Seanergy Maritime Reports Financial Results for the Quarter Ended March 31, 2025 and Declares Cash Dividend of $0.05 Per Share

Financial Performance - For Q1 2025, the company reported net revenues of $24.2 million, a decrease from $38.3 million in Q1 2024, reflecting a decline of approximately 37.5% [5][4] - The net loss for the quarter was $6.8 million, compared to a net income of $10.2 million in the same period last year [5][4] - Adjusted net loss was $5.2 million, down from an adjusted net income of $11.6 million in Q1 2024 [5][4] - EBITDA for Q1 2025 was $6.6 million, significantly lower than $21.6 million in Q1 2024, indicating a decline of about 69.5% [5][4] - Adjusted EBITDA also fell to $8.0 million from $23.2 million year-over-year [5][4] Fleet and Operational Highlights - The company's fleet achieved a daily Time Charter Equivalent (TCE) of $13,403 in Q1 2025, which is a 44.5% decrease from $24,073 in Q1 2024 [18][5] - Fleet utilization was reported at 96.3%, slightly down from 99.4% in the previous year [18][5] - The company has a total of 21 vessels in its fleet, with an average age of approximately 13.9 years [46][4] Dividend and Shareholder Returns - The company declared a quarterly cash dividend of $0.05 per common share for Q1 2025, marking the 14th consecutive quarterly dividend [4][11] - Cumulative cash dividends paid to shareholders have reached $43.1 million, equating to $2.26 per share [7][11] Market Outlook and Strategy - The company remains optimistic about the Capesize segment, citing expanding global seaborne trade volumes and constrained supply growth due to a low order book and tightening regulations [12][14] - The company has secured approximately one-third of its operating days for 2025 at an average daily rate exceeding $22,000, enhancing earnings visibility [11][10] - The company is focused on selective fleet expansion and strategic refinancing to improve financial flexibility [8][9] Recent Developments - The company successfully delivered two new vessels in Q1 2025, enhancing its fleet capacity [9][31] - It completed $88.1 million in new financing and refinancing transactions, improving terms and addressing near-term debt maturities [7][9] - The company has entered into various time charter agreements, including a new T/C for the M/V Meiship with Costamare [33][32]