Highlights
(in million USD, except EPS)
Q4 2025
Q4 2024
12M 2025
12M 2024
Net Revenues
$49.4
$41.7
$158.1
$167.5
Net income
$12.5
$6.6
$21.2
$43.5
Adjusted net income1
$14.4
$7.1
$26.7
$48.8
EBITDA1
$26.7
$19.9
$78.3
$92.6
Adjusted EBITDA1
$28.9
$20.4
$81.7
$98.4
Earnings per share Basic
$0.59
$0.32
$1.02
$2.12
Earnings per share Diluted
$0.59
$0.32
$1.01
$2.11
Adjusted earnings per share Basic1
$0.68
$0.34
$1.28
$2.39
Adjusted earnings per share Diluted1
$0.68
$0.34
$1.28
$2.38
Highlights and Developments:
Fifth consecutive year of profitability, delivering adjusted EPS of $1.28, underscoring the resilience and earnings power of Seanergy's pure-play Capesize strategy across cycles
Declared a Q4 cash dividend of $0.20 per share and total cash dividends for 2025 of $0.43 per share
The Q4 dividend marks the Company's 17th consecutive quarterly dividend bringing cumulative distributions to $2.64 per share, or approximately $51.2 million
Expanded the prompt newbuilding program to three eco vessels totaling $226 million, securing attractive early delivery positions and enhancing future earnings capacity:
Two scrubber-fitted 181,000 dwt Capesize bulkers with expected deliveries in Q2 and Q3 2027
One scrubber-fitted 211,000 dwt Newcastlemax bulker with expected delivery in Q2 2028
Advanced fleet renewal through the sale of the 2010-built M/V Dukeship at a highly attractive valuation, via an 18-month bareboat charter with purchase obligation, generating positive cash flows and releasing significant liquidity
Completed $123.0 million of refinancings at improved terms, generating $51.9 million of incremental liquidity in Q4 and this year to date
Q1 TCE guidance of $25,2732, representing a 14% premium to the average AV5 Baltic Capesize Index year-to-date
____________________________1 Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.
ATHENS, Greece, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. ("Seanergy" or the "Company") (NASDAQ:SHIP), a leading pure-play Capesize shipping company, today reported its financial results for the fourth quarter and twelve months ended December 31, 2025, and announced a quarterly cash dividend of $0.20 per common share. This represents Seanergy's 17th consecutive quarterly dividend under its capital return policy, with total cash dividends for 2025 of $0.43 per common share, underscoring the Company's commitment to disciplined capital allocation and consistent shareholder returns.
For the quarter ended December 31, 2025, Seanergy generated Net Revenues of $49.4 million, up from $41.7 million in the fourth quarter of 2024. Net Income and Adjusted Net Income for the quarter were $12.5 million and $14.4 million, respectively, compared to Net Income of $6.6 million and Adjusted Net Income of $7.1 million in the fourth quarter of 2024. Adjusted EBITDA for the quarter was $28.9 million, compared to $20.4 million in the same period of 2024. The fleet achieved a daily Time Charter Equivalent ("TCE") of $26,614 for the fourth quarter of 2025.
For the full year 2025, Seanergy delivered Net Revenues of $158.1 million, compared to $167.5 million in 2024. Net Income and Adjusted Net Income were $21.2 million and $26.7 million, respectively, compared to Net Income of $43.5 million and Adjusted Net Income of $48.8 million in 2024. Adjusted EBITDA for the twelve months was $81.7 million, compared to $98.4 million for 2024. The daily TCE rate of the fleet for 2025 was $20,937, compared to $25,063 in 2024. The average daily OPEX was $7,127 compared to $6,976 in 2024.
Cash and cash-equivalents and restricted cash, as of December 31, 2025, stood at $62.7 million. Stockholders' equity at the end of the fourth quarter was $281.4 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $290.2 million, while the book value of the fleet was $506.7 million, including vessels under construction.
Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"Driven by a strong Capesize market, Seanergy delivered a very strong fourth quarter, marking our fifth consecutive year of profitability. This performance reflects the durability of our pure-play Capesize strategy, disciplined balance sheet management, and our ability to consistently capture market upside.
"We remain firmly focused on delivering consistent shareholder returns. In 2025, we distributed $0.43 per common share in cash dividends, and with the declaration of the Q4 dividend of $0.20 per common share, we marked our 17th consecutive quarterly dividend. Since launching our dividend program, we have returned $2.64 per common share, or approximately $51.2 million, to our shareholders, underscoring both the strong earnings capacity of our fleet and our disciplined approach to capital allocation.
