Seanergy Maritime Holdings reported its fifth consecutive year of profitability, with adjusted earnings per share of 1.28 dollars, confirming the momentum of its pure-play Capesize strategy.
For fiscal year 2025, the NASDAQ-listed shipping company also paid its 17th consecutive quarterly dividend, with a distribution of 0.20 dollars per share for the fourth quarter. Total dividends reached 0.43 dollars per share for 2025, with total returns to shareholders amounting to 2.64 dollars per share (approximately 51.2 million).
The company also strengthened its shipbuilding program with three eco newbuildings, worth a total of 226 million dollars. Two are capesize vessels of 181,000 dwt with scrubber, with delivery in the second and third quarters of 2027. The other is a 211,000 dwt newcastlemax with scrubber, with delivery in the second quarter of 2028.
In parallel, the company renewed its fleet with the sale of the M/V Dukeship, through an 18-month bareboat charter with an obligation to buy, and completed refinancings of 123 million, with a liquidity boost of 51.9 million since the fourth quarter.
In the fourth quarter of 2025, the company had net revenue of 49.4 million, compared to 41.7 million in the same period in 2024. Net income and adjusted net income in 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 stood at 28.9 million, compared to 20.4 million in the same period in 2024. The fleet’s average daily cost (TCE) was 26,614.
Despite market volatility in the first months of the year, net turnover was 158.1 million, compared to 167.5 million in 2024. Net profit and adjusted net profit for the twelve months were 21.2 million and 26.7 million, respectively, compared to net profit of 43.5 million and adjusted net profit of 48.8 million for 2024.
Stamatis Tsantanis, the company’s chairman and CEO, said: “2025 was another strong year for Seanergy, marking the fifth consecutive year of profitability. Our strategy as a pure-play Capesize company and prudent balance sheet management allowed us to effectively capitalize on market dynamics.
We remain committed to creating value for our shareholders. With a total dividend of 0.43 per share for 2025 and 17 consecutive quarterly dividends of 2.64 per share, or approximately 51.2 million, we reaffirm our commitment to consistently rewarding our shareholders.
The outlook for the Capesize market remains positive. Strong demand for iron ore and bauxite, limited supply of new vessels and increasing ton-miles contribute to a favorable environment, enhancing the ability to estimate future revenues. With a quality fleet, high exposure to index-linked charters and balanced financial leverage, Seanergy is well-positioned to benefit from further strengthening of the market.
At the same time, we are dynamically advancing our fleet renewal program, with investments of 226 million, so far, in three eco newbuildings Capesize and Newcastlemax vessels. These investments strengthen the long-term competitiveness and environmental performance of our fleet.
Taking advantage of high valuation levels in the secondary market, we agreed to sell the Capesize vessel MV Dukeship (2010) through an 18-month bareboat charter with purchase obligation, ensuring an attractive price and enhancing liquidity.
We continue to selectively evaluate acquisition and targeted sales opportunities, with the aim of continuously renewing and upgrading our fleet, while maintaining long-term value for our shareholders.”
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