Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported a return to profitability in the second quarter of 2025, declaring its 15th consecutive quarterly dividend amid a seasonally stronger period for the capesize shipping market. The company achieved net income of $2.9 million and adjusted net income of $3.8 million, with net revenues of $37.5 million. Chairman and CEO Stamatis Tsantanis attributed the improvement to stronger market conditions and strategic hedging activities, stating the company is well-positioned with its 21-vessel fleet and approximately 50% loan-to-value ratio.
The company's fleet achieved a daily Time Charter Equivalent (TCE) rate of $19,807, representing a 6% premium over the average Baltic Capesize Index. This outperformance was driven by a 16% increase in combined iron ore exports from Australia and Brazil following a seasonally weak first quarter, along with a 33% year-over-year rise in West African bauxite exports during the first half of 2025. Tsantanis noted that net fleet growth is expected to remain modest in coming years, which should continue supporting charter rates.
For the third quarter, Seanergy has fixed approximately 62% of its operating days at $22,375 per day, with a projected total fleet TCE of $23,081. The company completed $110.6 million in financing and refinancing year-to-date and has no debt maturing in 2025, maintaining what it describes as a prudent approach to leverage and liquidity. The board declared a discretionary dividend of $0.05 per share, reflecting the company's healthy balance sheet and positive market outlook.
United Maritime Corporation (NASDAQ: USEA), Seanergy's spin-off, also reported improved results with net income of $1.0 million and adjusted net income of $0.2 million for the second quarter. The company achieved a daily TCE of $15,421, representing a 55% increase from the first quarter, and declared its 11th consecutive quarterly cash dividend of $0.03 per share. Since initiating its capital return program in November 2022, United Maritime has distributed total cash dividends of $13.1 million.
United Maritime has fixed approximately 68% of its available operating days for the third quarter at about $15,495 per day, anticipating an overall TCE of approximately $14,707 based on current forward freight agreement curves. The company is diversifying beyond dry bulk shipping by increasing its equity stake in an Energy Construction Vessel project to approximately 32%, recording an accounting profit of $1.3 million from the consolidation. Additionally, United completed the sale of its oldest capesize vessel and agreed to sell another, expected to release approximately $17.9 million in liquidity after debt repayment.
Both companies anticipate continued strength in the seasonally stronger second half of the year, with tight vessel supply and increasing mineral exports supporting market fundamentals. The consecutive dividend declarations and return to profitability signal a broader recovery in the dry bulk shipping sector after a volatile start to 2025.
