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Sep 30, 2025
Seanergy Q3 2025 Earnings Report
Seanergy reported increased profitability in Q3 2025, supported by a strong Capesize market and fleet expansion.
Key Takeaways
Seanergy delivered solid quarterly earnings with $47 million in revenue and $12.8 million in net income, benefiting from high TCE rates and disciplined cost control. The company declared a $0.13 dividend and expanded its fleet renewal efforts.
Net revenues reached $47 million, up from $44.4 million in Q3 2024.
Net income rose slightly to $12.8 million, maintaining profitability.
Declared a quarterly dividend of $0.13 per share—16th consecutive payout.
Average TCE rate was $23,476, with 97.1% fleet utilization.
Forward Guidance
Seanergy expects to maintain strong TCE performance in Q4 2025 with over 75% of days fixed at favorable rates and ongoing fleet modernization initiatives.
Positive Outlook
- Estimated Q4 TCE rate projected at $23,878.
- Fleet fully employed on index-linked charters, capturing market upside.
- New Capesize vessel order aligns with long-term strategy.
- High charter renewal activity with premium BCI-linked terms.
- Balance sheet remains strong with over $36 million in liquidity.
Challenges Ahead
- Operating expenses increased to $7,376 per vessel per day.
- TCE rate declined from $26,529 in Q3 2024 to $23,476 in Q3 2025.
- Fleet average age remains 14.4 years, indicating aging profile.
- Long-term debt increased to $287.5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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