Q2 FY2026
Filed Aug 6, 2026Record Q2 net income of $26.2 million and EPS/ Adjusted EPS of $1.21/ $1.32, with net revenues of $55.7 million and fleet TCE of $32,355 per day.
Net revenues increased 59% year over year, net income rose to $26.2 million from $2.9 million, adjusted EBITDA increased 165% to $41.5 million, and fleet TCE increased 63% to $32,355 per day. The Company also declared a $0.35 per common share quarterly dividend, expanded its fleet renewal program, and provided estimated Q3 2026 TCE of approximately $30,998.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, netGAAP | $55.7 million | – | +59 % |
| Vessel revenue, netGAAP | 55,045 | – | – |
| Fees from related partiesGAAP | 642 | – | – |
| Voyage expensesGAAP | 1,335 | – | – |
| Vessel operating expensesGAAP | 12,118 | – | – |
| Management feesGAAP | 241 | – | – |
| General and administrative expensesGAAP | 6,899 | – | – |
| Depreciation and amortizationGAAP | 9,195 | – | – |
| Gain on sale of vesselGAAP | 4,559 | – | – |
| Gain / (loss) on forward freight agreements, netGAAP | 15 | – | – |
| Operating incomeGAAP | 30,473 | – | – |
| Interest and finance costsGAAP | (4,259) | – | – |
| Loss on extinguishment of debtGAAP | (388) | – | – |
| Net incomeGAAP | $26.2 million | – | – |
| Net income attributable to common shareholdersGAAP | 25,565 | – | – |
| Earnings per common share, basic and dilutedGAAP | $1.21 | – | – |
| Adjusted net incomenon-GAAP | $28.5 million | – | – |
| Adjusted earnings per common share, basic and dilutednon-GAAP | $1.32 | – | – |
| EBITDAnon-GAAP | $39.3 million | – | +162 % |
| Adjusted EBITDAnon-GAAP | $41.5 million | – | +165 % |
| Fleet TCEnon-GAAP | $32,355 | – | +63% |
| Fleet utilizationother | 97.3 % | – | – |
| Daily Vessel Operating Expensesother | $7,103 | – | – |
| Ownership daysother | 1,706 | – | – |
| Operating daysother | 1,660 | – | – |
| Six-month revenue, netGAAP | $97.8 million | – | +59 % |
| Six-month net income / (loss)GAAP | $35.9 million | – | – |
| Six-month adjusted net income / (loss)non-GAAP | $42.0 million | – | – |
| Six-month adjusted EBITDAnon-GAAP | $69.6 million | – | +165 % |
| Six-month adjusted earnings / (loss) per sharenon-GAAP | $1.96 | – | – |
| Six-month fleet TCEnon-GAAP | $28,244 | – | +69 % |
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.
- NoteAssuming that for the remaining operating days of our index-linked time charters, the BCI-180 rate will be equal to $33,980 (based on the FFA curve as of July 28, 2026), our estimated TCE rate for the third quarter of 2026 will be approximately $30,998.
- 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.
- NoteThe Company expects approximately 50 off-hire days for the remainder of 2026 in connection with scheduled dry-dockings, vessel repairs and environmental upgrades.
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.
- On July 10, 2026, the Company paid a quarterly cash dividend of $0.20 per common share for the first quarter of 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 for the six months ended June 30, 2026.
What drove it
- Q2 2026 fleet TCE of $32,355 per day, representing a 63% year-over-year increase.
- Fleet utilization was 97.3 % in Q2 2026, compared with 93.9 % in Q2 2025.
- 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.
- The Company has fixed about 55% of its ownership days for the second half of the year at a daily rate of $30,800.
- The Company sold the 2010-built M/V Squireship in June 2026 for a gross sale price of approximately $29.5 million, generating net proceeds of about $13.8 million and a gain on sale of approximately $4.6 million.
- The fleet renewal and growth program comprises eight modern vessels, including seven newbuildings and one 2022-built Capesize, for an aggregate investment of approximately $591 million.
- The Company entered into multi-year time charter agreements for three scrubber-fitted Capesize newbuildings scheduled for delivery between the second and fourth quarters of 2027, with average floor rates of approximately $23,100 per day and an average upper threshold of approximately $29,750 per day.
Concerns
- The Q3 2026 TCE estimate is based on the assumption that the BCI-180 rate for remaining index-linked charter operating days will be $33,980, based on the FFA curve as of July 28, 2026.
- For vessels on index-linked time charters, realized TCE will vary with the underlying index.
- The Company expects approximately 50 off-hire days for the remainder of 2026 related to scheduled dry-dockings, vessel repairs and environmental upgrades.
- The fleet renewal and growth program represents an aggregate investment of approximately $591 million, and the Company had already paid $72.6 million for its newbuilding and fleet renewal program.
- The existing fleet had an average age of 15.1 years.
- Long-term debt and other financial liabilities, net of deferred finance costs, increased to 294,867 as of June 30, 2026 from 290,160 as of December 31, 2025.
