Seanergy Maritime report third quarter financial results

For the quarter ended September 30, 2025, the Company generated Net Revenues of $47.0 million, compared to $44.4 million in the third quarter of 2024. Adjusted EBITDA for the quarter was $26.6 million, compared to $26.8 million in the same period of 2024. Net Income and Adjusted Net Income for the quarter were $12.8 million and $14.0 million, respectively, compared to Net Income of $12.5 million and Adjusted Net Income of $14.1 million in the third quarter of 2024. The Company’s fleet achieved a daily Time Charter Equivalent (“TCE”) of $23 476 for the third quarter of 2025.

For the nine-month period ended September 30, 2025, the Company generated Net Revenues of US$108.7 million, compared to US$125.8 million in the same period of 2024. Net Income and Adjusted Net Income for the nine months were US$8.8 million and US$12.3 million, respectively, compared to Net Income of US$36.8 million and Adjusted Net Income of US$41.7 million in the respective period of 2024. Adjusted EBITDA for the nine months was US$52.8 million, compared to US$78.0 million for the same period of 2024. The daily TCE rate of the fleet for the nine-month period of 2025 was US$19 031, compared to US$25 762 in the same period of 2024. The average daily OPEX was US$7086 compared to US$6873 of the respective period of 2024.

Cash and cash-equivalents and restricted cash, as of September 30, 2025, stood at US$36.8 million. Stockholders’ equity at the end of the third quarter was US$271.3 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at US$287.5 million, while the book value of the fleet was US$513.7 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“In Q3, Seanergy capitalised 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 US$0.13 per share dividend, our 16th consecutive payout, bringing total distributions to US$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 US$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 US$24 900, we estimate a TCE of around US$23 900 given prevailing spot rates and current FFA curve.

“Capesize charter rates averaged nearly US$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.”

Read the article online at: https://www.drybulkmagazine.com/shipping/14112025/seanergy-maritime-report-third-quarter-financial-results/