Seanergy Maritime Holdings Corp.

Seanergy said first-quarter net revenues were $43 million, versus $24.2 million in the same quarter last year. Adjusted EBITDA was $28.2 million, up 253% year over year, and adjusted EPS was $0.63 per share; adjusted net income was $13.4 million versus an adjusted net loss in the prior-year period. Fleet TCE was $24,200 per day, compared with $13,400 per day a year ago, and the company’s Q2 2026 TCE is expected to be approximately $31,430 per day. Management said 45% of available operating days from Q2 through year-end are already fixed at average gross rates exceeding $29,000 per day.

The CEO framed the quarter as a strong result in a seasonally weak period, arguing it showed the resilience of Seanergy’s pure-play Capesize platform. He stressed a strategy built around shareholder returns, fleet renewal, and balance sheet discipline, and said the company is positioning newbuilds with multiyear charters, downside protection above cash breakeven, and upside participation. Tone-wise, he was confident and upbeat about both 2026 and the longer-term 2027-2029 backdrop.

The CFO focused on the quality of the earnings and the balance sheet. He highlighted $68.8 million of cash and restricted cash, $289.3 million of shareholders’ equity, $319.7 million of total debt including finance leases, and a roughly 43% loan-to-value ratio based on fleet market value. He also said Seanergy had agreed about $237 million of financing for 4 of the 6 newbuildings, with remaining 2026 newbuilding CapEx of about $72 million and only $19 million left to be funded by equity after predelivery financing.

Analysts asked about the sustainability of bauxite, iron ore, and coal volumes, and management said iron ore was roughly stable year over year, bauxite should keep increasing, and coal has strengthened due to restocking in China and elsewhere. They were also pressed on newbuilding charter coverage and how much upside would be given up; management said it wants rates meaningfully above cash breakeven, with downside protection for at least 4 to 5 years and a profit-sharing structure after the initial base period. On leverage and costs, the CFO said newbuilds are targeted at 70% to 75% leverage, while the CEO guided operating expenses to about $7,000 to $7,200 per ship per day.