Seanergy Maritime Holdings Corp ( (SHIP) ) has released its Q2 earnings. Here is a breakdown of the information Seanergy Maritime Holdings Corp presented to its investors.
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Seanergy Maritime Holdings Corp. is a leading pure-play Capesize shipping company that provides marine dry bulk transportation services through its modern fleet of Capesize vessels. The company is publicly listed in the U.S. and operates 21 vessels with an average age of approximately 14.1 years.
In its latest earnings report for the second quarter and first half of 2025, Seanergy Maritime Holdings Corp. announced a quarterly cash dividend of $0.05 per share. The company reported net revenues of $37.5 million for the second quarter, a decrease from $43.1 million in the same period of 2024. Despite the decline in revenues, the company returned to profitability with a net income of $2.9 million for the quarter.
Key financial metrics highlighted in the report include an adjusted EBITDA of $18.3 million for the second quarter, down from $28.0 million in 2024. The company’s fleet achieved a daily Time Charter Equivalent (TCE) rate of $19,807, outperforming the Baltic Capesize Index by 6%. Additionally, Seanergy completed $110.6 million in financings and refinancings year-to-date, including a $22.5 million sale and leaseback transaction for the M/V Blueship.
Looking ahead, Seanergy’s management remains optimistic about the second half of 2025, expecting to capitalize on favorable market conditions. The company has already secured 62% of its operating days for the third quarter at a rate of $22,375, with a projected total fleet TCE of $23,081. With a healthy balance sheet and strategic hedging activities, Seanergy is well-positioned to enhance shareholder rewards and navigate the uncertain macroeconomic environment.