Seacon Shipping (2409) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 14.8% YoY to $323.8m, while profit fell 44.7% to $41.4m as shipping revenue and margins weakened and vessel expansion raised costs.

• Ship management growth partly offset weaker shipping results; a $33.0m vessel-disposal gain supported reported earnings.

Financial highlights

• Revenue was $323.846m vs. $282.136m; gross profit $54.461m vs. $64.376m; operating profit $64.213m vs. $90.103m.

• Profit before tax was $41.890m vs. $77.422m; profit for the year $41.370m vs. $74.785m; shareholder profit $35.980m vs. $70.340m.

• EBITDA was $101.2m, down 19.6% YoY; basic and diluted EPS were both $0.072 vs. $0.141.

• Other gains, net, were $31.913m, including $33.036m net gains from disposal of six vessels; 2024 included $46.166m of vessel-disposal gains.

• One-off vessel acceptance costs followed concentrated delivery of 22 vessels; one-off professional, advisory and transaction costs also increased selling, general and administrative expenses.

Outlook and guidance

• 20 vessels are expected to enter operation in 2026, adding ~558,100 dwt; 44 vessels under construction at year-end are expected to add ~1,224,500 dwt and 80,000 cbm in total.

• Strategy priorities include balancing controlled and chartered-in capacity, renewing the fleet, expanding specialist ship management, and growing LNG bunkering and other new-energy activities.

• Management expects controlled-vessel margins to recover as new vessels pass their operational break-in period and upfront costs subside.