Posted on May 28, 2025
Athens, Greece – Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize shipping company, today reported its financial results for the first quarter of 2025 and announced a quarterly cash dividend of $0.05 per common share—marking the 14th consecutive quarterly dividend under its capital return policy.
For the quarter ended March 31, 2025, the Company generated Net Revenues of $24.2 million, compared to
$38.3 million in the first quarter of 2024. Net Loss and Adjusted Net Loss for the quarter were $6.8 million and
$5.2 million, respectively, compared to Net Income of $10.2 million and Adjusted Net Income of $11.6 million in the first quarter of 2024. EBITDA and Adjusted EBITDA for the quarter were $6.6 million and $8.0 million, respectively, compared to $21.6 million and $23.2 million, respectively, for the same period of 2024.
The Company’s fleet achieved a daily Time Charter Equivalent (“TCE”) of $13,403 for the first quarter of 2025, which represents a 3% premium over the average BCI of $12,998 for the same period. This outperformance reflects the effectiveness of Seanergy’s commercial and hedging strategy in navigating a seasonally weak market. Cash and cash-equivalents and restricted cash, as of March 31, 2025, stood at $30.9 million. Shareholders’ equity at the end of the first quarter was $254.8 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $318.8 million, while the book value of the fleet, including a chartered-in vessel, was $546.9 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Following a year of record financial performance in 2024, Seanergy entered the first quarter of 2025 with a clear strategic focus: to remain well positioned to capitalize on the strong long-term fundamentals of the Capesize sector. We pursued this through selective fleet expansion—acquiring high-quality Japanese-built vessels—and through strategic refinancing transactions that enhanced our financial flexibility.
“During the quarter, we successfully concluded the deliveries of one Capesize and one Newcastlemax vessel, both of which have commenced employment under index linked time charters. These additions bring our fleet to a total of 21 vessels, reinforcing our position as a leading pure-play Capesize company. In parallel, we concluded $88.1 million in new financing and refinancing transactions, addressing all our near-term debt maturities and strengthening our liquidity, while keeping our loan to value ratio below 50%.
“Our first-quarter results were impacted by the typical seasonal slowdown in dry bulk trade. Despite this, we recorded a daily TCE of $13,403 for the quarter, lower than the record levels of the first quarter of 2024, but in line with the seasonal trend of the market. Importantly, market conditions began to recover by late February, and we expect a meaningful improvement in our second-quarter earnings. As of today, approximately 39% of our fleet days for Q2 are fixed at an average daily rate of approximately $22,700, with projected blended fleet TCE exceeding $19,000.
“Looking further into 2025, we have already secured roughly one-third of our operating days until the end of the year at an average daily rate exceeding $22,000. This forward coverage enhances visibility and provides a strong base for continued cash flow generation. Reflecting this and the improving market backdrop, our board has declared a discretionary dividend of $0.05 per share for the quarter—our 14th consecutive quarterly distribution—bringing total shareholder returns under our policy to approximately $43.1 million.
“Turning to market dynamics, we remain optimistic about the Capesize segment. Global seaborne trade volumes and ton-mile demand continue to expand, while supply growth is constrained by a historically low orderbook, elevated newbuilding costs, and tightening environmental regulations.
“Iron ore and bauxite trades have shown resilience despite macroeconomic uncertainty and weather-related disruptions. We expect iron ore volumes to strengthen further from Q2 onward, supported by increased Brazilian exports and the anticipated start of West African exports from Simandou by year-end. Bauxite remains a fast- growing trade, although recent instability in Guinea may cause short-term volatility. Coal volumes moderated in Q1 after a strong 2024 but remain supported by strong energy demand, particularly from Southeast Asia’s expanding coal-fired power generation.
“On the supply side, the Capesize fleet is aging, with a growing portion over 15 years old. Fleet growth has resumed its downward trend, and a high number of dry-dockings scheduled for the remainder of 2025 is expected to further tighten vessel availability. As an example, only six Capesize vessels have been added to the orderbook so far in 2025, compared to 31 during the same period last year, according to Clarksons Research.
“To conclude, we are pleased with our fleet positioning, earnings visibility, and financial strength entering the rest of 2025. The Capesize market has demonstrated resilience through a challenging first quarter, and we remain confident in our ability to deliver strong results as market conditions continue to improve.”