What to watch
- Realized Q3 2026 TCE against the estimated TCE rate of approximately $30,998.
- The BCI-180 rate relative to the $33,980 assumption used for Q3 2026 index-linked charter operating days.
- Execution of the eight-vessel fleet renewal and growth program, including four scheduled vessel deliveries in 2027.
- Funding of the fleet renewal program through own funds, secured pre- and post-delivery facilities, the €100 million bond offering and the $60.0 million sale and leaseback agreement.
- Completion of scheduled dry-dockings, vessel repairs and environmental upgrades and the expected approximately 50 off-hire days for the remainder of 2026.
- Delivery timing and commercial commencement of the three chartered 2027 newbuildings.
Balance sheet and cash flow
- Cash and cash equivalents and restricted cash: 59,474 as of June 30, 2026, compared with 62,653 as of December 31, 2025.
- Long-term debt and other financial liabilities, net of deferred finance costs: 294,867 as of June 30, 2026, compared with 290,160 as of December 31, 2025.
- Stockholders’ equity: 313,109 as of June 30, 2026, compared with 281,383 as of December 31, 2025.
- Vessels, net, vessels under construction, finance lease prepayment and sales type leases: 542,288 as of June 30, 2026, compared with 506,660 as of December 31, 2025.
- Net cash provided by operating activities: 44,656 for the six months ended June 30, 2026, compared with 16,239 for the six months ended June 30, 2025.
- Net cash used in investing activities: (43,188) for the six months ended June 30, 2026, compared with (43,663) for the six months ended June 30, 2025.
- Net cash used in financing activities: (4,647) for the six months ended June 30, 2026, compared with net cash provided by financing activities of 17,902 for the six months ended June 30, 2025.
- Vessels under construction cash outflow: (70,022) for the six months ended June 30, 2026.
- Proceeds from sale of asset: 29,500 for the six months ended June 30, 2026.
- Completed a €100 million 5-year unsecured corporate bond offering in July 2026. 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 a Capesize vessel scheduled for delivery in the fourth quarter of 2027.
Analysis
Seanergy reported record second-quarter profitability, with net revenues of $55.7 million, up 59% from $37.5 million in Q2 2025. GAAP 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 earnings per common share were $1.21 and adjusted earnings per common share were $1.32, compared with $0.14 and $0.18, respectively, in the prior-year quarter. The first half also moved decisively into profitability, producing net income of $35.9 million versus a $4.0 million net loss in the first half of 2025.
Commercial performance was the principal earnings driver. Q2 fleet TCE reached $32,355 per day, 63% above $19,807 in the prior-year quarter, while fleet utilization improved to 97.3 % from 93.9 %. Operating days declined to 1,660 from 1,794 and ownership days declined to 1,706 from 1,911, but higher TCE more than offset the smaller operating base. Daily vessel operating expenses declined to $7,103 from $7,222. Operating income reached 30,473, compared with 8,236 in Q2 2025, supported in part by a gain on sale of vessel of 4,559.
Cash generation strengthened in the first half. Net cash provided by operating activities was 44,656, compared with 16,239 in the prior-year six-month period. The Company used 70,022 for vessels under construction and reported net cash used in investing activities of (43,188). Cash and cash equivalents and restricted cash were 59,474 at June 30, 2026. Long-term debt and other financial liabilities, net of deferred finance costs, were 294,867, while stockholders’ equity increased to 313,109 from 281,383 at December 31, 2025.
Capital allocation combined shareholder distributions with fleet investment. The Company declared a Q2 cash dividend of $0.35 per common share, its 19th consecutive quarterly dividend, and stated that total capital returned since program inception was $108.4 million. It expanded its fleet renewal and growth program to eight modern vessels, representing an aggregate investment of approximately $591 million. The Company also completed a €100 million unsecured bond offering and agreed to enter into a $60.0 million sale and leaseback agreement to partially finance a 2027-delivery Capesize vessel.
For Q3 2026, management estimated TCE of approximately $30,998 based on approximately 71% of expected operating days fixed at an estimated TCE rate of approximately $30,112 and a $33,980 BCI-180 assumption for remaining index-linked operating days. The Company has fixed about 55% of second-half ownership days at $30,800 per day. The principal operating sensitivity disclosed is the realized BCI-180 rate on index-linked charters, alongside approximately 50 expected off-hire days for the remainder of 2026 tied to 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
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
Our successful issuance of a €100 million unsecured corporate bond in Greece diversifies our capital base and complements our existing secured financings.
Stamatis Tsantanis, Chairman & Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- GAAP gross margin prior-year comparison was not reported.
- Non-GAAP gross margin was not reported.
- Quarter-over-quarter comparisons for Q2 2026 metrics were 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.
- Free cash flow was not reported.
- A segment revenue breakdown was not reported.
- Prior outlook was not provided, so comparison with prior guidance was not available.
AlphaAI 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.