Seanergy Maritime Reports Strong Fourth Quarter and Full-Year 2025 Results
Rhea-AI Summary
Seanergy Maritime (NASDAQ: SHIP) reported strong Q4 2025 results and declared a $0.20 quarterly cash dividend, bringing 2025 total dividends to $0.43 per share and cumulative distributions to $2.64 per share.
Q4 net revenues were $49.4m, net income $12.5m, adjusted EBITDA $28.9m. The company expanded a prompt newbuilding program to three eco vessels (~$226m) and completed $123.0m of refinancings generating $51.9m incremental liquidity.
Positive
- Q4 net income of $12.5m (vs $6.6m in Q4 2024)
- Declared Q4 cash dividend of $0.20 per share; 2025 dividends total $0.43
- Expanded prompt newbuilding program to 3 eco vessels totaling $226m
- Completed $123.0m refinancings, generating $51.9m incremental liquidity
Negative
- 12M 2025 net income declined to $21.2m from $43.5m in 2024
- 12M adjusted EBITDA fell to $81.7m from $98.4m year-over-year
- Average fleet TCE for 2025 decreased to $20,937 from $25,063 in 2024
Key Figures
Market Reality Check
Peers on Argus
SHIP is up 1.23% while key marine peers show modest gains (e.g., DSX +2.14%, SMHI +1.83%), but no peers appear in the momentum scanner, suggesting a stock-specific reaction to earnings rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 12 | Earnings date set | Neutral | -2.1% | Announced Q4 and full-year 2025 results release and conference call timing. |
| Nov 13 | Earnings and dividend | Positive | +4.9% | Reported Q3 2025 results, declared $0.13 dividend, highlighted strong TCE and EBITDA. |
| Nov 10 | Earnings date set | Neutral | +1.9% | Announced Q3 2025 results release schedule and related conference call. |
| Sep 30 | Asset sale & warrants | Positive | -1.9% | Disclosed profitable Capesize sale and expiration of dilutive Class E warrants. |
Recent earnings-related releases often saw positive or mixed reactions, while some operational news and date announcements drew mild negative moves, indicating occasional divergence between headline tone and price.
Over the last several months, Seanergy has combined consistent dividends with fleet optimization and steady communication around results. In November 2025, Q3 2025 earnings and a $0.13 dividend coincided with a +4.89% move. By contrast, the profitable sale of a Capesize vessel and warrant expiration on Sep 30, 2025 saw a -1.9% reaction. Two conference-call date announcements in Nov 2025 and Feb 2026 produced small, mixed moves. Today’s strong Q4 and full-year 2025 results, plus a higher dividend, extend the theme of profitability and capital returns.
Market Pulse Summary
This announcement highlights a strong Q4, Seanergy’s fifth consecutive profitable year, and a Q4 dividend of $0.20, bringing 2025 cash dividends to $0.43 per share. The company reported full‑year adjusted EPS of $1.28, a Q4 TCE of $26,614/day, and year‑end cash of $62.7M alongside stockholders’ equity of $281.4M. At the same time, annual revenues and EBITDA declined versus 2024, and the company committed $226M to newbuildings, so monitoring leverage, execution on deliveries, and future TCE performance remained important.
Key Terms
time charter equivalent technical
tce rate technical
forward freight agreements financial
bareboat charter financial
ebitda financial
AI-generated analysis. Not financial advice.
