Exhibit 99.1

 

 

Seanergy Maritime Reports Financial Results for the Quarter Ended March 31, 2025 and Declares Cash Dividend of $0.05 Per Share

 

 

 

Other Highlights and Developments:

 

 

May 27, 2025 – Athens, Greece – Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize shipping company, today reported its financial results for the first quarter of 2025 and announced a quarterly cash dividend of $0.05 per common share—marking the 14th consecutive quarterly dividend under its capital return policy.

 

For the quarter ended March 31, 2025, the Company generated Net Revenues of $24.2 million, compared to $38.3 million in the first quarter of 2024. Net Loss and Adjusted Net Loss for the quarter were $6.8 million and $5.2 million, respectively, compared to Net Income of $10.2 million and Adjusted Net Income of $11.6 million in the first quarter of 2024. EBITDA and Adjusted EBITDA for the quarter were $6.6 million and $8.0 million, respectively, compared to $21.6 million and $23.2 million, respectively, for the same period of 2024.

1 Adjusted (loss) / earnings per share, Adjusted Net (Loss) / income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted (loss) / earnings per share, Adjusted Net (Loss) / income, EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.

2 TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.

The Company’s fleet achieved a daily Time Charter Equivalent (“TCE”) of $13,403 for the first quarter of 2025, which represents a 3% premium over the average BCI of $12,998 for the same period. This outperformance reflects the effectiveness of Seanergy’s commercial and hedging strategy in navigating a seasonally weak market. Cash and cash-equivalents and restricted cash, as of March 31, 2025, stood at $30.9 million. Shareholders’ equity at the end of the first quarter was $254.8 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $318.8 million, while the book value of the fleet, including a chartered-in vessel, was $546.9 million.

 

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

 

“Following a year of record financial performance in 2024, Seanergy entered the first quarter of 2025 with a clear strategic focus: to remain well positioned to capitalize on the strong long-term fundamentals of the Capesize sector. We pursued this through selective fleet expansion—acquiring high-quality Japanese-built vessels—and through strategic refinancing transactions that enhanced our financial flexibility.

 

“During the quarter, we successfully concluded the deliveries of one Capesize and one Newcastlemax vessel, both of which have commenced employment under index linked time charters. These additions bring our fleet to a total of 21 vessels, reinforcing our position as a leading pure-play Capesize company. In parallel, we concluded $88.1 million in new financing and refinancing transactions, addressing all our near-term debt maturities and strengthening our liquidity, while keeping our loan to value ratio below 50%.

 

“Our first-quarter results were impacted by the typical seasonal slowdown in dry bulk trade. Despite this, we recorded a daily TCE of $13,403 for the quarter, lower than the record levels of the first quarter of 2024, but in line with the seasonal trend of the market. Importantly, market conditions began to recover by late February, and we expect a meaningful improvement in our second-quarter earnings. As of today, approximately 39% of our fleet days for Q2 are fixed at an average daily rate of approximately $22,700, with projected blended fleet TCE exceeding $19,000.

 

“Looking further into 2025, we have already secured roughly one-third of our operating days until the end of the year at an average daily rate exceeding $22,000. This forward coverage enhances visibility and provides a strong base for continued cash flow generation. Reflecting this and the improving market backdrop, our board has declared a discretionary dividend of $0.05 per share for the quarter—our 14th consecutive quarterly distribution—bringing total shareholder returns under our policy to approximately $43.1 million.

 

“Turning to market dynamics, we remain optimistic about the Capesize segment. Global seaborne trade volumes and ton-mile demand continue to expand, while supply growth is constrained by a historically low orderbook, elevated newbuilding costs, and tightening environmental regulations.

 

“Iron ore and bauxite trades have shown resilience despite macroeconomic uncertainty and weather-related disruptions. We expect iron ore volumes to strengthen further from Q2 onward, supported by increased Brazilian exports and the anticipated start of West African exports from Simandou by year-end. Bauxite remains a fast-growing trade, although recent instability in Guinea may cause short-term volatility. Coal volumes moderated in Q1 after a strong 2024 but remain supported by strong energy demand, particularly from Southeast Asia’s expanding coal-fired power generation.

