Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a prominent player in the capesize shipping sector, recently reported its financial performance for the first quarter of 2025. Defying industry trends, the company managed to exceed analyst expectations despite recording a net loss. This achievement is further underscored by the announcement of its 14th consecutive quarterly dividend, reflecting a commitment to shareholder returns that is increasingly rare in the dry bulk shipping landscape.
In the first quarter, Seanergy faced challenges, reporting a net loss of $6.8 million compared to a net income of $10.2 million in the same period last year. Adjusted figures indicated a narrower loss of $5.2 million, leading to a per-share loss of $0.27, significantly better than the $0.44 loss anticipated by analysts according to Zacks Consensus Estimates. This marks the fourth consecutive quarter in which Seanergy has outperformed the consensus earnings per share (EPS) estimates. Additionally, the company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $6.6 million, showcasing its operational resilience amid adverse market conditions.
Revenue for the quarter totaled $24.2 million, a decline from $38.3 million in the first quarter of 2024, but still exceeding predictions by 3.76%. As part of its capital return strategy, the company declared a quarterly dividend of $0.05 per common share, reinforcing its ongoing commitment to providing value to shareholders even amidst fluctuating market conditions.
“Our first-quarter results were impacted by the typical seasonal slowdown in dry bulk trade. Despite this, we recorded a daily Time Charter Equivalent (TCE) of $13,403, which, while lower than the record levels of the previous year, aligns with seasonal market trends,” stated Stamatis Tsantanis, Chairman and CEO of Seanergy. He noted an uptick in market conditions beginning in late February, promising a significant improvement in second-quarter earnings. Currently, around 39% of the company’s fleet days for the second quarter have been fixed at an average daily rate of approximately $22,700; projections suggest a blended fleet TCE exceeding $19,000.
In a related development, United Maritime Corp., a spin-off of Seanergy, has also declared a quarterly cash dividend of $0.01 per share during the first quarter, marking its tenth consecutive dividend payment. This reflects a robust diversification strategy into offshore energy markets through its joint venture, Energy Construction Vessel (ECV). Since initiating its capital return program in November 2022, United Maritime has returned a total of $1.62 per share to its shareholders, amounting to $12.9 million.
United Maritime reported net revenues of $7.8 million and EBITDA of $0.7 million based on a daily TCE of $9,953 for the quarter. Tsantanis expressed optimism regarding United Maritime’s prospects, noting that the company has secured approximately 79% of its second quarter days at a projected rate of $16,835, significantly higher than in the first quarter.
Furthermore, the spin-off increased its equity interest in the ECV joint venture to approximately 30%, which Tsantanis described as a significant milestone in diversifying earnings beyond dry bulk. The ECV project is strategically positioned to capitalize on the increasing demand in both traditional offshore energy and renewable sectors, particularly in an environment of constrained supply.
As the first quarter progressed, Seanergy successfully expanded its fleet, adding both a capesize vessel and a Newcastlemax vessel, which have commenced employment under index-linked time charters. These additions bring the total fleet to 21 vessels, solidifying Seanergy’s standing as a leading pure-play capesize shipping company.
In terms of financial maneuvers, the company completed $88.1 million in financing and refinancing agreements during the quarter, effectively addressing all near-term debt obligations while maintaining a loan-to-value ratio below 50%. Tsantanis reiterated the company’s strategic focus on positioning itself competitively in the capesize sector, stating, “We 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.”
Looking ahead to the remainder of 2025, Seanergy reported securing nearly one-third of its operating days for the year at an average daily rate exceeding $22,000. This advance booking fortifies the company’s cash flow generation prospects, part of the rationale behind declaring the quarterly dividend. Total shareholder returns, including stock repurchases, have reached approximately $43.1 million.
Analysts remain cautiously optimistic about Seanergy’s trajectory. Tsantanis underscored the positive outlook for the capesize segment, noting that global seaborne trade volumes and ton-mile demand continue to grow. This expansion is tempered by a historical low order book for new vessels, increased newbuilding costs, and tighter environmental regulations.
Despite the broader economic challenges arising from tariffs, trade tensions, and climatic disruptions, Seanergy has observed resilience in trading iron ore and bauxite. The company anticipates that iron ore shipments will strengthen in the latter half of the year, buoyed by increased exports from Brazil and the commencement of West African exports from Simandou toward the end of 2025. Bauxite trading may experience short-term volatility due to political instability in Guinea; however, the company believes in the sector’s long-term growth potential.
In the coal sector, despite an observed decrease in traded volumes earlier in the year, Seanergy notes a sustained surge in energy demand, contributing to a robust long-term seaborne trade outlook, particularly driven by the growing coal-fired power generation in Southeast Asia.
As the company navigates through a challenging first quarter, Seanergy Maritime Holdings Corp. remains optimistic about its financial health, earnings visibility, and growing fleet capacity. With strategic enhancements to its operational model and a resilient stance towards market fluctuations, Seanergy is well-positioned to deliver favorable outcomes as the year progresses.