Q2 FY2026
Filed Aug 6, 2026Record Q2 net income of $26.2 million and EPS/ Adjusted EPS of $1.21/ $1.32; quarterly dividend of $0.35 per share; estimated Q3 2026 TCE of approximately $30,998 per day.
Second-quarter net revenues, net income, adjusted net income, EBITDA, adjusted EBITDA, EPS and fleet TCE all increased materially from the prior-year quarter. The company also declared its 19th consecutive quarterly dividend, expanded its fleet renewal program to approximately $591 million and provided estimated third-quarter TCE of approximately $30,998 per day.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q2 2026 Revenue, netGAAP | $55.7 million | – | – |
| Q2 2026 Vessel revenue, netGAAP | 55,045 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Fees from related partiesGAAP | 642 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Voyage expensesGAAP | 1,335 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Vessel operating expensesGAAP | 12,118 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Management feesGAAP | 241 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 General and administrative expensesGAAP | 6,899 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Depreciation and amortizationGAAP | 9,195 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Gain on sale of vesselGAAP | 4,559 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Gain / (loss) on forward freight agreements, netGAAP | 15 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Operating incomeGAAP | 30,473 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Net income / (loss)GAAP | $26.2 million | – | – |
| Q2 2026 Net income / (loss) attributable to common shareholdersGAAP | 25,565 (In thousands of U.S. Dollars) | – | – |
| Q2 2026 Net income / (loss) per common share, basic and dilutedGAAP | $1.21 | – | – |
| Q2 2026 Adjusted net income / (loss)non-GAAP | $28.5 million | – | – |
| Q2 2026 Adjusted earnings / (loss) per common share, basic and dilutednon-GAAP | $1.32 | – | – |
| Q2 2026 EBITDAnon-GAAP | $39.3 million | – | – |
| Q2 2026 Adjusted EBITDAnon-GAAP | $41.5 million | – | – |
| Q2 2026 Fleet TCEnon-GAAP | $32,355 | – | 63% |
| Q2 2026 Fleet utilizationother | 97.3 % | – | – |
| Q2 2026 Daily Vessel Operating Expensesother | $7,103 | – | – |
| 6M 2026 Revenue, netGAAP | $97.8 million | – | +59 % |
| 6M 2026 Net income / (loss)GAAP | $35.9 million | – | – |
| 6M 2026 Net income / (loss) per common share, basic and dilutedGAAP | $1.67 | – | – |
| 6M 2026 Adjusted net income / (loss)non-GAAP | $42.0 million | – | – |
| 6M 2026 Adjusted earnings / (loss) per common share, basic and dilutednon-GAAP | $1.96 | – | – |
| 6M 2026 EBITDAnon-GAAP | $62.8 million | – | +162 % |
| 6M 2026 Adjusted EBITDAnon-GAAP | $69.6 million | – | +165 % |
| 6M 2026 Fleet TCEnon-GAAP | $28,244 | – | +69 % |
| 6M 2026 Fleet utilizationother | 97 % | – | – |
| 6M 2026 Daily Vessel Operating Expensesother | $7,143 | – | – |
| 6M 2026 Net cash provided by operating activitiesGAAP | 44,656 (In thousands of U.S. Dollars) | – | – |
| June 30, 2026 Cash and cash equivalents and restricted cashGAAP | $59.5 million | – | – |
| June 30, 2026 Long-term debt and other financial liabilities, net of deferred finance costsGAAP | $294.9 million | – | – |
| June 30, 2026 Stockholders' equityGAAP | $313.1 million | – | 11% |
Q3 2026 outlook
- NoteApproximately 71% of the Company fleet’s expected operating days in the third quarter of 2026 have been fixed at an estimated TCE rate of approximately $30,112.
- NoteEstimated TCE rate for the third quarter of 2026 will be approximately $30,998.
- NoteBCI-180 rate assumed for the remaining operating days of the quarter: $33,980.
- NoteTCE - fixed rate (incl. FFA conversions): 920 operating days at $28,468.
- NoteTCE – index-linked: 718 operating days at $34,236.
- NoteTotal / Average: 1,638 operating days at $30,998.
