Posted on August 6, 2025
Declares Quarterly Cash Dividend of $0.05 Per Share
Other Highlights and Developments:
- Fleet TCE2 of $19,807, a 6% outperformance over the Baltic Capesize Index (“BCI”)
- Declared $0.05 per share quarterly cash dividend – 15th consecutive quarterly dividend for aggregate cash dividends of $2.31 per share, totaling $44.2 million
- Completed $110.6 million total financings and refinancings year-to-date, including $22.5 million for the M/V Blueship
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 second quarter and six months ended June 30, 2025, and announced a quarterly cash dividend of $0.05 per common share—marking the 15th consecutive quarterly dividend under its capital return policy.
For the quarter ended June 30, 2025, the Company generated Net Revenues of $37.5 million, compared to $43.1 million in the second quarter of 2024. Adjusted EBITDA for the quarter was $18.3 million, compared to $28.0 million in the same period of 2024. Net Income and Adjusted Net Income for the quarter were $2.9 million and $3.8 million, respectively, compared to Net Income of $14.1 million and Adjusted Net Income of $16.0 million in the second quarter of 2024. The Company’s fleet achieved a daily Time Charter Equivalent (“TCE”) of $19,807 for the second quarter of 2025, which represents a 6% premium over the average BCI of $18,681 for the same period.
For the six-month period ended June 30, 2025, the Company generated Net Revenues of $61.7 million, compared to $81.4 million in the same period of 2024. Net Loss and Adjusted Net Loss for the six months were $4.0 million and $1.7 million, respectively, compared to Net Income of $24.3 million and Adjusted Net Income of $27.6 million in the respective period of 2024. Adjusted EBITDA for the six months was $26.3 million, compared to $51.2 million for the same period of 2024. The daily TCE rate of the fleet for the first six-month period of 2025 was $16,679, compared to $25,365 in the same period of 2024. The average daily OPEX was $6,937 compared to $6,999 of the respective period of 2024.
Cash and cash-equivalents and restricted cash, as of June 30, 2025, stood at $25.4 million. Shareholders’ equity at the end of the second quarter was $257.7 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $307.7 million, while the book value of the fleet, including a chartered-in vessel, was $539.9 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Despite a volatile start to 2025, Seanergy returned to profitability in the second quarter, thanks to a stronger Capesize market and our strategic hedging activities. With a fleet of 21 Capesize vessels and a modest loan- to-value ratio of approximately 50%, we are well-positioned to capitalize on favorable market fundamentals. Our board of directors has declared a discretionary dividend of $0.05 per share under our dividend policy, our 15th consecutive quarterly distribution, reflecting our healthy balance sheet and the positive market direction. We are optimistic about enhancing shareholder rewards in the seasonally stronger second half of the year.
“Turning to our commercial performance for the quarter, our daily time charter equivalent of $19,807 outperformed the Baltic Capesize Index by around 6%. Our strategy enabled us to take advantage of the abrupt upward move in the Capesize market in June, while maintaining downside protection through hedging part of our index-linked exposure. For the third quarter, we have already fixed about 62% of our days at a rate of $22,375, with a projected total fleet TCE of $23,081. For the second half of the year, seven of our 21 vessels will earn an average fixed rate of approximately $22,400, providing clear earnings visibility amidst an uncertain macroeconomic backdrop, while our open exposure positions us to benefit from potential upside in what remains a constructive Capesize market.
“Concerning our financing activities, we have completed $110.6 million total financings and refinancings year- to-date, including a $22.5 million sale and leaseback transaction for the M/V Blueship. We now have no further debt maturities in 2025. This, along with our prudent approach on leverage and liquidity, ensures we can generate sustainable cash flows, return value to shareholders, and retain flexibility for future growth.
“The Capesize market showed meaningful improvement in the second quarter of the year, with the Baltic Capesize Index averaging approximately $18,700 per day, up from about $13,000 in the first quarter. This was driven mainly by a 16% rise in combined iron ore exports from Australia and Brazil, following the seasonally weak first quarter. West African Bauxite exports continued their strong momentum, rising approximately 33% year-over-year in the first half of 2025. This growth trend is expected to continue through year-end, supported by the increasing demand of the commodity.
“On the supply side, the Capesize orderbook remains at historically low levels at around 8% of the existing fleet, while approximately 7% of the fleet is 20 years or older. With tightening environmental regulations rendering older tonnage less competitive, we expect net fleet growth to remain modest in the coming years. Taken together with the trend of rising Atlantic Basin mineral exports, market fundamentals point to a favorable balance and continued resilience in Capesize charter rates, even amid ongoing macroeconomic uncertainty.
“Looking forward we believe that our fleet composition, healthy balance sheet and favorable mix of index-linked and fixed-rate charters position Seanergy well in this market environment.”
