Seanergy Maritime Holdings (SHIP) Q1 2025 earnings summary

Executive summary

• Entered 2025 with strong momentum after a record 2024, focusing on disciplined growth and shareholder value despite a softer Q1 earnings environment.

• Net revenues for Q1 2025 were $24.2 million, down from $38.3 million in Q1 2024, reflecting a seasonally weak dry bulk market.

• Reported net loss of $6.8 million and adjusted net loss of $5.2 million, compared to net income of $10.2 million and adjusted net income of $11.6 million in Q1 2024.

• Declared a $0.05 per share quarterly cash dividend, exceeding the usual formula and marking the 14th consecutive quarterly distribution.

• Fleet expanded to 21 vessels with the delivery of two high-quality Japanese-built ships, enhancing fleet quality and cash flow visibility.

Financial highlights

• Q1 2025 revenue was $24.2 million, EBITDA $6.6 million, and net loss $6.8 million; adjusted EBITDA reached $8 million, with an adjusted net loss of $5.2 million.

• Daily TCE was $13,403, outperforming the Baltic Capesize Index by 3%.

• Daily OpEx reduced by 7% year-over-year to $6,629 due to improved ship management efficiency.

• Cash and cash equivalents as of March 31, 2025, were $30.9 million; shareholders' equity stood at $254.8 million.

• Net cash provided by operating activities was $5.6 million, down from $14.5 million in Q1 2024.

Outlook and guidance

• Q2 2025 TCE guidance is approximately $19,100–$19,074, indicating a strong sequential improvement.

• 79% of Q2 operating days fixed at an estimated TCE rate of $19,660; about one-third of operating days for the rest of 2025 secured at over $22,000/day.

• Expectation to return to profitability in Q2, supported by market recovery and hedging.