Seanergy Maritime Holdings reported a net income of $9.7 million for the first quarter of 2026, a turnaround from a loss of $6.8 million during the same period in 2025.
Net revenues for the three months ended March 31, 2026, rose by 77 per cent to $42.9 million from $24.2 million in the previous year. This revenue growth was accompanied by a rise in the daily time charter equivalent rate to $24,219, representing a six per cent premium over the average Baltic Capesize index.
The company expanded its fleet renewal programme to six vessels by contracting three newbuilds at shipyards in China and Japan. These new contracts include two scrubber-fitted Capesize vessels of 181,500 DWT from Imabari Shipbuilding and a third vessel from Hengli Shipbuilding for approximately $77.9 million.
To fund these acquisitions, the shipping firm entered into a $60.5 million sale and leaseback agreement with an affiliate of China Huarong Financial Leasing.
The transaction will provide pre-delivery financing for construction instalments, after which the vessel will be chartered back to the company for seven years.
The fleet renewal strategy also includes selective vessel sales, such as the agreed disposal of the 2010-built Capesize Squireship to United Maritime Corporation for $29.5 million. Seanergy said this sale is expected to generate approximately $13.4 million in net cash proceeds and record a profit of about $4.7 million in the second quarter.
Additionally, a $21.5 million sale and leaseback agreement was reached with the same leasing affiliate to refinance the outstanding debt of the Lordship. The company also secured an agreement with Alpha Bank to extend the maturity of the loan facility for the Dukeship, aligning the facility's tenure with the vessel's bareboat charter.
On the commercial front, new charter agreements commenced for the Iconship with Kawasaki Kisen Kaisha and for the Meiship with Glencore Freight.
Stamatis Tsantanis, Seanergy's Chairman and Chief Executive Officer, noted that the fleet's consistent employment strategy has enabled it to capture market upside while limiting downside risk.