 

“On the supply side, the Capesize fleet is aging, with a growing portion over 15 years old. Fleet growth has resumed its downward trend, and a high number of dry-dockings scheduled for the remainder of 2025 is expected to further tighten vessel availability. As an example, only six Capesize vessels have been added to the orderbook so far in 2025, compared to 31 during the same period last year, according to Clarksons Research.

“To conclude, we are pleased with our fleet positioning, earnings visibility, and financial strength entering the rest of 2025. The Capesize market has demonstrated resilience through a challenging first quarter, and we remain confident in our ability to deliver strong results as market conditions continue to improve.”

 

Company Fleet:

 

 

 

 

Fleet Data:

 

(U.S. Dollars in thousands)

 

 

 

(In thousands of U.S. Dollars, except operating days and TCE rate)

 

			Q1 2025				Q1 2024
Vessel revenue, net			23,676				37,774
Less: Voyage expenses			716				774
Time charter equivalent revenues			22,960				37,000
Operating days			1,713				1,537
TCE rate		$	13,403			$	24,073

 

(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)

 

			Q1 2025				Q1 2024
Vessel operating expenses			12,544				11,070
Less: Pre-delivery expenses			757				-
Vessel operating expenses before pre-delivery expenses			11,787				11,070
Ownership days			1,778				1,547
Daily Vessel Operating Expenses		$	6,629			$	7,156

 

Net (loss) / income to EBITDA and Adjusted EBITDA Reconciliation:

 

		Q1 2025		Q1 2024
	Net (loss) / income	(6,829)		10,161
	Interest and finance cost, net	5,094		4,638
	Depreciation and amortization	8,325		6,846
	EBITDA	6,590		21,645
	Stock based compensation	1,539		1,479
	Loss on extinguishment of debt	28		-
	Loss on forward freight agreements, net	18		78
	Gain on FX forwards	(180)		-
	Adjusted EBITDA	7,995		23,202

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income, net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, loss on forward freight agreements, net, loss on extinguishment of debt, and gain on FX forwards, which the Company believes are not indicative of the ongoing performance of its core operations.

 

EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

 

Adjusted Net (Loss) / Income Reconciliation and calculation of Adjusted Earnings Per Share

 

(In thousands of U.S. Dollars, except for share and per share data)

 

To derive Adjusted (Loss) / Earnings Per Share, a non-GAAP financial measure, from Net Income, we adjust for dividends and undistributed earnings to non-vested participating securities and exclude non-cash items, as provided in the table above. We believe that Adjusted Net (Loss) / Income and Adjusted (Loss) / Earnings Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as loss on extinguishment of debt, stock based compensation, gain on FX forwards and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net (Loss) / Income and Adjusted (Loss) / Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.

 

Second Quarter 2025 TCE Rate Guidance:

 

As of the date hereof, approximately 79% of the Company fleet’s expected operating days in the second quarter of 2025 have been fixed at an estimated TCE rate of approximately $19,660. Assuming that for the remaining operating days of our index-linked time charters, the respective vessels’ TCE rate will be equal to the average Forward Freight Agreement (“FFA”) rate of $17,400 per day (based on the FFA curve as of May 23, 2025), our estimated TCE rate for the second quarter of 2025 will be approximately $19,0743. The following table provides the breakdown of index-linked charters and fixed-rate charters in the second quarter of 2025:

3 This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates, or projected utilization rates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the TCE rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to the average FFA rate of $17,400 based on the curve of May 23, 2025. Spot estimates are provided using the load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE rate will be reduced accordingly.

 

First Quarter and Recent Developments:

 

 

On April 10, 2025, the Company paid a quarterly dividend of $0.10 per share for the fourth quarter of 2024 to all shareholders of record as of March 27, 2025.

 

The Company has declared a quarterly cash dividend of $0.05 per common share for the first quarter of 2025 payable on or about July 10, 2025, to all shareholders of record as of June 27, 2025.

 

 

M/V Blueship – Bareboat Agreement and New T/C agreement

 

On February 25, 2025, the Company took delivery of a 2011-built Capesize dry bulk vessel of 178,459 dwt, built at Mitsui SB, through a six-month bareboat charter. The vessel was renamed M/V Blueship.

