Ordering its first-ever newbuilding vessel, Seanergy Maritime marks a key milestone in the company’s fleet renewal and modernization strategy.
As well as for the third quarter of 2025 the Nasdaq listed company presented quarterly cash dividend of $0.13 per common share—marking the 16th consecutive quarterly dividend under its capital return policy and 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.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “In Q3, Seanergy capitalized 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 $0.13 per share dividend, our 16th consecutive payout, bringing total distributions to $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 $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 $24,900, we estimate a TCE of around $23,900 given prevailing spot rates and current FFA curve. “Capesize charter rates averaged nearly $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.”
The Company’s operating fleet consists of 20 vessels (2 Newcastlemax and 18 Capesize) with an average age of approximately 14.4 years and an aggregate cargo carrying capacity of approximately 3,633,861 dwt. The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.
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