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Mar 31
Seanergy Q1 2025 Earnings Report
Seanergy reported a net loss in Q1 2025 due to seasonal dry bulk weakness, though it maintained dividend payouts and saw strong TCE performance relative to benchmarks.
Key Takeaways
Seanergy posted a Q1 2025 net loss of $6.8 million on $24.2 million in revenue, citing a typical seasonal slowdown. Fleet TCE of $13,403 outperformed the Baltic Capesize Index. The company declared its 14th consecutive dividend and maintained strong liquidity through $88.1 million in new financings.
Revenue decreased to $24.2 million from $38.3 million in Q1 2024.
Net Loss was $6.8 million; Adjusted Net Loss was $5.2 million.
Declared $0.05 per share quarterly dividend, totaling $43.1 million returned to shareholders to date.
Achieved fleet TCE of $13,403, outperforming the Baltic Capesize Index by 3%.
Seanergy
Seanergy
Forward Guidance
Seanergy expects higher TCE rates in Q2 2025 based on existing charter coverage and improving market conditions.
Positive Outlook
- 79% of Q2 operating days fixed at ~$19,660 TCE.
- Q2 blended TCE projected at $19,074.
- Strong forward charter coverage with ~33% of full-year days locked at >$22,000.
- Capesize demand outlook supported by growing iron ore and bauxite trade.
- Limited fleet supply growth and aging global fleet improve fundamentals.
Challenges Ahead
- Seasonal dry bulk weakness impacted Q1 performance.
- Coal volumes moderated after strong 2024.
- Uncertainty due to Guinea political situation affecting bauxite trade.
- Increased ballast days could reduce revenue recognition.
- Market volatility remains amid macroeconomic and geopolitical risks.