 

In March 2025, following the completion of her drydock, the M/V Blueship commenced a T/C employment with Nippon Yusen Kabushiki Kaisha (“NYK”), for a period of minimum 15 months to about 19 months. The gross daily hire is based on the 5 T/C routes of the BCI plus a fixed premium amount, while the Company has the option to convert the daily hire from index-linked to fixed for a minimum period of 2 months to a maximum of 12 months based on the prevailing Capesize FFA curve.

M/V Meiship – Delivery and New T/C agreement

 

On February 27, 2025, the Company took delivery of a 207,851 dwt Newcastlemax bulk carrier, built in 2013 at Imabari Shipbuilding Co., Ltd., Saijo Shipyard, which was renamed M/V Meiship. Concurrently, the M/V Meiship commenced its T/C employment with Costamare Bulkers Inc. (“Costamare”), for a duration of about 12 to 15 months. The gross daily rate of the time charter agreement is based on a fixed rate and includes a profit-sharing structure based on the BCI. The acquisition of the vessel was financed with cash on hand and proceeds from the Piraeus Bank Facility agreement mentioned below.

M/V Championship – Time charter extension

 

In May 2025, the charterer of the M/V Championship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence on November 1, 2025, for a duration of about 18 months to about 21 months. All main terms of the time charter remain materially the same.

 

M/Vs Worldship, Honorship & Meiship - Piraeus Bank Facility agreement

 

In February 2025, the Company entered into a $53.6 million sustainability-linked senior credit facility to partially finance the acquisition of the M/V Meiship and to refinance the existing $24.0 million indebtedness of the M/Vs Worldship and Honorship with the same lender, at improved terms. The facility has a term of five years, while the interest rate is 2.05% plus term SOFR per annum, 55 bps lower than the rate of the refinanced agreement and can be further reduced based on certain emission reduction thresholds. The facility amortizes through 20 quarterly instalments of approximately $1.5 million and a $24.6 million balloon payment at maturity.

M/Vs Squireship & Friendship – Huarong Sale and Leaseback agreements

 

In March 2025, the Company entered into two separate sale and leaseback agreements totaling $34.5 million for the M/Vs Squireship and Friendship. The lessors are two Chinese entities affiliated with China Huarong Financial Leasing Co., Ltd. The proceeds were used to refinance the outstanding indebtedness of the respective vessels under a loan facility with Alpha Bank S.A. On March 20, 2025, the vessels were sold and chartered back on a bareboat basis for a period of five years. The Company has continuous options to purchase the vessels at predetermined prices, starting one year after the commencement date. The bareboat charter for the M/V Squireship amortizes in 20 quarterly installments of $0.5 million along with a purchase obligation of $8.5 million at charter expiry. The bareboat charter for the M/V Friendship amortizes in 20 quarterly installments of $0.4 million along with a purchase obligation of $7.7 million at charter expiry. Each financing bears interest at a rate of 3-month Term SOFR plus 2.15% per annum.

 

Facility agreement with United

 

In April 2025, the Company entered into an agreement to provide $2.0 million short-term bridge loan facility to United Maritime Corporation (“United”). The facility bears interest at an annual rate of 10.0% and is scheduled to mature on the earlier of (i) five business days following the completion of a vessel sale by United, or (ii) July 15, 2025.

 

 

The Company’s management will host a conference call to discuss financial results on May 27, 2025, at 09:00 a.m. Eastern Time.

 

 

There will be a live, and then archived, webcast of the conference call available through the Company’s website. To listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on Seanergy’s website approximately 10 minutes prior to the start of the webcast, following this link.

 

 

Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.

 

Unaudited Condensed Consolidated Balance Sheets

*Derived from the audited consolidated financial statements as of that date

Unaudited Condensed Consolidated Statements of Operations

Unaudited Condensed Consolidated Cash Flow Data

About Seanergy Maritime Holdings Corp.

 

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 21 vessels (2 Newcastlemax and 19 Capesize) with an average age of approximately 13.9 years and an aggregate cargo carrying capacity of approximately 3,803,918 dwt.

 

The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

 

Please visit our Company website at: www.seanergymaritime.com.

 

Forward-Looking Statements

 

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to the declaration of dividends, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between Israel and Hamas or Iran and between Russia and Ukraine; risks associated with the length and severity of pandemics, including their effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

 

For further information please contact:

 

Seanergy Investor Relations

Tel: +30 213 0181 522

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue Suite 1540

New York, NY 10169

Tel: (212) 661-7566

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