Dry bulk shipping company Seanergy Maritime Holdings reported net income of $12.8 million for the third quarter of 2025, a slight increase from $12.5 million in the same period last year.
Adjusted net income for the quarter was $14 million. The company declared a quarterly cash dividend of $0.13 per share, marking its 16th consecutive dividend payment.
Net revenues for the third quarter reached $47 million, up from $44.4 million in Q3 2024. The company's fleet achieved a daily time charter equivalent (TCE) of $23,476 for the quarter.
Adjusted EBITDA stood at $26.6 million, comparable to the $26.8 million recorded in the prior-year period.
Stamatis Tsantanis, Chairman and CEO, stated, “In Q3, Seanergy capitalized on the recovery of the Capesize market, driving higher profitability and setting a strong foundation for the rest of 2025 and 2026.”
He highlighted the company's 20-vessel fleet of Capesizes and Newcastlemaxes as well-positioned to capture market upside.
During the quarter, Seanergy placed its first-ever newbuilding order for a 181,000 DWT scrubber-fitted Capesize vessel at Hengli Shipbuilding, priced at approximately $75 million with delivery expected in the first half of 2027.
The company also completed the sale of the 2010-built Geniuship for approximately $21.6 million, generating net proceeds of about $12 million and a profit of $2.3 million.
Seanergy noted the expiration of all outstanding warrants, simplifying its capital structure. For the fourth quarter, the company estimates a TCE of around $23,900, with approximately 75 per cent of operating days fixed.