Seacon Shipping (2409) H1 2025 earnings summary

Executive summary

• H1 revenue was US$137.4m, down 0.3% YoY; profit fell 29.3% to US$23.0m as weaker shipping and higher costs outweighed ship-management growth.

• Ship management expanded strongly while shipping services faced weaker freight indices and trade volumes; fleet expansion and vessel disposals continued.

• Three vessel disposals generated US$13.7m in net gains, supporting results amid lower shipping profitability.

Financial highlights

• Gross profit declined 27.3% to US$27.5m and gross margin fell to 20.0% from 27.5%.

• Operating profit was US$31.4m versus US$41.1m; profit before tax was US$23.3m versus US$32.9m.

• Net profit was US$23.0m versus US$32.6m; attributable profit was US$19.6m versus US$30.7m, and basic and diluted EPS were US$0.039 versus US$0.061.

• Net cash from operating activities was US$25.0m versus US$46.4m; cash and cash equivalents ended at US$57.3m versus US$65.8m at December 2024.

• Other gains, net were US$14.7m, including a US$13.7m net gain on disposal of property, plant and equipment; finance costs fell 11.7% to US$7.9m.

Outlook and guidance

• Short-term financial results are expected to show solid growth, supported by expanded shipping capacity and ship-management services; no numerical earnings guidance was stated.

• Five new vessels, four bareboat-chartered vessels and one invested chemical tanker, adding 425,700 dwt, were expected to enter operation in H2 2025.

• Fourteen vessels under construction or contracted are expected to add 1,081,900 dwt, with deliveries from H2 2025 through early 2028.

• Plans include increasing oil and chemical tanker capacity as chemical-product and logistics demand improves, and expanding ship-management bases and services.