Declares
| Highlights | |||||||||
| (in million USD, except EPS) | Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Net Revenues | |||||||||
| Net income | |||||||||
| Adjusted net income1 | |||||||||
| EBITDA1 | |||||||||
| Adjusted EBITDA1 | |||||||||
| Earnings per share Basic | |||||||||
| Earnings per share Diluted | |||||||||
| Adjusted earnings per share Basic1 | |||||||||
| Adjusted earnings per share Diluted1 | |||||||||
Highlights and Developments:
- Fifth consecutive year of profitability, delivering adjusted EPS of
$1.28 , underscoring the resilience and earnings power of Seanergy’s pure-play Capesize strategy across cycles - Declared a Q4 cash dividend of
$0.20 per share and total cash dividends for 2025 of$0.43 per share - The Q4 dividend marks the Company’s 17th consecutive quarterly dividend bringing cumulative distributions to
$2.64 per share, or approximately$51.2 million - Expanded the prompt newbuilding program to three eco vessels totaling
$226 million, securing attractive early delivery positions and enhancing future earnings capacity:- Two scrubber-fitted 181,000 dwt Capesize bulkers with expected deliveries in Q2 and Q3 2027
- One scrubber-fitted 211,000 dwt Newcastlemax bulker with expected delivery in Q2 2028
- Advanced fleet renewal through the sale of the 2010-built M/V Dukeship at a highly attractive valuation, via an 18-month bareboat charter with purchase obligation, generating positive cash flows and releasing significant liquidity
- Completed
$123.0 million of refinancings at improved terms, generating$51.9 million of incremental liquidity in Q4 and this year to date - Q1 TCE guidance of
$25,273 2, representing a14% premium to the average AV5 Baltic Capesize Index year-to-date
____________________________
1 Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.
ATHENS, Greece, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize shipping company, today reported its financial results for the fourth quarter and twelve months ended December 31, 2025, and announced a quarterly cash dividend of
For the quarter ended December 31, 2025, Seanergy generated Net Revenues of
For the full year 2025, Seanergy delivered Net Revenues of
Cash and cash-equivalents and restricted cash, as of December 31, 2025, stood at
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“Driven by a strong Capesize market, Seanergy delivered a very strong fourth quarter, marking our fifth consecutive year of profitability. This performance reflects the durability of our pure-play Capesize strategy, disciplined balance sheet management, and our ability to consistently capture market upside.
“We remain firmly focused on delivering consistent shareholder returns. In 2025, we distributed
“Looking ahead, market fundamentals remain constructive as we move into 2026. Robust iron ore and bauxite trade flows, limited Capesize newbuilding supply, and favorable ton-mile dynamics continue to support earnings visibility. With a high-quality fleet, predominantly index-linked employment, and balanced leverage profile, we believe Seanergy is well positioned to capture meaningful upside in this favorable environment.
“Our fleet renewal program is progressing as planned and remains a core strategic priority. In recent months, we added two prompt, eco newbuilding orders at leading Chinese shipyards: a scrubber-fitted Capesize sister vessel to the unit previously announced, scheduled for delivery in Q3 2027, and a scrubber-fitted Newcastlemax scheduled for delivery in Q2 2028. The total current newbuilding investment of approximately
“In parallel, and taking advantage of firm secondhand values, we recently agreed to sell the 2010-built Dukeship through an 18-month bareboat arrangement, crystallizing a solid price and generating positive cash flows through the bareboat period. We continue to actively evaluate opportunities to optimize our fleet through selective acquisitions and targeted disposals, while keeping long-term shareholder value and returns as a top priority.
“On the commercial front, we secured index-linked renewals for five vessels, maintaining full participation in a strengthening market while selectively utilizing FFAs to manage volatility. This disciplined approach continues to deliver strong commercial performance. For the first quarter of 2026, we estimate a daily TCE of approximately
“Seanergy enters 2026 from a position of financial strength, operational excellence, and strategic clarity, with a clear path toward continued per-share value creation for our shareholders.”
