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