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Forward-Looking Statements

This report contains certain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Without limiting the generality of the foregoing, all statements in this report concerning or relating to estimated and projected earnings, margins, costs, expenses, expenditures, cash flows, growth rates, future financial results and liquidity are forward-looking statements. In addition, we, through our senior management, from time to time may make forward-looking public statements concerning our expected future operations and performance and other developments.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.

Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things:

•	the number of available slots in shipyards for newbuilding orders for the dry bulk sector;

Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management’s discussion and analysis should be read in conjunction with our unaudited interim consolidated financial statements and related notes included herein. Unless the context indicates otherwise, references to the “Company”, “Seanergy”, “we” or “our” include Seanergy Maritime Holdings Corp. and its subsidiaries. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance and provides management’s explanation of factors that have materially affected the company’s financial condition and results of operations for the historical periods covered by the financial statements, and management’s assessment of factors and trends which are anticipated to have a material effect on the company’s financial condition and results of operations in future periods. Our actual results may differ materially from those anticipated in these forward-looking statements.

Operating Results

Factors Affecting our Results of Operations Overview

We are an international shipping company specializing in the worldwide seaborne transportation of dry bulk commodities, primarily iron ore and coal. We currently own or operate under finance leases 19 vessels (two Newcastlemax and 17 Capesize) with a cargo-carrying capacity of approximately 3,463,843 dwt and an average fleet age of 15.1 years. We are a prominent pure-play Capesize shipping company listed in the U.S. capital market. Our common shares are listed on Nasdaq under the symbol “SHIP”. Upon completion of the sale of the M/V Dukeship and the delivery of the seven newbuilding vessels and one secondhand Capesize vessel mentioned herein, we will own or operate under finance lease 26 vessels (3 Newcastlemax and 23 Capesize), with an aggregate cargo carrying capacity of approximately 4,763,552 dwt.

Important Measures for Analyzing Results of Operations

We use a variety of financial and operational terms and concepts. These include the following:

Ownership days. Ownership days are the total number of calendar days in a period during which we owned or chartered in on bareboat basis each vessel in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses recorded during that period. Our calculation of Ownership Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Available days. Available days are the number of ownership days less the aggregate number of repair days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys, which are the repair days. The shipping industry uses available days to measure the aggregate number of days in a period during which vessels are available to generate revenues. Our calculation of Available Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Operating days. Operating days are the number of available days in a period less the aggregate number of off-hire days that our vessels are off-hire due to unforeseen circumstances, which are the off-hire days. Operating days include the idle days that our vessels are in ballast voyages without having fixed their next employment. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels could actually generate revenues. Our calculation of Operating Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Fleet utilization. Fleet utilization is the percentage of time that our vessels were generating revenues and is determined by dividing operating days by ownership days for the relevant period. Fleet Utilization is used to measure a company’s ability to efficiently find suitable employment for its vessels and minimize the number of days that its vessels are off-hire for unforeseen events. We believe it provides additional meaningful information and assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and because we believe that it provides useful information to investors regarding the efficiency of our operations.

Off-hire. The period a vessel is not being chartered or is unable to perform the services for which it is required under a charter.

Dry-docking.  We periodically dry-dock each of our vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements.

Time charter. A time charter is a contract for the use of a vessel for a specific period of time (period time charter) or for a specific voyage (trip time charter) during which the charterer pays substantially all of the voyage expenses, including port charges, bunker expenses, canal charges and other commissions. The vessel owner pays the vessel operating expenses, which include crew costs, provisions, deck and engine stores and spares, lubricants, insurance, maintenance and repairs. The vessel owner is also responsible for each vessel’s dry-docking and intermediate and special survey costs. Our time charter rates are usually index linked during the term of the charter. Prevailing time charter rates do fluctuate on a seasonal and year-to-year basis and may be substantially higher or lower from a prior time charter agreement when the subject vessel is seeking to renew the time charter agreement with the existing charterer or enter into a new time charter agreement with another charterer. Fluctuations in time charter rates are influenced by changes in spot charter rates.

Bareboat charter.  A bareboat charter is generally a contract pursuant to which a vessel owner provides its vessel to a charterer for a fixed period of time at a specified daily rate. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of operation.

Voyage charter.  A voyage charter is generally a contract to carry a specific cargo from a load port to a discharge port for an agreed-upon total amount. Under voyage charters, voyage expenses, such as port charges, bunker expenses, canal charges and other commissions, are paid by the vessel owner, who also pays vessel operating expenses.

TCE.  Time charter equivalent, or TCE, rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating days during the period. Voyage expenses include port charges, bunker expenses, canal charges and other commissions.

Daily Vessel Operating Expenses. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses less pre-delivery expenses by ownership days for the relevant time periods. Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Vessel operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated with initial crew manning and supply of stores of Company’s vessels upon delivery.

Principal Factors Affecting Our Business

The principal factors that affect our financial position, results of operations and cash flows include the following:

We are also affected by the types of charters we enter into. Vessels operating on fixed-rate period time charters and bareboat time charters provide more predictable cash flows, but can yield lower revenue and profit margins than vessels operating in the spot charter market, either on trip time charters or voyage charters, during periods characterized by favorable market conditions.