______________________________
2 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 BCI 5TC 180 rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to
Company Fleet:
| Vessel Name | Capacity (DWT) | Year Built | Yard | Scrubber Fitted | Employment Type | FFA conversion option(1) | Minimum time charter (“T/C”) expiration | Maximum T/C expiration(2) | Charterer |
| Titanship | 207,855 | 2011 | NACKS | - | T/C Index Linked | No | 09/2026 | 03/2027 | Cargill |
| Meiship | 207,851 | 2013 | Imabari | - | T/C Index Linked | No | 02/2026 | 06/2026 | Cargill |
| Patriotship | 181,709 | 2010 | Imabari | Yes | T/C Index Linked | Yes | 01/2027 | 03/2027 | Glencore |
| Paroship | 181,415 | 2012 | Koyo -Imabari | Yes | T/C Index Linked | Yes | 07/2027 | 12/2027 | Oldendorff |
| Worldship | 181,415 | 2012 | Koyo – Imabari | Yes | T/C Index Linked | Yes | 11/2026 | 03/2027 | NYK |
| Kaizenship | 181,396 | 2012 | Koyo Dock | - | T/C Index Linked | Yes | 07/2026 | 09/2026 | MOL |
| Iconship | 181,392 | 2013 | Imabari | - | T/C Index Linked | Yes | 03/2026 | 06/2026 | Cargill |
| Hellasship | 181,325 | 2012 | Imabari | - | T/C Index Linked | Yes | 04/2027 | 08/2027 | NYK |
| Honorship | 180,242 | 2010 | Imabari | - | T/C Index Linked | Yes | 06/2026 | 10/2026 | NYK |
| Fellowship | 179,701 | 2010 | Daewoo | - | T/C Index Linked | Yes | 06/2026 | 11/2026 | Anglo American |
| Championship | 179,238 | 2011 | Sungdong SB | Yes | T/C Index Linked | Yes | 04/2027 | 08/2027 | Cargill |
| Partnership | 179,213 | 2012 | Hyundai | Yes | T/C Index Linked | Yes | 01/2027 | 05/2027 | Glencore |
| Knightship | 178,978 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 12/2026 | 04/2027 | Glencore |
| Lordship | 178,838 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 01/2027 | 03/2027 | Glencore |
| Blueship | 178,459 | 2011 | Mitsui SB | - | T/C Index Linked | Yes | 06/2026 | 11/2026 | NYK |
| Friendship | 176,952 | 2009 | Namura | - | T/C Index Linked | Yes | 10/2026 | 03/2027 | NYK |
| Flagship | 176,387 | 2013 | Mitsui | - | T/C Index Linked | Yes | 10/2027 | 02/2028 | Cargill |
| Premiership | 170,024 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 03/2027 | 05/2027 | Glencore |
| Squireship | 170,018 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 03/2027 | 05/2027 | Glencore |
| Total / Average age | 3,452,408 | 14.6 years | - | - | - | - | - | - | - |
| Vessels under construction | |||||||||
| NB Vessel | 181,000 | 2027 | Hengli | Yes | - | - | - | - | - |
| NB Vessel | 181,500 | 2027 | Hengli | Yes | - | - | - | - | - |
| NB Vessel | 211,000 | 2028 | Hantong | Yes | - | - | - | - | - |
| Bareboat charter out | |||||||||
| Dukeship | 181,453 | 2010 | Sasebo | - | Bareboat | - | 08/2027 | 09/2027 | United |
| (1) | The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA rate for the selected period. | |
| (2) | The latest redelivery date does not include any additional optional periods. | |
Fleet Data:
(U.S. Dollars in thousands)
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||||||
| Ownership days (1) | 1,840 | 1,748 | 7,440 | 6,518 | ||||||||
| Operating days (2) | 1,801 | 1,744 | 7,164 | 6,447 | ||||||||
| Fleet utilization (3) | ||||||||||||
| TCE rate (4) | ||||||||||||
| Daily Vessel Operating Expenses (5) | ||||||||||||
| (1) | Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period. | |
| (2) | Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are in ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies. | |
| (3) | Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period. Fleet Utilization is used to measure a company’s ability to efficiently find suitable employment for its vessels and minimize the number of days that its vessels are off-hire for unforeseen events. We believe it provides additional meaningful information and assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and because we believe that it provides useful information to investors regarding the efficiency of our operations. The Company’s calculation of fleet utilization may not be comparable to that reported by other companies. | |
| (4) | TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, which is not a recognized measure under U.S. GAAP, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate. | |
(In thousands of U.S. Dollars, except operating days and TCE rate)
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Vessel revenue, net | 49,053 | 41,146 | 155,519 | 164,881 | ||||
