Seanergy Maritime Reports Second Quarter and First Half Financial Results for the Periods Ended June 30, 2025

Declares Quarterly Cash Dividend of $0.05 Per Share

Highlights

 

 

 

 

 

(in million USD, except EPS)

 

Q2 2025

Q2 2024

6M 2025

6M 2024

Net Revenues

 

$37.5

$43.1

$61.7

$81.4

Net income / (loss)

 

$2.9

$14.1

($4.0)

$24.3

Adjusted net income / (loss) 1

 

$3.8

$16.0

($1.7)

$27.6

EBITDA1

 

$17.4

$25.8

$24.0

$47.4

Adjusted EBITDA1

 

$18.3

$28.0

$26.3

$51.2

 

 

 

 

 

 

Earnings / (loss) per share Basic and Diluted

 

$0.14

$0.68

($0.20)

$1.18

Adjusted earnings / (loss) per share Basic1

 

$0.18

$0.78

($0.09)

$1.35

Adjusted earnings / (loss) per share Diluted1

 

$0.18

$0.77

($0.09)

$1.34

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

_______________1 Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.2 TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.

ATHENS, Greece, Aug. 05, 2025 (GLOBE NEWSWIRE) -- 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."

Company Fleet:

Vessel Name

Capacity (DWT)

Year Built

Yard

Scrubber Fitted

Employment Type

FFA conversion option(1)

Minimum time charter ("T/C") expiration

Maximum T/C expiration(2)

Charterer

Titanship

207,855

2011

NACKS

-

T/C Index Linked

No

09/2026

03/2027

Costamare

Meiship

207,851

2013

Imabari

-

T/C Index Linked

No

02/2026

06/2026

Costamare

Patriotship

181,709

2010

Imabari

Yes

T/C Index Linked

Yes

10/2025

03/2026

Glencore

Dukeship

181,453

2010

Sasebo

-

Spot Employment

No

N/A

N/A

NYK

Paroship

181,415

2012

Koyo -Imabari

Yes

T/C Index Linked

Yes

08/2025

01/2026

Oldendorff

Worldship

181,415

2012

Koyo, Imabari

Yes

T/C Index Linked

Yes

10/2025

02/2026

NYK

Kaizenship

181,396

2012

Koyo Dock

-

T/C Index Linked

Yes

07/2025

10/2025

MOL

Iconship

181,392

2013

Imabari

-

T/C Index Linked

Yes

03/2026

06/2026

Costamare

Hellasship

181,325

2012

Imabari

-

T/C Index Linked

Yes

04/2026

07/2026

NYK

Honorship

180,242

2010

Imabari

-

T/C Index Linked

Yes

06/2026

10/2026

NYK

Fellowship

179,701

2010

Daewoo

-

T/C Index Linked

Yes

06/2026

11/2026

Anglo American

Championship

179,238

2011

Sungdong SB

Yes

T/C Index Linked

Yes

04/2027

08/2027

Cargill

Partnership

179,213

2012

Hyundai

Yes

T/C Index Linked

Yes

02/2026

05/2026

NYK

Knightship

178,978

2010

Hyundai

Yes

T/C Index Linked

Yes

11/2025

01/2026

Glencore

Lordship

178,838

2010

Hyundai

Yes

T/C Index Linked

Yes

01/2026

05/2026

Costamare

Blueship

178,459

2011

Mitsui SB

-

T/C Index Linked

Yes

06/2026

11/2026

NYK

Friendship

176,952

2009

Namura

-

T/C Index Linked

Yes

12/2025

04/2026

NYK

Flagship

176,387

2013

Mitsui

-

T/C Index Linked

Yes

05/2026

07/2026

Cargill

Geniuship

170,057

2010

Sungdong SB

-

T/C Index Linked

Yes

06/2025

09/2025

NYK

Premiership

170,024

2010