Vessels operating in the spot charter market or on index-linked time charters generate revenues that are less predictable, but can yield increased profit margins during periods of improving dry bulk rates. Spot charters also expose vessel owners to the risk of declining dry bulk rates and rising fuel costs in the case of voyage charters. In the first six months of 2026, all of our vessels were chartered under index-linked time charter arrangements, reflecting similar employment patterns as observed in the six-month period ended June 30, 2025.

Trend Information

The performance of the dry bulk shipping market is a key driver in our operating performance. The widely accepted benchmark of charter market in the dry bulk industry is the Baltic Dry Index, or the BDI. Over the course of 2025, the BDI registered a low of 715 on January 30, 2025 and a high of 2,845 on December 3, 2025. In the first six months of 2026, the BDI registered a low of 1,523 on January 15, 2026 and a high of 3,226 on May 28, 2026.

The historic performance of the BDI has been characterized by high volatility driven by changes in supply and demand for dry bulk vessels. Over an extended period of time in recent years, the growth in the size of the dry bulk fleet has outpaced growth in demand for dry bulk vessels. Specifically, in the period from 2010 to 2025, the dry bulk fleet, measured in deadweight tons, grew at an annual average rate of approximately 5.4% compared with average annual demand growth of approximately 3.4%.  Over the same period, the BDI declined by approximately 13%. Based on current projections, the total size of the dry bulk fleet is expected to increase by approximately 3.8% in 2026, compared to expected demand growth of 2.4%.

Capesize dry bulk vessels primarily transport iron ore and coal, with bauxite gaining a larger share year by year. China is a major player in the global iron ore market, importing more than 70% of seaborne iron ore. Australia and Brazil dominate exports, accounting for nearly 80% of global iron ore exports combined. Since 2000, the growth in China’s iron ore and coal imports has significantly influenced the dry bulk market, though, this trend has slowed since 2015. On the bauxite front, China’s bauxite imports are playing an increasingly vital role in Capesize markets. Infrastructure improvements in West Africa, led by Guinea, are expected to further boost bauxite trade, while, the giant Simandou iron ore project is anticipated to significantly increase iron ore exports from the region.

The significant geopolitical developments, with most notable the ongoing tensions in Ukraine and the Middle East, including the war between the United States and Israel, and Iran, along with ongoing tariff disputes, have to a certain extent disrupted dry bulk seaborne trade, affecting global shipping routes, freight rates, and maritime security. Further to the direct impact on seaborne trade, these events affected the seaborne trade through their impact, realized or expected, on economic activity and inflation.

While the ongoing war in Ukraine, especially at its first stages, heightened economic uncertainty, it has had minimal impact on the dry bulk market so far. Initially, the effect ranged from neutral to positive, with shifts in ton-mile demand supporting the market. Our operations have not been materially affected, as our vessels do not currently operate in Russian or Ukrainian ports, and our suppliers and service providers have not faced restrictions or disruptions in their activities. We do not anticipate significant impacts in the future.

The Israel–Hamas conflict and attacks by the Houthis in the Red Sea have led vessels to divert via the Cape of Good Hope, modestly supporting the dry bulk market by reducing effective vessel supply. Following the ceasefire of the Israel–Hamas conflict, the related disruptions in the Red Sea have subsided. Nevertheless, the risk of renewed hostilities or attacks in the region remains uncertain and could again affect vessel routing and the effective supply of dry bulk vessels. Meanwhile, the escalation of hostilities involving the United States, Israel and Iran during 2026 has, including strikes and counterstrikes affecting commercial vessels and maritime infrastructure, has materially heightened uncertainty regarding the safety and accessibility of key maritime chokepoints, particularly the Strait of Hormuz. These developments have disrupted commercial traffic through the Strait of Hormuz, increased security risks for vessels and crews, and may lead to further rerouting and, higher insurance and operating costs, their impact on volatility in energy and commodity markets, and changes in ton-mile demand and the effective supply of vessels. Nevertheless, their impact on dry bulk shipping has remained limited to date.

In addition, changes in global trade policies, including the potential implementation of additional trade tariffs and other trade restrictions (including the potential reimposition of port fees by the United States and China) that may be imposed by the United States, China and other countries, may adversely affect economic activity and global trade. Although the impact on dry bulk shipping has remained limited to date, such measures could alter trade flows, cargo volumes and trading routes, potentially affecting ton-mile demand and the dry bulk market.

Results of Operations

Six months ended June 30, 2026 as compared to six months ended June 30, 2025

(In thousands of U.S. Dollars, except for share and per share data)

Vessel Revenue, Net – The increase is attributable to the increase in prevailing charter rates and is partially offset by the decrease in operating days during the comparable periods. Our time charter equivalent rate for the first half of 2026 is 69% higher than that of 2025. Please see the reconciliation below of TCE rate (a non-GAAP measure) to net revenues from vessels, the most directly comparable U.S. GAAP measure. We had 3,356 operating days for the first six months of 2026 as compared to 3,507 operating days for the first six months of 2025.