| Less: Voyage expenses | 1,122 | 721 | 5,524 | 3,297 | ||||
| Time charter equivalent revenues | 47,931 | 40,425 | 149,995 | 161,584 | ||||
| Operating days | 1,801 | 1,744 | 7,164 | 6,447 | ||||
| TCE rate | ||||||||
| (5) | Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre delivery costs, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses. | |
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Vessel operating expenses | 13,344 | 13,365 | 53,785 | 46,985 | ||||
| Less: Pre-delivery expenses | 4 | 680 | 761 | 1,515 | ||||
| Vessel operating expenses before pre-delivery expenses | 13,340 | 12,685 | 53,024 | 45,470 | ||||
| Ownership days | 1,840 | 1,748 | 7,440 | 6,518 | ||||
| Daily Vessel Operating Expenses | ||||||||
Net income to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | ||
| Net income | 12,457 | 6,638 | 21,242 | 43,472 | |
| Interest and finance cost, net | 4,918 | 5,147 | 20,861 | 19,437 | |
| Depreciation and amortization | 9,364 | 8,139 | 36,156 | 29,695 | |
| EBITDA | 26,739 | 19,924 | 78,259 | 92,604 | |
| Stock based compensation | 362 | 437 | 4,065 | 4,987 | |
| Gain on sale of vessel | - | - | (2,308 | ) | - |
| Loss on extinguishment of debt | 1,572 | 4 | 1,663 | 653 | |
| Loss on forward freight agreements, net | 10 | 43 | 64 | 177 | |
| Loss / (gain) on FX forwards | 185 | - | (46 | ) | - |
| Adjusted EBITDA | 28,868 | 20,408 | 81,697 | 98,421 |
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 and Adjusted EBITDA are not recognized measurements under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, gain on sale of vessel, loss on forward freight agreements, net, loss on extinguishment of debt, and loss / (gain) on FX forwards (“Other, net” in statement of operations), 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 Income Reconciliation and calculation of Adjusted Earnings Per Share
(In thousands of U.S. Dollars, except for share and per share data)
| Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |||||
| Net income | 12,457 | 6,638 | 21,242 | 43,472 | ||||
| Stock based compensation | 362 | 437 | 4,065 | 4,987 | ||||
| Loss on extinguishment of debt (non-cash) | 1,349 | - | 1,430 | 304 | ||||
| Loss / (gain) on FX forwards | 185 | - | (46 | ) | - | |||
| Adjusted net income | 14,353 | 7,075 | 26,691 | 48,763 | ||||
| Dividends to non-vested participating securities | (31 | ) | (66 | ) | (133 | ) | (549 | ) |
| Undistributed earnings to non-vested participating securities | (112 | ) | (16 | ) | (279 | ) | (980 | ) |
| Adjusted net income– common shareholders | 14,210 | 6,993 | 26,279 | 47,234 | ||||
| Adjusted earnings per common share, basic | 0.68 | 0.34 | 1.28 | 2.39 | ||||
| Adjusted earnings per common share, diluted | 0.68 | 0.34 | 1.28 | 2.38 | ||||
| Weighted average number of common shares outstanding, basic | 20,871,198 | 20,272,380 | 20,471,002 | 19,745,379 | ||||
| Weighted average number of common shares outstanding, diluted | 20,871,198 | 20,409,272 | 20,537,796 | 19,879,876 |
To derive Adjusted 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 Income and Adjusted 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, loss / (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 Income and Adjusted Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
First Quarter 2026 TCE Rate Guidance:
As of the date hereof, approximately
| Operating Days | TCE | ||
| TCE - fixed rate (incl. FFA conversions) | 679 | ||
| TCE – index-linked | 972 | ||
| Total / Average | 1,651 | ||
___________________
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 BCI 5TC 180 rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to
Fourth Quarter and Recent Developments:
Dividend Distribution for Q3 2025 and Declaration of Q4 2025 Dividend
On January 9, 2026, the Company paid a quarterly cash dividend of
The Company has declared a quarterly cash dividend of
Fleet Updates
Newbuilding Contract for a Newcastlemax Vessel at Hantong Shipyard
In November 2025, the Company entered into an agreement for the acquisition of a newbuilding 211,000 dwt scrubber-fitted Newcastlemax vessel from Jiangsu Hantong Ship Heavy Industry Co., Ltd., with delivery expected in the second quarter of 2028. The purchase price is approximately
The new vessel will be built incorporating the latest technological advancements and eco-friendly design features, resulting in enhanced fuel efficiency and reduced emissions in line with the Company’s ongoing fleet renewal and decarbonization strategy.
