Core Points - Seanergy Maritime Holdings Corp. has successfully completed the strategic sale of its Capesize vessel, M/V Geniuship, optimizing its fleet and enhancing liquidity [1][5] - The expiration of Class E warrants on August 20, 2025, leaves Seanergy with no outstanding warrants or convertible securities [3][4] Sale of M/V Geniuship - The M/V Geniuship, a 170,057 dwt Capesize bulker built in 2010, was sold for a gross price of approximately $21.6 million [2] - The transaction generated net cash proceeds of approximately $12.0 million and is expected to result in an accounting profit of around $2.5 million, which will be recorded in the third quarter financial results [2] Expiration of Class E Warrants - Class E warrants were issued on August 20, 2020, with a five-year term and an exercise price of $3.98 per share [3] - Following previous exercises and a tender offer, 57,225 common shares remained outstanding as of the expiration date [3] Strategic Implications - The sale of M/V Geniuship aligns with the company's fleet renewal strategy and enhances liquidity and earnings profile [5][6] - The expiration of the Class E and Class D warrants streamlines the capital structure, eliminating legacy dilution risks and enabling cleaner value recognition for shareholders [6] Company Overview - Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company, operating a fleet of 20 vessels with an average age of approximately 14.3 years and a total cargo carrying capacity of about 3,633,861 dwt [7]

Core Insights - Seanergy Maritime Holdings Corp. reported its financial results for Q2 2025, showing a decline in net revenues and net income compared to Q2 2024, but declared a quarterly cash dividend of $0.05 per share, marking the 15th consecutive quarterly dividend [5][6][29]. Financial Performance - For Q2 2025, net revenues were $37.5 million, down from $43.1 million in Q2 2024 [6]. - Net income for Q2 2025 was $2.9 million, compared to $14.1 million in Q2 2024 [6]. - Adjusted net income for Q2 2025 was $3.8 million, down from $16.0 million in Q2 2024 [6]. - EBITDA for Q2 2025 was $17.4 million, compared to $25.8 million in Q2 2024 [6]. - Adjusted EBITDA for Q2 2025 was $18.3 million, down from $28.0 million in Q2 2024 [6]. Operational Highlights - The fleet achieved a daily Time Charter Equivalent (TCE) of $19,807 in Q2 2025, representing a 6% premium over the average Baltic Capesize Index (BCI) of $18,681 for the same period [6][12]. - For the six-month period ended June 30, 2025, net revenues were $61.7 million, down from $81.4 million in the same period of 2024 [7]. - The average daily operating expenses (OPEX) were $6,937, slightly down from $6,999 in the respective period of 2024 [9][20]. Market Conditions - The Capesize market showed significant improvement in Q2 2025, with the BCI averaging approximately $18,700 per day, up from about $13,000 in Q1 2025, driven by a 16% rise in iron ore exports from Australia and Brazil [14][15]. - The Capesize orderbook remains at historically low levels at around 8% of the existing fleet, with approximately 7% of the fleet being over 20 years old [15]. Strategic Initiatives - The company completed $110.6 million in financings and refinancings year-to-date, including a $22.5 million sale and leaseback transaction for the M/V Blueship [8][13]. - The company has fixed about 62% of its operating days for Q3 2025 at a rate of $22,375, projecting a total fleet TCE of $23,081 [12][28]. Dividend Policy - The company declared a quarterly cash dividend of $0.05 per share for Q2 2025, reflecting its commitment to returning value to shareholders [5][29].

Core Points - Seanergy Maritime Holdings Corp. will release its financial results for Q2 and the first half of 2025 on August 5, 2025, before the market opens in New York [1] - A conference call and webcast will be held on the same day at 9:00 a.m. Eastern Time to discuss these results [2] Company Overview - Seanergy Maritime Holdings Corp. is a leading pure-play Capesize shipping company listed in the U.S., providing marine dry bulk transportation services with a fleet of 21 vessels, including 2 Newcastlemax and 19 Capesize [5] - The average age of the fleet is approximately 14.1 years, with a total cargo carrying capacity of about 3,803,918 deadweight tons (dwt) [5] - The company is incorporated in the Republic of the Marshall Islands and has its executive offices in Glyfada, Greece, trading on the Nasdaq Capital Market under the symbol "SHIP" [6]

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]

Core Viewpoint - Seanergy Maritime Holdings Corp. is set to release its financial results for the first quarter ended March 31, 2025, on May 27, 2025, before the market opens in New York [1]. Group 1: Financial Results Announcement - The financial results will be announced prior to the market opening on May 27, 2025 [1]. - A conference call and simultaneous Internet webcast will be held on the same day at 09:00 a.m. Eastern Time to review these results [2]. Group 2: Company Overview - Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. [5]. - The company operates a modern fleet consisting of 21 vessels, including 2 Newcastlemax and 19 Capesize vessels, with an average age of approximately 13.9 years and a total cargo carrying capacity of about 3,803,918 dwt [5]. - The company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece, with its common shares trading on the Nasdaq Capital market under the symbol "SHIP" [6].

Company Overview - Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. [2] - The company provides marine dry bulk transportation services through a modern fleet of Capesize vessels, consisting of 21 vessels (2 Newcastlemax and 19 Capesize) with an average age of approximately 13.8 years and an aggregate cargo carrying capacity of approximately 3,803,918 dwt [2]. Recent Developments - The company announced the filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1]. - The Annual Report can be accessed through Seanergy's website in the "Investor Relations" section under "Financial Reports" [1]. Corporate Structure - Seanergy is incorporated in the Republic of the Marshall Islands and has executive offices located in Glyfada, Greece [3]. - The company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP" [3].