Fees from Related Parties – The amounts relate to fees regarding the commercial and technical management services provided from Seanergy to United Maritime Corporation (“United”) and commissions earned by Seanergy on vessels sold and/or purchased by United pursuant to the relevant management agreements. The 2026 amount comprises of $0.9 million commercial and technical management fees and $0.1 million of sale and purchase commissions. The 2025 amount comprises of $1.2 million commercial and technical management fees and $0.2 million of sale and purchase commissions.

Voyage Expenses – The increase was primarily attributable to increased brokerage commissions as a result of the increased revenue which was partially offset by the decreased bunkers consumption due to fewer repairs and off-hire days for the first six months of 2026 compared to the same period in 2025. We had 103 repair and off-hire days for the first half of 2026, as compared to 182 repair and off-hire days during the comparable period of 2025.

Vessel Operating Expenses – The decrease was primarily attributable to a decrease in ownership days. We had 3,459 ownership days for the first six months of 2026 as compared to 3,689 ownership days for the first six months of 2025.

General and Administrative Expenses – Our general and administrative expenses primarily include directors’ and executives’ compensation, onshore personnel related expenses, share based compensation, legal, audit and public relations expenses. The increase is attributable to the increase of stock based compensation amortization and the provision for year end remuneration for certain employees.

Depreciation and Amortization – The increase is mainly attributable to the increase in amortization of drydocking expenses. Six vessels underwent drydocking in the first half of 2026 compared to one vessel during the first half of 2025.

Gain on sale of vessel, net - related party – The net gain of $4.6 million is attributable to the sale of the M/V Squireship.

Gain on sales type lease - related party – The net gain of $4.1 million is attributable to the gain on the sales type lease of the M/V Dukeship.

Interest and Finance Costs – The decrease is primarily attributable to interest capitalized of $1.0 million for our vessels under construction and the decrease in the average interest rate on our outstanding indebtedness. The weighted average interest rate on our outstanding debt for the six months ended 2026 and 2025 was approximately 5.87% and 6.72%, respectively.

Loss on extinguishment of debt – The loss for the six-month period ended June 30, 2026 is attributable to the refinancing of the AVIC Iconship, Hellaship and Patriotship Sale and Leaseback and of the Chugoku Sale and Leaseback and the extinguishment of debt due to the disposal of M/V Squireship for Huarong Squireship Sale and Leaseback. The loss for the six-month period ended June 30, 2025 was attributable to the refinancing of the August 2021 Alpha Bank Loan Facility, secured by the M/V Friendship and M/V Squireship.

Interest and other income - related party – The income earned during the first six months of 2026 related to the sale type lease transaction for M/V Dukeship with United. The income earned during the first six months of 2025 relates to interest income earned from the April 25, 2025 $2 million short-term loan facility to United which was fully repaid on June 17, 2025.

Unrealized (gain) / losses from foreign exchange derivatives – The loss during the first six months of 2026 related to unrealized losses on EUR/USD option contracts. The income during the first six months of 2025 related to unrealized gains on EUR/USD forward contracts entered into in January 2025.

Performance Indicators

The figures shown below are non-GAAP statistical ratios used by management to measure performance of our vessels. For the “Fleet Data” figures, there are no comparable U.S. GAAP measures.

EBITDA and Adjusted EBITDA reconciliation:

Liquidity and Capital Resources

Our principal sources of funds have been our operating cash inflows, long-term borrowings from banks, sale and leaseback transactions and equity provided by the capital markets. Our principal uses of funds have primarily been capital expenditures to establish and grow our fleet, maintain the quality of our dry bulk vessels, comply with international shipping standards and environmental laws and regulations, fund working capital requirements, dividend payments and make principal repayments and interest payments on our outstanding debt obligations.

Our funding and treasury activities are conducted in accordance with corporate policies to maximize investment returns while maintaining appropriate liquidity for both our short and long-term needs. This includes arranging borrowing facilities on a cost-effective basis. Cash and cash equivalents are held primarily in U.S. dollars, with minimal amounts held in Euros.

As of June 30, 2026, we had cash and cash equivalents of $59.5 million, as compared to $62.7 million as of December 31, 2025.

Working capital is equal to current assets minus current liabilities, including the current portion of long-term debt. As of June 30, 2026, we had a working capital deficit of $8.6 million (which included an amount of $2.6 million relating to pre-collected revenue) as compared to a deficit of $13.2 million as of December 31, 2025. As of June 30, 2026, the deficit is primarily due to planned loan repayments for the next 12 months, amounting to $48.0 million. Our cash flow projections for the period of one year after the date that the financial statements are issued indicate that cash on hand and cash from operations and through new financing agreements entered into or commitments of financing that have been obtained, including the issuance of Euro 100 million of unsecured bonds, will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year after the financial statements’ issuance.

As of June 30, 2026, the Company was in compliance with all covenants relating to its loan facilities as at that date.