Newbuilding Contract for a Second Capesize Vessel at Hengli Shipyard
In January 2026, the Company entered into an agreement with Hengli Shipbuilding (Dalian) Co., Ltd. and Hengli Shipbuilding (Singapore) Pte. Ltd. for the construction of a 181,500 dwt scrubber-fitted Capesize vessel. The contract price is approximately
The new vessel will be built incorporating the latest technological advancements and eco-friendly design features, resulting in enhanced fuel efficiency and reduced emissions in line with the Company’s ongoing fleet renewal and decarbonization strategy.
M/V Dukeship – Disposal of Vessel through Bareboat Charter
In February 2026, the Company entered into an agreement with United Maritime Corporation (“United”), a related party, for the disposal of the M/V Dukeship through an 18-month bareboat charter. The charter period commenced following the delivery of the vessel on February 12, 2026. United has advanced a downpayment of
Commercial Updates
M/V Flagship – New T/C agreement
In December 2025, the M/V Flagship commenced a new T/C agreement with Cargill International SA with the agreement set to terminate between November 1, 2027 to February 1, 2028, each date subject to (+/- 15 days). The daily hire is based on the 5 T/C routes of the BCI, with an option for the Company to fix the rate for 3 to 9 months based on the prevailing Capesize FFA curve.
M/V Paroship – New T/C agreement
In December 2025, the M/V Paroship commenced a new T/C agreement with Oldendorff GMBH & CO. KG., Ltd for a period of about 20 to about 24 months. The daily hire is based on the 5 T/C routes of the BCI, with an option for the Company to fix the rate for 3 to 9 months based on the prevailing Capesize FFA curve. The Company will also receive most of the benefit from the scrubber profit-sharing scheme.
M/V Friendship – New T/C agreement
In January 2026, the M/V Friendship commenced a new T/C agreement with Glencore Freight Pte. Ltd (“Glencore”) for a period of about 10 to about 14 months. The daily hire is based on the 5 T/C routes of the BCI, with an option for the Company to fix the rate for 1 to 9 months based on the prevailing Capesize FFA curve.
M/V Partnership – New T/C agreement
In February 2026, the M/V Partnership commenced a new T/C agreement with Glencore for a period of about 12 to about 15 months. The daily hire is based on the 5 T/C routes of the BCI, with an option for the Company to fix the rate for 1 to 9 months based on the prevailing Capesize FFA curve. The Company will also receive most of the benefit from the scrubber profit-sharing scheme.
M/V Lordship – Time charter extension
In January 2026, the charterer of the M/V Lordship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence on August 21, 2026, for a duration of minimum January 1st, 2027 until maximum March 31st, 2027. The Company receives most of the benefit from the scrubber profit-sharing scheme while the daily hire will be based on a revised premium over the BCI.
M/V Hellasship – Time charter extension
In February 2026, the charterer of the M/V Hellasship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence on April 9, 2026, for a duration of minimum 12 to maximum 16 months. The daily hire is based on a revised premium over the BCI, while all other main terms of the time charter remain materially the same.
