesize) with an average age of approximately 15.3 years and an aggregate cargo carrying capacity of 3,463,843 dwt. Upon the sale of the M/Vs Dukeship and Friendship and the delivery of the nine newbuilding vessels and three secondhand vessels, the Company will own or operate under finance leases 29 vessels (5 Newcastlemax and 24 Capesize), with an aggregate cargo carrying capacity of approximately 5,367,438 dwt.
The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.
Please visit our Company website at: www.seanergymaritime.com.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to declaration of dividends, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks arising from trade disputes between the U.S. and China, including the re-imposition of reciprocal port fees; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between the U.S. and Israel and Iran, the U.S. and Venezuela, China and Taiwan and Russia and Ukraine; risks associated with the length and severity of pandemics; and other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: +1 212 661 7566
E-mail: seanergy@capitallink.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/faee33af-960d-4b38-a5b5-039cbf064d45
