Other Highlights and Developments:
▪ Fleet TCE of $13,403, outperforming the Baltic Capesize Index (“BCI”) by 3% in Q1 2025
▪ Declared $0.05 per share quarterly cash dividend – 14th consecutive quarterly dividend - Cumulative cash dividends of $2.26 per share, totaling $43.1 million
▪ $88.1 million in new financings and refinancings at improved terms and pricing
▪ Estimated fleet loan-to-value (“LTV”) below 50%; no significant maturities before Q2 2026
▪ Delivery of two Japanese vessels and commencement of period employments
Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize shipping company, 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 fastgrowing 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.”
First Quarter and Recent Developments:
Dividend Distribution for Q4 2024 and Declaration of Q1 2025 Dividend
On April 10, 2025, the Company paid a quarterly dividend of $0.10 per share for the fourth quarter of 2024 to all shareholders of record as of March 27, 2025.
The Company has declared a quarterly cash dividend of $0.05 per common share for the first quarter of 2025 payable on or about July 10, 2025, to all shareholders of record as of June 27, 2025.
Vessel Transactions and Commercial Updates
M/V Blueship – Bareboat Agreement and New T/C agreement
On February 25, 2025, the Company took delivery of a 2011-built Capesize dry bulk vessel of 178,459 dwt, built at Mitsui SB, through a six-month bareboat charter. The vessel was renamed M/V Blueship.
In March 2025, following the completion of her drydock, the M/V Blueship commenced a T/C employment with Nippon Yusen Kabushiki Kaisha (“NYK”), for a period of minimum 15 months to about 19 months. The gross daily hire is based on the 5 T/C routes of the BCI plus a fixed premium amount, while the Company has the option to convert the daily hire from index-linked to fixed for a minimum period of 2 months to a maximum of 12 months based on the prevailing Capesize FFA curve.
M/V Meiship – Delivery and New T/C agreement
On February 27, 2025, the Company took delivery of a 207,851 dwt Newcastlemax bulk carrier, built in 2013 at Imabari Shipbuilding Co., Ltd., Saijo Shipyard, which was renamed M/V Meiship. Concurrently, the M/V Meiship commenced its T/C employment with Costamare Bulkers Inc. (“Costamare”), for a duration of about 12 to 15 months. The gross daily rate of the time charter agreement is based on a fixed rate and includes a profit-sharing structure based on the BCI. The acquisition of the vessel was financed with cash on hand and proceeds from the Piraeus Bank Facility agreement mentioned below.
M/V Championship – Time charter extension
In May 2025, the charterer of the M/V Championship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence on November 1, 2025, for a duration of about 18 months to about 21 months. All main terms of the time charter remain materially the same.
Financing Updates
M/Vs Worldship, Honorship & Meiship - Piraeus Bank Facility agreement
In February 2025, the Company entered into a $53.6 million sustainability-linked senior credit facility to partially finance the acquisition of the M/V Meiship and to refinance the existing $24.0 million indebtedness of the M/Vs Worldship and Honorship with the same lender, at improved terms. The facility has a term of five years, while the interest rate is 2.05% plus term SOFR per annum, 55 bps lower than the rate of the refinanced agreement and can be further reduced based on certain emission reduction thresholds. The facility amortizes through 20 quarterly instalments of approximately $1.5 million and a $24.6 million balloon payment at maturity.
M/Vs Squireship & Friendship – Huarong Sale and Leaseback agreements
In March 2025, the Company entered into two separate sale and leaseback agreements totaling $34.5 million for the M/Vs Squireship and Friendship. The lessors are two Chinese entities affiliated with China Huarong Financial Leasing Co., Ltd. The proceeds were used to refinance the outstanding indebtedness of the respective vessels under a loan facility with Alpha Bank S.A. On March 20, 2025, the vessels were sold and chartered back on a bareboat basis for a period of five years. The Company has continuous options to purchase the vessels at predetermined prices, starting one year after the commencement date. The bareboat charter for the M/V Squireship amortizes in 20 quarterly installments of $0.5 million along with a purchase obligation of $8.5 million at charter expiry. The bareboat charter for the M/V Friendship amortizes in 20 quarterly installments of $0.4 million along with a purchase obligation of $7.7 million at charter expiry. Each financing bears interest at a rate of 3-month Term SOFR plus 2.15% per annum.
Full report: Seanergy Maritime Holdings Corp.