Financing Updates
M/Vs Premiership, Fellowship, Championship & Flagship - Sustainability linked loan facility
In December 2025, the Company entered into a new sustainability linked loan facility with Danish Ship Finance secured by the M/Vs Fellowship, Premiership, Championship and Flagship to refinance the sale and leaseback agreement for the M/V Flagship and to increase the existing indebtedness of the other three vessels.
The facility includes a new tranche of
The additional top-up tranche of
M/Vs Hellasship, Patriotship, Iconship & Newbuilding Capesize vessel – Huarong Sale and Leaseback agreements
In December 2025, the Company entered into three separate sale and leaseback agreements totaling
Regarding the upcoming delivery of our newbuilding Capesize vessel previously announced, the Company has agreed to enter into a sale and leaseback agreement of
M/V Partnership and Newbuilding Newcastlemax vessel – BOCL Sale and Leaseback agreement
The Company is in the process of finalizing a
Regarding the upcoming delivery of our newbuilding Newcastlemax vessel described above, the Company has agreed to enter into a sale and leaseback agreement of
Conference Call:
The Company’s management will host a conference call to discuss financial results on February 17, 2026, at 10:00 a.m. Eastern Time.
Audio Webcast and Earnings Presentation:
There will be a live, and then archived, webcast of the conference call and accompanying presentation available through the Company’s website. To access the presentation and 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.
Conference Call Details:
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.
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars) | ||||||
| December 31, 2025 | December 31, 2024* | |||||
| ASSETS | ||||||
| Cash and cash equivalents and restricted cash | 62,653 | 34,916 | ||||
| Vessels, net, right-of-use asset, advance for vessel acquisition and vessel under construction | 506,660 | 488,192 | ||||
| Other assets | 37,266 | 22,745 | ||||
| TOTAL ASSETS | 606,579 | 545,853 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Long-term debt and other financial liabilities, net of deferred finance costs | 290,160 | 257,588 | ||||
| Other liabilities | 35,036 | 26,086 | ||||
| Stockholders’ equity | 281,383 | 262,179 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 606,579 | 545,853 | ||||
* Derived from the audited consolidated financial statements as of that date
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Operations (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated) | ||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Vessel revenue, net | 49,053 | 41,146 | 155,519 | 164,881 | ||||||||
| Fees from related parties | 369 | 531 | 2,580 | 2,578 | ||||||||
| Revenue, net | 49,422 | 41,677 | 158,099 | 167,459 | ||||||||
| Expenses: | ||||||||||||
| Voyage expenses | (1,122 | ) | (721 | ) | (5,524 | ) | (3,297 | ) | ||||
| Vessel operating expenses | (13,344 | ) | (13,365 | ) | (53,785 | ) | (46,985 | ) | ||||
| Management fees | (245 | ) | (214 | ) | (1,076 | ) | (760 | ) | ||||
| General and administrative expenses | (6,819 | ) | (8,449 | ) | (20,460 | ) | (23,971 | ) | ||||
| Depreciation and amortization | (9,364 | ) | (8,139 | ) | (36,156 | ) | (29,695 | ) | ||||
| Loss on forward freight agreements, net | (10 | ) | (43 | ) | (64 | ) | (177 | ) | ||||
| Gain on sale of vessel | - | - | 2,308 | - | ||||||||
| Operating income | 18,518 | 10,746 | 43,342 | 62,574 | ||||||||
| Other income / (expenses): | ||||||||||||
| Interest and finance costs | (5,225 | ) | (5,487 | ) | (21,721 | ) | (20,603 | ) | ||||
| Loss on extinguishment of debt | (1,572 | ) | (4 | ) | (1,663 | ) | (653 | ) | ||||
| Interest and other income | 792 | 1,256 | 1,322 | 2,096 | ||||||||
| Interest and other income – related party | - | - | 48 | - | ||||||||
| Other, net | (56 | ) | 127 | (86 | ) | 58 | ||||||
| Total other expenses, net: | (6,061 | ) | (4,108 | ) | (22,100 | ) | (19,102 | ) | ||||