"Looking ahead, market fundamentals remain constructive as we move into 2026. Robust iron ore and bauxite trade flows, limited Capesize newbuilding supply, and favorable ton-mile dynamics continue to support earnings visibility. With a high-quality fleet, predominantly index-linked employment, and balanced leverage profile, we believe Seanergy is well positioned to capture meaningful upside in this favorable environment.
"Our fleet renewal program is progressing as planned and remains a core strategic priority. In recent months, we added two prompt, eco newbuilding orders at leading Chinese shipyards: a scrubber-fitted Capesize sister vessel to the unit previously announced, scheduled for delivery in Q3 2027, and a scrubber-fitted Newcastlemax scheduled for delivery in Q2 2028. The total current newbuilding investment of approximately $226 million reflects our intention to continue pursuing selective and prompt newbuilding opportunities when market conditions and financing terms are favorably aligned.
"In parallel, and taking advantage of firm secondhand values, we recently agreed to sell the 2010-built Dukeship through an 18-month bareboat arrangement, crystallizing a solid price and generating positive cash flows through the bareboat period. We continue to actively evaluate opportunities to optimize our fleet through selective acquisitions and targeted disposals, while keeping long-term shareholder value and returns as a top priority.
"On the commercial front, we secured index-linked renewals for five vessels, maintaining full participation in a strengthening market while selectively utilizing FFAs to manage volatility. This disciplined approach continues to deliver strong commercial performance. For the first quarter of 2026, we estimate a daily TCE of approximately $25,300, representing a 14% premium to the prevailing AV5 BCI year-to-date, based on the current FFA curve, with approximately 77% of available days fixed at an average rate of $24,739.
"Seanergy enters 2026 from a position of financial strength, operational excellence, and strategic clarity, with a clear path toward continued per-share value creation for our shareholders."
______________________________2 This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates, or projected utilization rates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the BCI 5TC 180 rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to $27,830 (based on the FFA curve as of February 12, 2026). Spot estimates are provided using the load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE rate will be reduced accordingly.
Company Fleet:
Vessel Name
Capacity (DWT)
YearBuilt
Yard
Scrubber Fitted
Employment Type
FFA conversion option(1)
Minimum time charter ("T/C") expiration
Maximum T/C expiration(2)
Charterer
Titanship
207,855
2011
NACKS
-
T/C Index Linked
No
09/2026
03/2027
Cargill
Meiship
207,851
2013
Imabari
-
T/C Index Linked
No
02/2026
06/2026
Cargill
Patriotship
181,709
2010
Imabari
Yes
T/C Index Linked
Yes
01/2027
03/2027
Glencore
Paroship
181,415
2012
Koyo -Imabari
Yes
T/C Index Linked
Yes
07/2027
12/2027
Oldendorff
Worldship
181,415
2012
Koyo, Imabari
Yes
T/C Index Linked
Yes
11/2026
03/2027
NYK
Kaizenship
181,396
2012
Koyo Dock
-
T/C Index Linked
Yes
07/2026
09/2026
MOL
Iconship
181,392
2013
Imabari
-
T/C Index Linked
Yes
03/2026
06/2026
Cargill
Hellasship
181,325
2012
Imabari
-
T/C Index Linked
Yes
04/2027
08/2027
NYK
Honorship
180,242
2010
Imabari
-
T/C Index Linked
Yes
06/2026
10/2026
NYK
Fellowship
179,701
2010
Daewoo
-
T/C Index Linked
Yes
06/2026
11/2026
Anglo American
Championship
179,238
2011
Sungdong SB
Yes
T/C Index Linked
Yes
04/2027
08/2027
Cargill
Partnership
179,213
2012
Hyundai
Yes
T/C Index Linked
Yes
01/2027
05/2027
Glencore
Knightship
178,978
2010
Hyundai
Yes
T/C Index Linked
Yes
12/2026
04/2027
Glencore
Lordship
178,838
2010
Hyundai
Yes
T/C Index Linked
Yes
01/2027
03/2027
Glencore
Blueship
178,459
2011
Mitsui SB
-
T/C Index Linked
Yes
06/2026
11/2026
NYK
Friendship
176,952
2009
Namura
-
T/C Index Linked
Yes
10/2026
03/2027
NYK
Flagship
176,387
2013
Mitsui
-
T/C Index Linked
Yes
10/2027
02/2028
Cargill
Premiership
170,024
2010
Sungdong SB
Yes
T/C Index Linked
Yes
03/2027
05/2027
Glencore
Squireship
170,018
2010
Sungdong SB
Yes
T/C Index Linked
Yes
03/2027
05/2027
Glencore
Total /Average age
3,452,408
14.6 years
-
-
-
-
-
