Seanergy Maritime Reports Third Quarter and Nine Months Financial Results for the Period Ended September 30, 2025

Core Insights - Seanergy Maritime Holdings Corp. reported financial results for Q3 2025, showing a net revenue increase to $47.0 million from $44.4 million in Q3 2024, and declared a quarterly cash dividend of $0.13 per share, marking the 16th consecutive dividend [6][10][11] Financial Performance - For Q3 2025, net income was $12.8 million, slightly up from $12.5 million in Q3 2024, while adjusted net income was $14.0 million compared to $14.1 million in the same period last year [3][7] - Adjusted EBITDA for Q3 2025 was $26.6 million, down from $26.8 million in Q3 2024, with EBITDA at $27.5 million compared to $25.2 million in the previous year [3][7][22] - For the nine-month period ending September 30, 2025, net revenues were $108.7 million, down from $125.8 million in the same period of 2024, with net income decreasing to $8.8 million from $36.8 million [8][9] Fleet and Operational Updates - The company's fleet achieved a daily Time Charter Equivalent (TCE) of $23,476 for Q3 2025, down from $26,529 in Q3 2024, while the nine-month TCE rate was $19,031 compared to $25,762 in the same period last year [17][20] - The average daily operating expenses increased to $7,376 in Q3 2025 from $6,637 in Q3 2024 [21] - The company sold a vintage Capesize vessel for approximately $21.6 million, generating net proceeds of about $12.0 million [10][34] Strategic Developments - Seanergy entered into its first newbuilding contract for a Capesize vessel at a cost of approximately $75 million, scheduled for delivery in the first half of 2027 [10][32][33] - The expiration of all outstanding warrants has simplified the capital structure and eliminated potential dilution [10][11][30] Market Outlook - The Capesize charter rates averaged nearly $25,000 in Q3 2025, supported by strong demand for iron ore, bauxite, and coal, with expectations for sustained strong rates due to a low order book [14][26] - The company has hedged approximately 55% of its available days for Q4 2025 at a gross rate of $24,900, estimating a TCE of around $23,900 based on current market conditions [13][26]