Capital returns
- Quarterly cash dividend of $0.35 per common share for the second quarter of 2026, payable on or about October 9, 2026, to shareholders of record as of September 25, 2026.
- Paid quarterly cash dividend of $0.20 per common share for the first quarter of 2026 on July 10, 2026.
- $108.4 million of total capital returned to shareholders since program inception, comprising $63.2 million of cash dividends ($3.19 per share) and $45.2 million of share, warrant and convertible note repurchases.
- Dividends payments were 7,078 (In thousands of U.S. Dollars) for the six months ended June 30, 2026, compared with 7,388 (In thousands of U.S. Dollars) in the prior-year period.
- Dividends declared but not paid were 4,334 (In thousands of U.S. Dollars) for the six months ended June 30, 2026.
What drove it
- Q2 2026 fleet TCE was $32,355 per day, representing a 63% year-over-year increase.
- The company cited record quarterly China iron ore imports, continued growth in bauxite trade and low fleet supply growth as support for the Capesize market.
- About 55% of ownership days for the second half of 2026 were fixed at a daily rate of $30,800.
- The company expanded its fleet renewal and growth program to eight modern vessels, comprising seven newbuildings and one 2022-built Capesize, for aggregate investment of approximately $591 million.
- The company entered multi-year charters for three China-built 2027 newbuildings. The charters provide average floor rates of approximately $23,100 per day and an average upper threshold of approximately $29,750 per day.
- Sale of M/V Squireship generated net proceeds of about $13.8 million and a gain on sale of approximately $4.6 million.
Concerns
- Third-quarter TCE guidance is based on assumptions, including a BCI 5TC 180 rate of $33,980 for remaining index-linked operating days, and the company stated it cannot assure that estimated TCE rates or projected utilization rates will be realized.
- The company expects approximately 50 off-hire days for the remainder of 2026 in connection with scheduled dry-dockings, vessel repairs and environmental upgrades.
- Fleet utilization, TCE and earnings remain exposed to index-linked charter rates and FFA assumptions.
- The fleet renewal and growth program represents aggregate investment of approximately $591 million, with $72.6 million already paid for the newbuilding and fleet renewal program.
What to watch
- Realized Q3 2026 TCE relative to the estimated TCE rate of approximately $30,998.
- The BCI-180 rate and its effect on the 718 estimated index-linked operating days in Q3 2026.
- Execution of the eight-vessel renewal and growth program, including four scheduled deliveries in 2027.
- Delivery timing for the two Japanese Capesize vessels expected between the first and second quarters of 2029 and between the fourth quarter of 2028 and second quarter of 2029.
- Effect of approximately 50 expected off-hire days during the remainder of 2026.
- Deployment of the €100 million unsecured bond and the $60.0 million sale and leaseback financing.
Balance sheet and cash flow
- Cash and cash equivalents and restricted cash were 59,474 (In thousands of U.S. Dollars) as of June 30, 2026, compared with 62,653 (In thousands of U.S. Dollars) as of December 31, 2025.
- Vessels, net, vessels under construction, finance lease prepayment and sales type leases were 542,288 (In thousands of U.S. Dollars) as of June 30, 2026, compared with 506,660 (In thousands of U.S. Dollars) as of December 31, 2025.
- Long-term debt and other financial liabilities, net of deferred finance costs were 294,867 (In thousands of U.S. Dollars) as of June 30, 2026, compared with 290,160 (In thousands of U.S. Dollars) as of December 31, 2025.
- Fleet loan-to-book value ratio was approximately 55%.
- Net cash used in investing activities was 43,188 (In thousands of U.S. Dollars) for the six months ended June 30, 2026, compared with 43,663 (In thousands of U.S. Dollars) in the prior-year period.
- Vessels under construction were 70,022 (In thousands of U.S. Dollars) for the six months ended June 30, 2026.
- Proceeds from long-term debt and other financial liabilities were 111,950 (In thousands of U.S. Dollars), while repayments were 107,433 (In thousands of U.S. Dollars), for the six months ended June 30, 2026.
- Net cash used in financing activities was 4,647 (In thousands of U.S. Dollars) for the six months ended June 30, 2026, compared with net cash provided by financing activities of 17,902 (In thousands of U.S. Dollars) in the prior-year period.
