Seanergy Marine reports Q3 adjusted EPS 67c vs. 69c last year

Reports Q3 revenue $47M vs. $44.4M last year. Stamatis Tsantanis, CEO stated: “In Q3, Seanergy capitalized on the recovery of the Capesize market, driving higher profitability and setting a strong foundation for the rest of 2025 and 2026. Consistent with our rewards policy, we declared a $0.13 per share dividend, our 16th consecutive payout, bringing total distributions to $2.44 per share. The expiration of all outstanding warrants further streamlines our capital structure, removing legacy dilution risk and enhancing shareholder value. With a 20-vessel fleet consisting purely of high-quality Capesizes and Newcastlemaxes and a conservative capital structure, we remain well positioned to capture the upside of a robust Capesize market. During the quarter, we advanced our fleet renewal strategy by selling one of our vintage vessels at a good value, ahead of her third special survey and drydocking and placing our first-ever newbuilding Capesize order at a top-tier Chinese shipyard. The new scrubber-fitted Capesize, priced at $75 million and scheduled for delivery in the first half of 2027, represents a major step toward long-term value creation and modernization of our fleet. Going forward, we will continue to pursue disciplined fleet renewal opportunities, aligned with maintaining balance sheet flexibility and rewarding our shareholders. On the commercial front, we renewed three time-charters with existing counterparties and concluded a new charter with a leading global commodities trader. Our entire fleet remains on index-linked charters, ensuring full market exposure while managing volatility through selective FFA hedging. For Q4, after hedging approximately 55% of our available days at a gross rate of $24,900, we estimate a TCE of around $23,900 given prevailing spot rates and current FFA curve. Capesize charter rates averaged nearly $25,000 in Q3, supported by record iron ore exports from Brazil and strong bauxite and coal demand. With the Capesize orderbook below 10% of the global fleet and trade volumes expected to rise in 2026, we anticipate a sustained period of strong rates. Seanergy’s pure-play Capesize platform is ideally positioned to benefit. Our focus remains on consistent shareholder value creation through operational excellence, disciplined capital allocation, and regular dividends supported by a strong balance sheet.”