As of June 30, 2026, we had outstanding borrowings of $298.5 million (including long-term debt and other financial liabilities). Our primary known and estimated liquidity needs for the twelve-month period ending one year after the financial statements’ issuance include obligations related to scheduled principal payments of outstanding borrowings and respective interest expenses payments, estimated dry docking expenditures and payments pursuant to shipbuilding contracts in connection with our newbuilding program. Additional information on our annual scheduled obligations under our long-term debt and other financial liabilities and under our newbuilding program are described in “Loan Arrangements” below and in Note 9 (“Long-Term Debt and Other Financial Liabilities”) and Note 11 (“Commitments and Contingencies”) of our interim consolidated financial statements included below. Generally, we expect that, in addition to the cash generated from our operations and our recent Euro 100 million bond offering (see Note 17, “Subsequent Events”, of our interim consolidated financial statements included below), our long-term funding sources will include bank borrowings, lease financing and the issuance of debt and equity securities.

Cash Flows

Six months ended June 30, 2026 as compared to six months ended June 30, 2025

Operating Activities: Net cash provided by operating activities amounted to $44.7 million for the six-month period ended June 30, 2026, compared to net cash provided by operating activities of $16.2 million for the six-month period ended June 30, 2025. The major driver of the change of net cash provided by operating activities was the increase in charter rates that prevailed in the market between the comparable periods.

Investing Activities: The 2026 cash outflow is mainly related to $70.0 million payments for the vessels under construction, lease prepayment for vessel under construction of $3.9 million and $1.9 million for vessels’ improvements. The 2026 outflow is offset by the $13.8 million proceeds from sale of M/V Squireship and $3.1 million repayments from United. The 2025 cash outflow is mainly related to a $35.3 million payment for the acquisition of the M/V Meiship and $8.2 million total in advance payments for the entering into the bareboat charter agreement for the M/V Blueship.

Financing Activities: The 2026 cash inflow resulted from proceeds of $72.5 million from the new sale and leaseback agreements with the three affiliates of Huarong, proceeds of $26.5 million from the new sale and leaseback agreement with an affiliate of BOCL, proceeds of $13.0 million from a facility agreement with Alpha Bank and proceeds of $1.0 million from other non-current liabilities. The 2026 cash outflow resulted from debt and other financial liabilities repayments of $91.7 million, dividend payments of $7.1 million and $3.1 million of loan finance fees payments in respect with the loan agreements.The 2025 cash inflow resulted from proceeds of $34.5 million from the new sale and leaseback agreements with the two affiliates of Huarong, proceeds of $53.6 million from a facility agreement with Piraeus Bank and proceeds of $0.2 million from other non-current liabilities. The 2025 cash outflow resulted from debt and other financial liabilities repayments of $60.3 million, dividend payments of $7.4 million, $1.1 finance lease payments and $1.6 million of loan finance fee payments with respect to loan amendments.

Senior Facilities

New Loan Facilities during the six-month period ended June 30, 2026

June 2026 Alpha Bank Loan Facility

On June 17, 2026, the Company entered into a facility agreement with Alpha Bank S.A. (“Alpha Bank”) for a $13.0 million term loan secured by the M/V Dukeship for the purpose of (i) refinancing the June 2022 Alpha Bank Loan Facility, which was secured by the M/V Dukeship, and (ii) providing liquidity for working capital purposes. The facility was drawn on June 22, 2026. The term of the facility is one and a half years, and the repayment schedule comprises of six quarterly installments of $0.6 million and a balloon of $9.6 million, payable together with the final installment. In addition, the Company has the option to pledge cash in the form of time deposits, up to the aggregate amount of the loan outstanding at that time; for the part of the loan equal to the pledged amount, the margin will be reduced significantly for the term of the pledged time deposit, which as per the agreement shall coincide with an interest period of the facility.

As of June 30, 2026, $13.0 million was outstanding under the facility.

Pre - Existing Loan Facilities

October 2024 Alpha Bank Loan Facility

On October 21, 2024, the Company entered into a facility agreement with Alpha Bank for a $34.0 million term loan for the purpose of (i) refinancing the December 2022 Alpha Bank Loan Facility, which was secured by the M/V Paroship, (ii) financing the purchase option for the M/V Titanship and iii) providing liquidity for working capital purposes. The facility was drawn on October 22, 2024. The term of the facility is five years, and the repayment schedule comprises of four quarterly installments of $1.2 million, followed by 16 quarterly installments of $0.9 million and a final balloon of $14.8 million payable together with the final installment. The Company has the option to pledge cash deposits in the form of time deposit up to the aggregate amount of the loan outstanding at the time; for the part of the loan equal to the pledged amount, the margin will be reduced significantly for the term of the pledged time deposit, which as per the agreement shall coincide with an interest period of the facility.

As of June 30, 2026, $27.4 million was outstanding under the facility.