- Completed a €100 million 5-year unsecured corporate bond offering. The bonds mature in July 2031 and carry a coupon of 4.90% per annum, payable semi-annually.
- Agreed to enter into a $60.0 million sale and leaseback agreement for the Capesize vessel scheduled for delivery in the fourth quarter of 2027.
Analysis
Seanergy reported a record second quarter, with net revenues of $55.7 million versus $37.5 million in the second quarter of 2025. Net income rose to $26.2 million from $2.9 million, while adjusted net income increased to $28.5 million from $3.8 million. GAAP EPS was $1.21 and adjusted EPS was $1.32, compared with $0.14 and $0.18, respectively. EBITDA reached $39.3 million and adjusted EBITDA reached $41.5 million, compared with $17.4 million and $18.3 million in the prior-year quarter.
Commercial performance was the principal reported driver. Fleet TCE was $32,355 per day in Q2 2026, up 63% year over year from $19,807, and fleet utilization improved to 97.3 % from 93.9 %. Daily vessel operating expenses were $7,103 versus $7,222. For the first half, fleet TCE increased 69% to $28,244 per day, while adjusted EBITDA increased 165% to $69.6 million. The company attributed Capesize-market strength to record quarterly China iron ore imports, continued bauxite-trade growth and low fleet supply growth.
The balance sheet supported a larger renewal program but also reflects substantial construction commitments. Cash and cash equivalents and restricted cash stood at $59.5 million at June 30, 2026, while long-term debt and other financial liabilities, net of deferred charges, totaled $294.9 million. Fleet book value was $542.3 million and the company reported an approximately 55% fleet loan-to-book value ratio. First-half operating cash flow was 44,656 (In thousands of U.S. Dollars), while investing cash outflow was 43,188 (In thousands of U.S. Dollars), including 70,022 (In thousands of U.S. Dollars) for vessels under construction.
Capital allocation combined distributions, disposals, newbuilding spending and new financing. The board declared a $0.35 per-share Q2 dividend, its 19th consecutive quarterly distribution, after paying a $0.20 per-share Q1 dividend. The company reported $108.4 million returned since program inception. It also expanded its fleet renewal and growth program to eight modern vessels at an aggregate investment of approximately $591 million, including two additional Japanese Capesize acquisitions for approximately $130.0 million. The company completed a €100 million unsecured bond offering and agreed to a $60.0 million sale and leaseback for a 2027-delivery vessel.
The Q3 guide provides near-term earnings visibility but remains dependent on rate assumptions. Approximately 71% of expected Q3 operating days had been fixed at an estimated TCE rate of approximately $30,112. Based on a $33,980 assumed BCI-180 rate for remaining index-linked days, the company estimated total Q3 TCE of approximately $30,998. Management also stated that about 55% of second-half ownership days were fixed at $30,800 per day, while approximately 50 off-hire days are expected during the remainder of 2026 for dry-dockings, repairs and environmental upgrades.
Management, verbatim
Seanergy delivered record results in the second quarter with Net Income of $26.2 million and Adjusted EPS of $1.32, bringing first-half Adjusted EPS to $1.96, and underscoring the strong earnings power and operating leverage of our pure-play Capesize platform.
Stamatis Tsantanis, Chairman & Chief Executive Officer
We have also secured multi-year employment for our three Chinese-built 2027 newbuildings with leading global counterparties, at floor rates covering expected cash breakeven plus a premium index-linked formula and profit sharing above an upper threshold. This approach materially de-risks the first phase of the program from day one of delivery while maintaining the upside potential central to our investment thesis.
Stamatis Tsantanis, Chairman & Chief Executive Officer
In this context, we have fixed about 55% of our ownership days for the second half of the year at a daily rate of $30,800, providing significant earnings visibility while preserving meaningful index-linked exposure in a strong Capesize market.
Stamatis Tsantanis, Chairman & Chief Executive Officer
Not in the filing
stated, not guessed- Prior outlook was not provided; no comparison of actual results against prior guidance is available.
- Gross margin was not reported.
- Free cash flow was not reported.
- Revenue guidance was not reported.
- Gross-margin guidance was not reported.
- Operating-expense guidance was not reported.
- Tax-rate guidance was not reported.
- Segment revenue disclosures were not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.