Seanergy Maritime Reports Q1 2025 Financial Results

Seanergy Maritime Holdings Corp ( (SHIP) ) has released its Q1 earnings. Here is a breakdown of the information Seanergy Maritime Holdings Corp presented to its investors.

Seanergy Maritime Holdings Corp., a leading pure-play Capesize shipping company, provides marine dry bulk transportation services through its modern fleet of Capesize vessels. The company is publicly listed in the U.S. and operates from Glyfada, Greece.

In its latest earnings report for the first quarter of 2025, Seanergy Maritime Holdings Corp. announced a net revenue of $24.2 million, a decrease from $38.3 million in the same period last year. The company reported a net loss of $6.8 million, compared to a net income of $10.2 million in the first quarter of 2024. Despite the challenging market conditions, the company declared a quarterly cash dividend of $0.05 per share, marking its 14th consecutive quarterly dividend.

Key financial metrics highlighted a decline in EBITDA to $6.6 million from $21.6 million in the previous year. The company’s fleet achieved a daily Time Charter Equivalent (TCE) rate of $13,403, outperforming the Baltic Capesize Index by 3%. Seanergy also secured $88.1 million in new financings and refinancings at improved terms, maintaining an estimated fleet loan-to-value below 50% with no significant maturities before Q2 2026.

Looking forward, Seanergy Maritime Holdings Corp. remains optimistic about the Capesize segment, anticipating improved market conditions and stronger earnings in the second quarter. The company has already secured a significant portion of its operating days at favorable rates, providing a strong base for continued cash flow generation. The management is confident in its strategic positioning and financial strength as it navigates the rest of 2025.