February 2025 Piraeus Bank Loan Facility

On February 24, 2025, the Company entered into a facility agreement with Piraeus Bank S.A. (“Piraeus Bank”) for a $53.6 million term loan for the purpose of (i) refinancing the June 2022 Piraeus Bank Loan Facility, which was secured by the M/V Worldship and M/V Honorship, (ii) partially financing the acquisition cost of the M/V Meiship. The facility was drawn on February 25, 2025. The interest margin can be decreased by 0.05% per vessel based on the achievement of certain emission thresholds. The term of the facility is five years and the repayment schedule comprises of 20 quarterly installments of $1.5 million and a final balloon of $24.6 million payable together with the final installment.

As of June 30, 2026, $46.3 million was outstanding under the facility.

December 2025 Danish Ship Finance Loan Facility

On December 12, 2025, the Company entered into a facility agreement with Danish Ship Finance A/S (“DSF”) for a $45.3 million term loan for the purpose of (i) refinancing the October 2022 Danish Ship Finance Loan Facility, which was secured by the M/Vs Premiership, Fellowship and Championship, (ii) financing the purchase obligation of the M/V Flagship under the Flagship Cargill Sale and Leaseback and (iii) providing liquidity for general corporate purposes. The facility was drawn on December 12, 2025. The loan facility is divided into five tranches. Tranche A, secured by the M/V Fellowship, and Tranche B, secured by the M/V Premiership, each have a twenty-two-month term and a repayment schedule comprising eight quarterly installments of $0.5 million and a final balloon of $2.1 million payable together with the final installments. Tranche C, secured by the M/V Championship, has a twenty-eight-month term and a repayment schedule comprising 10 quarterly installments of $0.6 million and a final balloon of $2.9 million payable together with the final installment. Tranche D, secured by the M/V Flagship, has a five-year term and a repayment schedule comprising 20 quarterly installments of $0.8 million and a final balloon of $1.8 million payable together with the final installment. Tranche E, secured by the M/Vs Fellowship, Premiership and Championship, has a three-and-a-half-year term and a repayment schedule comprising 14 quarterly installments of $0.5 million. A sustainability linked margin adjustment mechanism applies to all five tranches, whereby the interest margin can be increased or decreased by 0.05% based on certain emission thresholds.

As of June 30, 2026, $39.5 million was outstanding under the facility.

Loan Facilities repaid during the six-month period ended June 30, 2026

June 2022 Alpha Bank Loan Facility

On June 21, 2022, the Company entered into a facility agreement with Alpha Bank for a $21.0 million term loan which was secured by the M/V Dukeship. The loan facility had a term of five years and was repayable through four quarterly installments of $1.0 million followed by 12 quarterly installments of $0.5 million and a balloon of $11.0 million payable together with the final installment.

On June 22, 2026, the Company fully refinanced the outstanding amount of $11.0 million using the proceeds from the June 2026 Alpha Bank Loan Facility and all securities created in favor of Alpha Bank were irrevocably and unconditionally released.

All the facilities above are secured by a first priority mortgages over the respective vessel, general assignments covering the respective vessel’s earnings, charter parties, insurances and requisition compensation, account pledge agreements covering the vessel’s earnings accounts, technical and commercial managers’ undertakings, pledge agreements covering the shares of the applicable vessel-owning subsidiaries and a corporate guarantee by the Company.

Other Financial Liabilities: Sale and Leaseback Transactions

New Sale and Leaseback Activities during the six-month period ended June 30, 2026

BOCL Partnership Sale and Leaseback

On March 2, 2026, the Company entered into a $26.5 million sale and leaseback agreement with an affiliate of BOC Financial Leasing Corporation Limited (“BOCL”) to finance the purchase option cost of the M/V Partnership under the Chugoku Bank Sale and Leaseback. The Company sold and chartered back the vessel on a bareboat basis for a six-and-a-half-year period which commenced on March 9, 2026. The charterhire principal amortizes in 26 quarterly installments of $0.8 million along with a purchase option of $6.3 million at the expiry of the bareboat charter. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the second anniversary of the bareboat charter.

The charterhire principal, as of June 30, 2026, was $26.2 million.

BOCL Newbuilding 1 Sale and Leaseback

On March 9, 2026, the Company entered into a $57.8 million sale and leaseback agreement with an affiliate of BOCL for the purpose of financing the construction cost of the Newbuilding 1 scrubber fitted Newcastlemax vessel. Upon delivery of the vessel from the shipyard, the Company is expected to sell and charter back the vessel on a bareboat basis for an eight‑year period. Under the agreement, the lessor will provide pre‑delivery financing for certain installments under the shipbuilding contract, with accrued interest payable in arrears on the relevant drawdown amounts. The charterhire principal will amortize in 32 quarterly installments of $0.7 million. The Company will have continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the second anniversary of the bareboat charter. At the end of the bareboat charter period, if the purchase option has not been exercised, the Company will be obligated to pay a Purchase Option Premium (as defined therein) amounting to $10.0 million.

As of June 30, 2026, no amounts had been drawn under the BOCL Newbuilding 1 Sale and Leaseback and no amounts were outstanding thereunder.

