Seanergy Maritime Holdings (SHIP) Q4 2025 earnings summary

Executive summary

• Achieved fifth consecutive year of profitability, with adjusted EPS of $1.28 for 2025 and strong Q4 and FY 2025 results driven by robust Capesize market conditions.

• Advanced fleet renewal strategy by ordering three eco newbuildings (two Capesize, one Newcastlemax) totaling $226 million and selling two older vessels, including M/V Dukeship, to improve fleet profile and release capital.

• Maintained disciplined capital allocation, returning $96.4 million to shareholders since Q4 2021 via dividends, buybacks, and note repurchases.

• Strengthened balance sheet through $123 million in refinancing, reducing fleet LTV to ~43% and generating $51.9 million in incremental liquidity.

• Declared a Q4 2025 cash dividend of $0.20 per share, totaling $0.43 per share for the year and marking the 17th consecutive quarterly dividend.

Financial highlights

• Q4 2025 net revenue: $49.4 million; adjusted EBITDA: $28.9 million; net income: $12.5 million; adjusted net income: $14.4 million.

• Full year 2025 net revenue: $158.1 million; adjusted EBITDA: $81.7 million; net income: $21.2 million; adjusted net income: $26.7 million; EPS: $1.02; adjusted EPS: $1.28.

• Q4 2025 EPS: $0.68; full year 2025 EPS: $1.28.

• Daily TCE: $26,600 in Q4; $21,000 for full year; fleet utilization exceeded 96%.

• Cash and cash equivalents at year-end 2025 were $62.7 million; stockholders' equity stood at $281.4 million.

Outlook and guidance

• Q1 2026 TCE guidance of $25,273, with 77% of available days fixed at an average rate of $24,739.

• For Q2–Q4 2026, 32% of available fleet days fixed at $27,300 average gross rate, with potential upside from profit-sharing.

• Full-year 2026 EBITDA estimated at $122 million at current FFA levels; $95 million at 2025 BCI averages; upper range projected at $154 million depending on market rates.

• Dividend policy expected to remain unchanged despite newbuilding expenditures.

• Market fundamentals for 2026 remain constructive, supported by robust iron ore and bauxite trade flows, limited Capesize newbuilding supply, and favorable ton-mile dynamics.