Seanergy Maritime Holdings (SHIP) Q1 2026 earnings summary

Executive summary

• Net revenues rose to $43 million in Q1 2026, up from $24.2 million year-over-year, with adjusted EBITDA of $28.2 million, a 253% increase, and adjusted EPS of $0.63, among the highest in the sector.

• Declared 18th consecutive quarterly dividend of $0.20 per share, totaling $2.84 per share since inception.

• Advanced fleet renewal with six eco-design newbuildings contracted and three older vessels disposed, expanding the program to $460 million.

• Secured financing for four of six newbuilds and invested $69 million in equity from internal funds.

Financial highlights

• Q1 2026 net revenues: $43 million (up from $24.2 million); adjusted EBITDA: $28.2 million; adjusted net income: $13.4 million, reversing a prior-year loss.

• Adjusted EPS: $0.63 (vs. $(0.27)); net income: $9.7 million (vs. $6.8 million loss in Q1 2025).

• Cash and restricted cash totaled $68.8 million after $31 million invested in newbuildings; shareholders' equity at $289.3 million.

• Total debt, including finance leases, stood at $319.7 million; loan-to-value ratio at 43%.

• Q1 fleet TCE: $24,219/day, an 81% increase year-over-year and a 6% premium over BCI-180.

Outlook and guidance

• Q2 2026 TCE expected at $31,430 per day; 45% of available operating days fixed at rates above $29,000 per day for the rest of the year.

• Multi-year charters for newbuilds under negotiation, targeting rates well above cash breakeven with profit-sharing upside.

• Management expects continued strong ton-mile demand, supported by resilient Chinese iron ore imports and constrained fleet supply.

• Confident in sustaining dividend payments, subject to cash flow and existing formula.