Seanergy Maritime (NASDAQ:SHIP) reported fourth-quarter and full-year 2025 results highlighting its fifth consecutive year of profitability, continued shareholder distributions, and further steps toward fleet renewal centered on Capesize and Newcastlemax vessels.
Quarterly and full-year results
Chairman and CEO Stamatis Tsantanis said the company delivered “strong earnings” and “meaningful cash flow” in 2025 while strengthening its balance sheet. He reported earnings per share of $0.68 for the fourth quarter of 2025 and $1.28 for the full year, and pointed to both net income and vessel value appreciation since 2021 as evidence of the company’s operating leverage.
- Net revenue: $49.4 million
- Adjusted EBITDA: $28.9 million
- Net income: $12.5 million
For the full year 2025, Gyftakis reported:
- Net revenue: $158.1 million
- Adjusted EBITDA: $81.7 million
- Net income: $21.2 million
- Earnings per share (as stated by CFO): $1.02
Gyftakis also highlighted profitability metrics, citing an EBITDA margin of approximately 50% and an operating cash flow margin of roughly 33%. Daily operating expenses averaged about $7,100 per vessel, which he said was only modestly higher year over year despite inflation and an aging fleet profile.
Dividends and capital returns
Management emphasized capital returns alongside fleet modernization. Tsantanis said Seanergy declared total dividends of $0.43 per share in 2025, including $0.20 for the fourth quarter. Since the fourth quarter of 2021, the company has returned approximately $96 million to shareholders through dividends, share buybacks, and note repurchases.
On the Q&A, Tsantanis said the company does not expect its dividend policy to be affected by the newbuild program. He indicated that proceeds from the sale of the Dukeship and other planned actions, together with financing efforts, would likely be sufficient to cover the cash portion of newbuilding expenditures while maintaining dividends.
Fleet renewal: newbuild orders and vessel sales
Seanergy reiterated its strategy of focusing “exclusively on larger bulkers,” specifically Capesizes and Newcastlemaxes. Tsantanis said the company has secured three high-specification eco newbuildings—two Capesizes and one Newcastlemax—at Chinese shipyards, with deliveries scheduled between Q2 2027 and Q2 2028. The total contract cost is approximately $226 million.
As part of fleet optimization, Tsantanis said the company recently concluded the sale of a 2010-built Dukeship at a firm price and earlier in 2025 sold the 2010-built Geniuship. He described the current strength in secondhand vessel values as supportive of executing the fleet transition in a “disciplined and measured manner” while maintaining a strong balance sheet.
Gyftakis provided a schedule for expected cash deployment tied to the newbuilding plan: approximately $80 million in 2026, $100 million in 2027, and $50 million in 2028. He said financing has been secured for two of the three vessels on what the company described as attractive terms, with discussions ongoing for the third.
Chartering performance and early 2026 outlook
Management attributed results in part to a chartering approach combining index-linked exposure with selective forward coverage. Tsantanis said Seanergy achieved a daily time charter equivalent (TCE) of about $26,600 in the fourth quarter and approximately $21,000 per day for the full year, with fleet utilization above 96% despite an “intense drydocking schedule.” Gyftakis added that full-year TCE averaged $20,937 per day, close to the annual Baltic Capesize Index average.
For the first quarter of 2026, Tsantanis said the company expects TCE of about $25,300 per day, based on the forward freight agreement curve for remaining days in February and March. He also said that from Q2 through Q4 of 2026, the company has fixed approximately 32% of available fleet days at an average gross rate of about $27,300, with potential upside from profit-sharing arrangements on two vessels.
In response to an analyst question about the mix of spot versus longer-term coverage, Tsantanis said the company had already fixed about 35% of days in “some sort of long-term contracts” through the end of the year and expects to shift more ships from floating to fixed if the market strengthens further.
Balance sheet, refinancing activity, and market commentary
At year-end, the company reported $62.7 million in cash and cash equivalents, which Gyftakis said equated to about $3.1 million per vessel. He said the debt-to-capital ratio remained well below 50%.
Gyftakis reported total debt of approximately $294 million (gross of deferred finance fees). Fleet loan-to-value ended the year at about 43%, with net LTV at 34%, supported by refinancing activity and vessel valuations. He also said debt per vessel was about $14.7 million compared with an average market value of $34.1 million, and that roughly 70% of total debt is covered by scrap value. Daily cash interest expense per vessel decreased to approximately $2,570 per day, a 6% year-over-year improvement, according to the CFO.
Management also discussed recent refinancing steps that “lowered margins” and extended maturities, while securing funding for two newbuildings with what it called limited covenant restrictions and added flexibility, including purchase and prepayment options.
On market conditions, Tsantanis said the Baltic Capesize Index averaged about $21,300 per day in 2025, with a softer first half followed by a second-half recovery supported by restocking activity in China. He cited record iron ore exports from Brazil and record bauxite exports from Guinea as drivers of Capesize tonne-mile demand. For early 2026, he said the BCI averaged about $22,000 over the first weeks of the year and described it as one of the strongest first quarters of past decades, citing year-over-year growth in Guinea bauxite exports and strong iron ore cargo activity during a typically weaker seasonal period.
On supply, Tsantanis said the Capesize order book represents about 12% of the fleet while about 9% of the fleet is 20 years or older, and added that around 40% of larger bulkers (including Capesizes, Newcastlemaxes, and VLOCs) are older than 15 years. He also flagged special surveys expected in 2026 and 2027 for ships built in 2011 and 2012, which he said could reduce effective supply by more than 1.5% in each of those years, with some estimates calling for a 2% to 2.5% reduction.
About Seanergy Maritime (NASDAQ:SHIP)
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is a dry bulk shipping company that provides seaborne transportation services for major commodities, including iron ore, coal and grain. The company’s operations encompass both time charter and voyage charter contracts, enabling customers to secure vessel capacity on either a fixed-rate or spot basis. Its client base includes commodity producers, trading houses and industrial end users seeking global logistics solutions for bulk materials.
The company’s core assets consist of a fleet of modern dry bulk carriers, spanning Capesize, Panamax and Supramax classes.
