Seanergy deepens bulker newbuilding push, United Maritime cashes out of ECV project

Capesize specialist Seanergy disclosed in its Q4 earnings report on 17 February that it has added two more large bulk carriers to its orderbook, building on its debut newbuilding initiative launched late last year.

In 2025, the company contracted Hengli Shipbuilding for the construction of a 181,000-dwt scrubber-fitted Capesize vessel scheduled for delivery in Q2 2027. The owner has now secured a sister vessel of similar specifications, slated for delivery in Q3 2027, at a contract price of approximately US$75M.

Meanwhile, Seanergy has placed an additional order with Jiangsu Hantong Ship Heavy Industry for a 211,000-dwt Newcastlemax bulk carrier, likewise equipped with scrubbers and expected for delivery in Q2 2028. The purchase price stands at approximately US$76M.

“The total current newbuilding investment of approximately US$226M reflects our intention to continue pursuing selective and prompt newbuilding opportunities when market conditions and financing terms are favourably aligned,” said chairman and chief executive Mr Tsantanis.

He described market fundamentals in 2026 as constructive, citing “robust iron ore and bauxite trade flows, limited Capesize newbuilding supply, and favourable tonne-mile dynamics” as key drivers supporting earnings visibility.

Seanergy has also completed US$123M in refinancings on improved terms, generating US$52M of incremental liquidity in Q4 and year to date.

Net revenues rose to US$49M in Q4 2025 from US$42M in the corresponding period a year earlier, while net income increased to US$13M from US$7M. For the full year 2025, however, net revenues declined to $158M from US$168M in 2024, and net income fell to US$21M from US$44M.

Seanergy’s existing fleet currently comprises 19 vessels totalling approximately 3.5M dwt.

United Maritime exits offshore project

Meanwhile, United Maritime announced on the same day that it has agreed to sell its early-stage investment in a Norwegian joint venture developing an energy construction vessel (ECV) currently under construction.

The company entered the project in July 2024 and later became the largest individual investor. The vessel, scheduled for delivery in May 2027, is being built in partnership with the founders of Wind Energy Construction and Norwind Offshore.

“Consistent with its stated investment strategy, which focuses on early entry, value creation and timely exit, in February 2026, the Company agreed to sell its equity interest for approximately €13M (US$15M), realising a profit of approximately €2M,” United Maritime said.

The transaction is expected to close by 31 May 2026, subject to customary conditions, after which United will no longer hold an equity stake in the project.

“The successful monetisation of the ECV investment reaffirms our ability to create value beyond tankers and dry bulk,” Mr Tsantanis said. “We invested early, supported the project through its development phase, and secured a well-timed exit delivering a meaningful cash return.”

United Maritime has also divested its oldest vessel, 2009-built Kamsarmax Cretansea, at an aggregate net sale price of US$15M. The transaction is expected to generate net cash proceeds of approximately US$6M following repayment of associated debt.

“We decided to sell our oldest Kamsarmax vessel at an attractive secondhand valuation,” Mr Tsantanis commented.

At the same time, the company acquired 2010-built Capesize Dukeship through an 18-month bareboat charter agreement with Seanergy. The charter provides for a daily rate of US$9,450 and includes a purchase obligation of US$22M at the end of the charter period.

According to Mr Tsantanis, the arrangement will enhance earnings power and free cash flow potential in what the company views as a structurally constructive market for large bulk carriers.

Following the sale of Cretansea, United Maritime will operate a fleet of five bulk carriers with an aggregate capacity of 496,242 dwt.