# Seanergy Maritime reports record earnings and expands fleet investment programme

- **Source:** https://pelavox.com/seanergy-maritime-reports-record-earnings-and-expands-fleet-investment-programme/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-14T14:00:00+00:00
- **Updated:** 2026-11-14T14:00:00+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Capesize, Dry Bulk Shipping, Fleet Expansion, Newcastlemax, Seanergy Maritime, Shipping Earnings

Seanergy Maritime Holdings reported a substantial increase in third-quarter earnings and record net income for the first nine months of 2026, supported by stronger Capesize freight rates. The company also expanded its fleet investment programme and raised its quarterly dividend as it continues to invest in Capesize and Newcastlemax vessels.

According to Seanergy’s financial results released on November 12, 2026, net income for the third quarter reached $26 million, compared with $12.8 million in the corresponding period of 2025. Net revenues increased to $57.5 million from $47 million, while adjusted EBITDA rose to $40.8 million from $28.9 million.

For the nine months ended September 30, Seanergy recorded net income of $61.9 million, compared with $8.8 million a year earlier. Net revenues increased by 43% to $155.2 million, while adjusted EBITDA doubled to $110.5 million. The company’s average fleet time charter equivalent (TCE) rate reached $30,216 per day during the period, representing a 59% year-on-year increase.

## Fleet investment programme expands

Alongside its financial performance, Seanergy announced agreements to acquire four additional vessels for approximately $264 million. These include a 2019-built Japanese Capesize expected for delivery in January 2027, a 2014-built Japanese Newcastlemax scheduled for delivery in the second half of 2029, and two newbuildings comprising a Capesize at a Japanese shipyard and a Newcastlemax at Hengli Shipbuilding.

The additions bring Seanergy’s overall fleet investment programme to approximately $855 million, covering 12 vessels with a combined capacity of around 2.3 million dwt. The programme consists of nine newbuildings and three second-hand Capesize and Newcastlemax vessels, with deliveries scheduled between January 2027 and 2029.

Seanergy has already paid approximately $127.4 million towards the programme, leaving commitments of around $727.6 million through 2029. The company expects to fund the remaining payments through existing liquidity, operating cash flow, vessel financing and proceeds from selected disposals.

Stamatis Tsantanis, Chairman and Chief Executive Officer of Seanergy Maritime, said the company was combining stronger earnings with fleet expansion and increased shareholder distributions.

“We are raising distributions while comfortably funding a large fleet investment program. We do not trade-off shareholder returns for growth,” said Tsantanis.

The company also agreed on the main terms for the sale of its 2009-built Capesize *Friendship* to related-party United Maritime Corporation for $33 million. The proposed transaction remains subject to financing approval and final documentation, with delivery expected in early 2027. Seanergy estimates that the disposal would generate approximately $19.6 million in net liquidity and a book gain of around $12.4 million upon completion.

## Strong Capesize market supports outlook

Seanergy’s fleet achieved an average TCE rate of $34,266 per day during the third quarter, compared with $23,476 a year earlier. The company attributed the stronger market to increased bauxite shipments, growth in iron ore tonne-mile demand and resilient coal transportation activity.

For the fourth quarter, approximately 86% of expected operating days had been fixed as of the announcement, at an estimated TCE of $32,923 per day. Based on assumptions for the remaining index-linked employment, Seanergy projects an overall fourth-quarter TCE of approximately $33,284 per day, although actual earnings will depend on market developments.

The company’s board also increased its quarterly cash dividend to $0.40 per share from $0.35, marking its twentieth consecutive quarterly distribution. The dividend is scheduled for payment on or around January 8, 2027, to shareholders of record on December 24, 2026.

At the end of September, Seanergy held approximately $167.9 million in cash, cash equivalents and restricted cash. The company enters the final quarter of 2026 with a substantial fleet investment pipeline, supported by stronger freight earnings and a programme of vessel acquisitions and disposals intended to renew its dry bulk fleet.

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Cite as: "Seanergy Maritime reports record earnings and expands fleet investment programme", pelavox., 14 November 2026, https://pelavox.com/seanergy-maritime-reports-record-earnings-and-expands-fleet-investment-programme/