Huarong Lordship Sale and Leaseback

On June 25, 2026, the Company entered into a $21.5 million sale and leaseback agreement for the M/V Lordship with an affiliate of China Huarong Shipping Financial Leasing Company Ltd. (“Huarong”) to finance the purchase option cost of the M/V Lordship under the Village Seven Sale and Leaseback. The Company sold and chartered back the vessel on a bareboat basis for a six-year period, with a purchase obligation at the end of the sixth year. The charterhire principal amortizes in 24 quarterly installments of $0.7 million along with a purchase obligation of $5.3 million at the expiry of the bareboat charter. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the first anniversary of the bareboat charter.

As of June 30, 2026, no amounts had been drawn under the Huarong Lordship Sale and Leaseback and no amounts were outstanding thereunder. The bareboat charter commenced on July 3, 2026, upon delivery of the vessel to the lessor, at which time the Company drew down the full $21.5 million under the facility.

Pre-Existing Sale and Leaseback Activities

Evahline Sale and Leaseback

On March 29, 2023, we entered into a $19.0 million sale and leaseback agreement with a subsidiary of Evahline Inc. (“Evahline”) for the refinancing of the previous sale and leaseback agreement for the M/V Knightship. The Company sold and chartered back the vessel from Evahline on a bareboat basis for a six-year period, which commenced on April 6, 2023. The charterhire principal amortizes in 72 consecutive monthly installments paid in advance averaging approximately $0.3 million each. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the six-year bareboat period, the ownership of the vessel will be transferred to the Company at no additional cost.

The charterhire principal, as of June 30, 2026, was $8.7 million.

Village Seven Sale and Leaseback

On April 24, 2023, we entered into a $19.0 million sale and leaseback agreement for the M/V Lordship with Village Seven Co., Ltd and V7 Fune Inc. (collectively, “Village Seven”) to partially refinance the August 2021 Alpha Bank Loan Facility. The Company sold and chartered back the vessel from Village Seven on a bareboat basis for a period of four years and five months, which commenced on April 28, 2023. Following the second anniversary of the bareboat charter, the Company had continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the bareboat period, the Company would have the option to repurchase the vessel at $7.8 million. The charterhire principal was repayable in 53 consecutive monthly installments paid in advance of approximately $0.2 million.

The charterhire principal, as of June 30, 2026, was $10.8 million. On July 3, 2026, the Company refinanced the outstanding amount using the proceeds from the Huarong Lordship Sale and Leaseback.

Huarong Friendship Sale and Leaseback

On March 13, 2025, the Company entered into a $16.5 million sale and leaseback agreement for the M/V Friendship with an affiliate of Huarong to refinance Tranche B of the August 2021 Alpha Bank Loan Facility, secured by the M/V Friendship. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, which commenced on March 20, 2025, having a purchase obligation at the end of the fifth year. The charterhire principal amortizes in 20 quarterly installments of $0.4 million along with a purchase obligation of $7.7 million at the expiry of the bareboat charter. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter.

The charterhire principal, as of June 30, 2026, was $14.3 million.

Hinode Sale and Leaseback

On August 29, 2024, the Company entered into a $28.5 million sale and leaseback agreement with Hinode Kaiun Co., Ltd and Sunmarine Maritime S.A. (collectively, “Hinode”) for the purpose of financing part of the acquisition cost of the M/V Kaizenship. The Company sold and chartered back the vessel from Hinode on a bareboat basis for a six-year period, which commenced on October 1, 2024, having a purchase obligation at the end of the sixth year. The charterhire principal amortizes in 72 consecutive monthly installments paid in advance at $0.3 million each. Following the fourth anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the bareboat period, the Company has an obligation to purchase the vessel at the price of $8.3 million.

The charterhire principal, as of June 30, 2026, was $22.2 million.

Kowa Blueship Sale and Leaseback

On August 6, 2025, the Company entered into a $22.5 million sale and leaseback agreement for the M/V Blueship with Kowa Kaiun Co. Ltd. and T.A.C.K. Shipping S.A. (collectively, “Kowa”) for the purpose of financing the purchase option cost of the M/V Blueship. The agreement became effective on August 25, 2025, upon the delivery of the M/V Blueship to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the second anniversary of the bareboat charter, while Kowa has a put option at the end of the fifth year. The charterhire principal amortizes in 60 monthly installments paid in advance at $0.3 million, along with the final purchase and put options of $6.4 million payable at the expiry of the bareboat charter.

The charterhire principal, as of June 30, 2026, was $19.6 million.

Huarong Hellasship Sale and Leaseback

On December 29, 2025, the Company entered into a $24.7 million sale and leaseback agreement for the M/V Hellasship with an affiliate of Huarong to refinance the AVIC Hellasship Sale and Leaseback. The Company sold and chartered back the vessel on a bareboat basis for an eighty-one-month period which commenced on January 8, 2026. The charterhire principal amortizes in 27 quarterly installments of $0.7 million along with a purchase obligation of $6.6 million at the expiry of the bareboat charter. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter.

The charterhire principal, as of June 30, 2026, was $24.0 million.

