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.