Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported an increase in revenue and net income for the fourth quarter of 2025. The company declared a cash dividend of $0.20 per share, marking its 17th consecutive quarterly distribution.

Latest Quarterly Results

For the quarter ended December 31, 2025, consolidated revenue reached $49.4 million, an 18.5% increase from 12.5 million, compared to $6.6 million in the prior year, representing a year-over-year increase of 89.4%.

Segment Highlights:

Capesize Operations: The fleet achieved a daily Time Charter Equivalent (TCE) rate of $26,614, compared to $23,179 in Q4 2024.
Fleet Utilization: Utilization was recorded at 97.9%, down from 99.8% in the same period last year.
Operating Expenses: Daily vessel operating expenses averaged $7,250, compared to $7,257 in Q4 2024.

Full-Year Results Context

For the full year 2025, Seanergy reported annual revenue of $158.1 million, a contraction from 21.2 million, down from $43.5 million in the previous year. Directional trends for the full year indicated a contraction in both revenue and profit compared to 2024 levels.

Business & Operations Update

The company expanded its newbuilding program to include three vessels with a total investment of $226 million. Verifiable capacity additions include:

One 211,000 dwt Newcastlemax vessel from Hantong Shipyard, expected in Q2 2028.
One 181,500 dwt Capesize vessel from Hengli Shipbuilding, expected in Q3 2027.
One 181,000 dwt Capesize vessel scheduled for Q2 2027.

Operational restructuring included the completion of $123 million in refinancings. This included a sustainability-linked loan with Danish Ship Finance, where interest rates are tied to emission reduction thresholds.

M&A & Strategic Moves

Seanergy reached an agreement to dispose of the 2010-built M/V Dukeship. The transaction involves an 18-month bareboat charter with a purchase obligation at the end of the term. The counterparty was identified as United Maritime Corporation, a related party. The deal included a $5.5 million down payment and a final purchase price of $22.1 million.

Guidance & Outlook

For the first quarter of 2026, the company issued a TCE rate guidance of approximately $25,273. Market factors to watch include iron ore and bauxite trade flows, as well as Capesize newbuilding supply levels. As of the reporting date, 77% of the fleet’s operating days for Q1 2026 were fixed at an average rate of $24,739.

Performance Summary

Q4 revenue and profit increased year-over-year. Full-year results showed an annual contraction. The company added three vessels to its fleet program and sold one older unit. Financing activities included sustainability-linked debt and sale-and-leaseback agreements. First-quarter guidance points to a TCE rate of $25,273.

 

The post Seanergy Maritime Reports Q4 Profit Increase, Declares Quarterly Dividend first appeared on AlphaStreet News.