Seanergy And Spin-Off United Maritime Post Q2 Profits, Declare Another Consecutive Quarterly Dividend As Market Enters Seasonally Stronger Period

By Meg Flippin Benzinga

DETROIT, MICHIGAN - September 9, 2025 (NEWMEDIAWIRE) - An increase in iron ore demand and tightening vessel supply during the month of June enabled Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), the U.S.-listed pure-play capesize shipping company, to return to profitability in the second quarter of 2025 and declare a dividend for the 15th quarter in a row. 

While 2025 was off to a volatile start, Seanergy’s Chairman and Chief Executive Officer Stamatis Tsantanis said the company was able to turn things around during the second quarter thanks to a stronger capesize market and Seanergy’s strategic hedging activities. 

“With a fleet of 21 capesize vessels and a modest loan-to-value ratio of approximately 50%, we are well-positioned to capitalize on favorable market fundamentals,” said Tsantanis when reporting quarterly and first half of 2025 earnings. “Our board of directors has declared a discretionary dividend of $0.05 per share under our dividend policy, our 15th consecutive quarterly distribution, reflecting our healthy balance sheet and the positive market direction. We are optimistic about enhancing shareholder rewards in the seasonally stronger second half of the year.”

Outperforming The Market 

For the second quarter, Seanergy Maritime reported net revenues of $37.5 million compared to $43.1 million in the year-ago second quarter. Adjusted EBITDA for the quarter was $18.3 million, down from $28 million in last year’s second quarter. Meanwhile, net income and adjusted net income for the quarter were $2.9 million and $3.8 million, respectively, compared to net income of $14.1 million and adjusted net income of $16.0 million in the second quarter of 2024. 

On the more positive side, the company’s fleet achieved a daily Time Charter Equivalent (TCE) of $19,807, marking a 6% premium over the average Baltic Capesize Index of $18,681 for the same period last year. The company credits that outperformance to its high quality fleet and commercial strategy that enables Seanergy to quickly take advantage of upward movements in the market to protect against market downside through hedging part of its index-linked exposure. 

During the second quarter, Seanergy said the capesize market strength was driven by a 16% rise in combined iron ore exports from Australia and Brazil, following the seasonally weak first quarter. At the same time, West African bauxite exports continued their strong momentum, rising approximately 33% year-over-year in the first half of 2025. This growth trend is expected to continue for the remainder of the year, supported by the increasing demand for that commodity. At the same time, the company expects net fleet growth to remain modest in the coming years, which, coupled with increasing mineral exports, should continue to push up capesize charter rates even amid ongoing macroeconomic uncertainty. 

“For the third quarter, we have already fixed about 62% of our days at a rate of $22,375, with a projected total fleet TCE of $23,081,” said Tsantanis. “For the second half of the year, seven of our 21 vessels will earn an average fixed rate of approximately $22,400, providing clear earnings visibility amidst an uncertain macroeconomic backdrop, while our open exposure positions us to benefit from potential upside in what remains a constructive capesize market. Looking forward, we believe that our fleet composition, healthy balance sheet and favorable mix of index-linked and fixed-rate charters position Seanergy well in this market environment.”

As for its cash position, Seanergy says it’s in a good position after completing $110.6 million in total financing and refinancing year-to-date. The company has no debt maturing in 2025, and subscribes to a prudent approach to leverage and liquidity that it says ensures it can generate sustainable cash flows, return value to shareholders and retain flexibility for future growth. 

United Maritime Also On The Upswing 

But Seanergy is not the only company benefiting from the improvement during the second quarter. Its spin-off, United Maritime Corporation (NASDAQ: USEA), reported an increase in net income during the second quarter and also declared a quarterly dividend. 

United Maritime, which currently operates a diversified dry bulk fleet, posted net revenues of $12.5 million compared to $12.4 million in the second quarter of 2024. Net income and adjusted net income for the quarter were $1.0 million and $0.2 million, respectively, compared to net Income of $0.7 million and adjusted net income of $0.9 million in last year’s second quarter.

While the TCE rate of the fleet was down in the second quarter year-over-year, it was up in the high double-digit percentage range sequentially, underscoring the improvement the industry saw in June.  

“In the second quarter of 2025, United Maritime achieved a daily TCE of $15,421, up 55% from Q1. This sharp recovery in our daily earnings confirms the strength of the dry bulk rebound and our ability to capture the upside,” said Tsantanis. For the third quarter, United Maritime said it has fixed about 68% of its available operating days at a daily rate of about $15,495. Based on the current FFA curve, it anticipates an overall third-quarter TCE of approximately $14,707. 

During the second quarter, United Maritime declared a quarterly cash dividend of $0.03 per share, marking the 11th quarter in a row that it has paid a dividend. Since kicking off its capital return program in November 2022, United has distributed total cash dividends of $13.1 million. 

Diversifying Beyond Dry Bulk Shipping 

Outside of its dry bulk business, United Maritime is continuing to diversify its revenue stream by increasing its equity stake in its Energy Construction Vessel (ECV) project to approximately 32%. The ECV is part of the company’s diversification into the offshore industry and will be used to inspect and repair offshore energy production infrastructure. The increased stake resulted from the full consolidation of the investment vehicle controlling 45% of the ECV, following which United Maritime recorded an accounting profit of $1.3 million, reports the company. “This strategic investment aligns with our objective to diversify into segments with strong market fundamentals, supported by ongoing investment in oil and gas infrastructure,” said Tsantanis. 

The company also completed the sale of its oldest Capesize vessel, M/V Gloriuship, and agreed to sell the 2006-built M/V Tradership during the quarter. The sales are expected to release approximately $17.9 million in liquidity after debt repayment, strengthening United Maritime’s reserves. 

What started out as a volatile start to the year for Seanergy and United Maritime seems to be turning around, benefiting the companies and resulting in higher dividends for their shareholders. With the industry heading into a seasonally strong second half of the year and with vessel supply still tight, Seanergy and United Maritime expect smooth sailing ahead. 

Featured image courtesy of Seanergy.

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