| Net income | 12,457 | 6,638 | 21,242 | 43,472 | ||||||||
| Net income attributable to common shareholders | 12,314 | 6,556 | 20,830 | 41,943 | ||||||||
| Net income per common share, basic | 0.59 | 0.32 | 1.02 | 2.12 | ||||||||
| Net income per common share, diluted | 0.59 | 0.32 | 1.01 | 2.11 | ||||||||
| Weighted average number of common shares outstanding, basic | 20,871,198 | 20,272,380 | 20,471,002 | 19,745,379 | ||||||||
| Weighted average number of common shares outstanding, diluted | 20,871,198 | 20,409,272 | 20,537,796 | 19,879,876 | ||||||||
| Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Cash Flow Data (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated) | ||||||
| Twelve months ended December 31, | ||||||
| 2025 | 2024 | |||||
| Net cash provided by operating activities | 52,607 | 75,278 | ||||
| Vessels acquisitions and improvements | (35,587 | ) | (70,651 | ) | ||
| Advance for vessel acquisition | - | (3,700 | ) | |||
| Loan to related party | (2,000 | ) | - | |||
| Repayment of loan by related party | 2,000 | - | ||||
| Finance lease prepayments and other initial direct costs | (8,300 | ) | (610 | ) | ||
| Investment in equity securities | (830 | ) | - | |||
| Proceeds from sale of asset | 21,590 | - | ||||
| Due from related parties | (219 | ) | (4,411 | ) | ||
| Net cash used in investing activities | (23,346 | ) | (79,372 | ) | ||
| Proceeds from long-term debt and other financial liabilities | 155,839 | 120,779 | ||||
| Repayments of long-term debt and other financial liabilities | (123,333 | ) | (73,038 | ) | ||
| Payments of finance lease liabilities | (23,747 | ) | (21,778 | ) | ||
| Payments of financing and stock issuance costs | (2,445 | ) | (2,607 | ) | ||
| Payments for repurchase of common stock | - | (4,850 | ) | |||
| Dividend payments | (9,488 | ) | (10,750 | ) | ||
| Proceeds from other non-current liabilities | 805 | 503 | ||||
| Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions | 845 | 5,823 | ||||
| Net cash (used in) / provided by financing activities | (1,524 | ) | 14,082 | |||
| SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
| Cash paid during the period for interest | 19,617 | 20,051 | ||||
| Noncash investing activities | ||||||
| Vessels’ improvements | - | 119 | ||||
| Vessel under construction | 118 | - | ||||
| Noncash financing activities | ||||||
| Dividends declared but not paid | 2,745 | 5,297 | ||||
| Financing and stock issuance costs | 158 | 857 | ||||
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 19 vessels (2 Newcastlemax and 17 Capesize) with an average age of approximately 14.6 years and an aggregate cargo carrying capacity of 3,452,408 dwt. Upon the delivery of the newbuilding vessels, the Company’s operating fleet will consist of 22 vessels (3 Newcastlemax and 19 Capesize), with an aggregate cargo carrying capacity of 4,025,908 dwt. Additionally, the Company owns one Capesize vessel that has been chartered out on a bareboat basis.
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 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 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; risks arising from trade disputes between the U.S. and China, including the re-imposition of reciprocal port fees; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between the U.S. and Venezuela, Israel and Hamas or Iran, China and Taiwan and Russia and Ukraine; risks associated with the length and severity of pandemics; 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
E-mail: ir@seanergy.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0568e18-f58f-4591-93d1-44d92080add0
FAQ
What dividend did Seanergy Maritime (SHIP) declare for Q4 2025 and 2025 total?
How did Seanergy (SHIP) perform in Q4 2025 on revenue and earnings metrics?
What is the scale and timeline of Seanergy's newbuilding program announced in February 2026?
How much liquidity did Seanergy (SHIP) generate from refinancings in Q4 2025?
What guidance did Seanergy (SHIP) give for Q1 2026 TCE and fleet coverage?
