Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) Q1 2025 Earnings Call | 05/27/2025

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Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported its Q1 2025 results on May 27, 2025, reflecting a challenging quarter as the company navigated a seasonally weak Capesize shipping market and softer freight rates. Net revenues for the quarter were $24.2 million, down from $38.3 million in Q1 2024, while the company posted a net loss of $6.8 million, compared to net income of $10.2 million in the prior year period. Adjusted net loss was $5.2 million, contrasting with an adjusted net income of $11.6 million a year earlier. EBITDA for the quarter was $6.6 million, with adjusted EBITDA at $8.0 million, both down sharply from $21.6 million and $23.2 million, respectively, in Q1 2024. Basic and diluted loss per share from continuing operations was $0.34, compared to basic and diluted earnings per share of $0.50 in the previous year. The company declared a quarterly cash dividend of $0.05 per share, marking its 14th consecutive quarterly dividend and bringing cumulative cash dividends to $2.26 per share, totaling $43.1 million since 2022. As of March 31, 2025, Seanergy held $30.9 million in cash and cash equivalents, with shareholders’ equity at $254.8 million and long-term debt net of deferred charges at $318.8 million. Operationally, the fleet achieved a daily Time Charter Equivalent (TCE) of $13,403, outperforming the Baltic Capesize Index (BCI) by 3% for the quarter, underscoring the effectiveness of Seanergy’s commercial and hedging strategy. During the quarter, the company expanded its fleet to 21 vessels, including the delivery of one Capesize and one Newcastlemax vessel, both employed under index-linked time charters. Seanergy also completed $88.1 million in new financing and refinancing transactions, addressing all near-term debt maturities and further strengthening its liquidity position. Looking ahead, management provided Q2 2025 guidance indicating that approximately 79% of the fleet’s expected operating days have been fixed at an estimated TCE rate of $19,660, reflecting optimism for improved profitability as Capesize market rates recover. The company remains committed to disciplined fleet growth, balance sheet strength, and consistent capital returns, with a strategic focus on leveraging long-term Capesize market fundamentals. Outlook: Q2 2025: 79% of fleet operating days fixed at an estimated TCE of $19,660. Continued focus on fleet optimization, financial flexibility, and capital returns. Management expects improved profitability as Capesize rates rebound in the second half of 2025. About Inside Ticker: For more expert analysis and real-time updates on Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) and other market movers, follow Inside Ticker and visit InsideTicker.com for in-depth reports, financial insights, and the latest news on leading companies. #SeanergyMaritime #SHIP #EarningsCall #Q12025 #Capesize #DryBulk #Shipping #Dividend #FleetExpansion #FinancialResults #StockMarket #InsideTicker