Huarong Iconship Sale and Leaseback

On December 29, 2025, the Company entered into a $25.9 million sale and leaseback agreement for the M/V Iconship with an affiliate of Huarong to refinance the AVIC Iconship Sale and Leaseback. The Company sold and chartered back the vessel on a bareboat basis for an eighty-one-month period which commenced on January 8, 2026. The charterhire principal amortizes in 27 quarterly installments of $0.7 million along with a purchase obligation of $8.4 million at the expiry of the bareboat charter. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter.

The charterhire principal, as of June 30, 2026, was $25.3 million.

Huarong Patriotship Sale and Leaseback

On December 29, 2025, the Company entered into a $21.9 million sale and leaseback agreement for the M/V Patriotship with an affiliate of Huarong to refinance the AVIC Patriotship Sale and Leaseback. The Company sold and chartered back the vessel on a bareboat basis for an eighty-one-month period which commenced on January 8, 2026. The charterhire principal amortizes in 27 quarterly installments of $0.7 million along with a purchase obligation of $3.3 million at the expiry of the bareboat charter. The Company has continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter.

The charterhire principal, as of June 30, 2026, was $21.2 million

Sale and Leaseback Activities repaid during the six-month period ended June 30, 2026

AVIC Hellasship Sale and Leaseback

On June 4, 2024, the Company entered into a $19.5 million sale and leaseback agreement with Hao Leo Limited, an affiliate of AVIC International Leasing Co., Ltd. (“AVIC”) to partially refinance the CMBFL Sale and Leaseback, which was secured by the M/Vs Hellasship and Patriotship. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, which commenced on June 28, 2024, having a purchase obligation at the end of the fifth year. The charterhire principal was repayable in four quarterly installments of $0.7 million followed by 16 quarterly installments of $0.4 million along with a purchase obligation of $10.5 million at the expiry of the bareboat charter. The installments were paid in advance. The Company had continuous options to repurchase the vessel at any time during the bareboat charter period and at predetermined prices as set forth in the agreement.

On January 8, 2026, the Company refinanced the outstanding amount of $15.5 million using the proceeds from the Huarong Hellasship Sale and Leaseback.

AVIC Iconship Sale and Leaseback

On June 4, 2024, the Company entered into a $21.9 million sale and leaseback agreement with Hao Cancer Limited, an affiliate of AVIC to partially finance the acquisition of the M/V Iconship. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, which commenced on June 11, 2024, having a purchase obligation at the end of the fifth year. The charterhire principal was repayable in four quarterly installments of $0.8 million followed by 16 quarterly installments of $0.5 million along with a purchase obligation of $11.5 million at the expiry of the bareboat charter. The installments were paid in advance. The Company had continuous options to repurchase the vessel at any time during the bareboat charter period and at predetermined prices as set forth in the agreement.

On January 8, 2026, the Company refinanced the outstanding amount of $17.5 million using the proceeds from the Huarong Iconship Sale and Leaseback.

AVIC Patriotship Sale and Leaseback

On June 4, 2024, the Company entered into a $16.9 million sale and leaseback agreement with Hao Virgo Limited, an affiliate of AVIC to partially refinance the CMBFL Sale and Leaseback, secured by the M/Vs Hellasship and Patriotship. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, which commenced on June 28, 2024, having a purchase obligation at the end of the fifth year. The charterhire principal was repayable in four quarterly installments of $0.6 million followed by 16 quarterly installments of $0.3 million along with a purchase obligation of $9.5 million at the expiry of the bareboat charter. The installments were paid in advance. The Company had continuous options to repurchase the vessel at any time during the bareboat charter period and at predetermined prices as set forth in the agreement.

On January 8, 2026, the Company refinanced the outstanding amount of $13.5 million using the proceeds from the Huarong Patriotship Sale and Leaseback.

Chugoku Bank Sale and Leaseback

On February 25, 2022, the Company entered into a $21.3 million sale and leaseback transaction with Chugoku Bank, Ltd. to refinance the prior indebtedness secured by the M/V Partnership. The drawdown of the funds under the sale and leaseback agreement occurred on March 9, 2022. The principal was repayable over an eight-year term, through 32 quarterly installments averaging approximately $0.6 million, followed by a purchase option of $2.4 million at the expiration of the bareboat charter. Following the second anniversary of the bareboat charter, the Company had continuous options to repurchase the vessel at predetermined prices as set forth in the agreement.

On March 9, 2026, the Company refinanced the outstanding amount of $12.0 million using the proceeds from the BOCL Partnership Sale and Leaseback.

Huarong Squireship Sale and Leaseback

On March 13, 2025, the Company entered into a $18.0 million sale and leaseback agreement for the M/V Squireship with an affiliate of Huarong to refinance Tranche A of the August 2021 Alpha Bank Loan Facility, which was secured by the M/V Squireship. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, which commenced on March 20, 2025, having a purchase obligation at the end of the fifth year. The charterhire principal was repayable in 20 quarterly installments of $0.5 million along with a purchase obligation of $8.5 million at the expiry of the bareboat charter. The Company had continuous options to repurchase the vessel at any time of the bareboat charter period at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter.

On May 29, 2026, the Company sold the M/V Squireship to United. In connection with the sale, the Company entered into a novation agreement with the lessor pursuant to which, upon completion of the transaction, a subsidiary of United assumed the existing sale and leaseback agreement, including all related rights and obligations. Accordingly, all rights and obligations of the Company under the agreement were transferred, with United’s subsidiary and United becoming the new lessee and the new guarantor under the arrangement, respectively.

New Sale and Leaseback Activities after the six-month period ended June 30, 2026

Huarong Newbuilding 5 Sale and Leaseback

On July 28, 2026, the Company entered into a $56.3 million sale and leaseback agreement with an affiliate of Huarong for the purpose of financing the construction cost of the Newbuilding 5 scrubber fitted Capesize vessel. Upon delivery of the vessel from the shipyard, the Company is expected to sell and charter back the vessel on a bareboat basis for a five‑year period. Under the agreement, the lessor will provide pre‑delivery financing for certain installments under the shipbuilding contract, with accrued interest payable in arrears on the relevant drawdown amounts. The charterhire principal will amortize in 20 quarterly installments of $0.6 million along with a purchase obligation of $43.5 million at the expiry of the bareboat charter. The Company will have continuous options to repurchase the vessel at any time during the bareboat charter period at predetermined prices, as set forth in the agreement, following the first anniversary of the bareboat charter. As of the date of this report, the Company has drawn $7.5 million under the facility.

All of our loan facilities and sale and leaseback agreements bear interest at SOFR plus a margin. The weighted average margin as of June 30, 2026 was 2.17%.

Certain of our loan facilities and sale and leaseback agreements contain financial covenants requiring us to maintain specified financial ratios, including a minimum security coverage ratio (based on vessel values and pledged cash deposits relative to outstanding indebtedness), a maximum ratio of net debt to market value-adjusted total assets, and a minimum liquidity requirement. As of June 30, 2026, we were in compliance with the applicable financial and other covenants contained in our debt and sale and leaseback agreements.

Euro 100 Million Unsecured Bond

On July 10, 2026 we issued Euro 100 million principal amount of unsecured bonds to investors in Greece (ATHEX: SHIPB1). The bonds commenced trading on the Fixed Income Securities Segment of Euronext Athens Holding S.A. on July 13, 2026. The bonds were issued at par, mature in July 2031, and bear interest at 4.90% per annum, payable semi-annually, with no principal payments before maturity.

Dividend Policy

In August 2024, our Board of Directors (“Board”) adopted an updated dividend policy, pursuant to which we intend to distribute approximately 50% of our operating cash flow (the amount presented in our Cash Flow Statement for the period in question, incorporating all operating expenses, variations in working capital, interest expenses and amounts paid for drydocking),

Any future dividends declared will be at the discretion and remain subject to approval of the Board each quarter, after its review of our financial condition and other factors, including but not limited to our earnings, prevailing charter market conditions, capital requirements, investment opportunities, limitations under our debt agreements and applicable provisions of Marshall Islands law. Seanergy’s dividend policy and declaration and payment of dividends may be changed at any time and are subject to legally available funds and the Board’s determination that each declaration and payment is at the time in the best interests of Seanergy and its shareholders after review of the Company’s financial performance. In addition, since we are a holding company with no material assets other than the shares of our subsidiaries and affiliates through which we conduct our operations, our ability to pay dividends will depend on our subsidiaries and affiliates distributing to us their earnings and cash flow. Some of our financing agreements limit our ability to pay dividends and our subsidiaries’ ability to make distributions to us. There can be no assurance that our Board will declare or pay any dividend in the future.

		June 30, 2026
Beginning balance			118
- Advances for vessel under construction and other initial expenses			69,012
- Capitalized interest			1,031
Vessels under construction			70,161

On February 6, 2026, following United exercising its right of first offer, the Company entered into an 18-month bareboat charter agreement with United for the Dukeship. The charter period commenced following the delivery of the vessel on February 12, 2026. United has advanced a downpayment of $5,500 and will pay a daily charter rate of $9.5, with a purchase obligation of $22,100 at the end of the bareboat charter. The Company had classified the above transaction as sales type lease. At the commencement date the Company recognized a net investment in lease equal to the present value of the lease receivable during the bareboat charter using an implicit rate of 2.96%. The Company recognized a net investment in sales type lease of $31,663.

The annual lease receivables under the Dukeship bareboat charter agreement are as follows:

Twelve month periods ending June 30,		Amount
2027			3,449
2028			22,343
Total undiscounted cash flows			25,792
Less: Discount based on implicit rate			(764	)
Present value of lease receivables			25,028
Net investment in sale type lease, current			2,760
Net investment in sale type lease, non-current			22,268
Present value of lease receivables			25,028

A gain on sale type lease of $4,101 was recognized and is presented as “Gain on sales type lease - related party” in the unaudited interim condensed consolidated statement of operations, based on the difference between the carrying amount of the vessel (Note 6), the unamortized balance of drydocking cost and the net investment in lease.