Seanergy returns to profitability in Q2 2025

Seanergy Maritime Holdings has announced a return to profitability in the second quarter of 2025, following a stronger period for the Capesize market.

The Greece-based shipping company’s results show a significant improvement from the first quarter of the year, posting a net income of $2.9 million compared to a net loss of $6.8 million in the previous quarter. However, both revenue and profit were down compared to the same period in 2024.

For the three months ending June 30, the company generated net revenues of $37.5 million, a decrease from the $43.1 million reported in the second quarter of the previous year. This resulted in a net income of $2.9 million, a substantial drop from the $14.1 million profit recorded in the prior-year period. The company’s daily vessel operating expenses, a key outgoing, remained relatively stable at $7,222.

The picture for the first half of the year reflects the more challenging start to 2025. For the six months ending June 30, the company posted a net loss of $4 million, a stark contrast to the $24.3 million profit earned in the first half of 2024. This was on the back of net revenues falling to $61.7 million from $81.4 million in the corresponding period last year.

Despite the year-on-year decline, the company’s leadership expressed optimism.

“Despite a volatile start to 2025, Seanergy returned to profitability in the second quarter, thanks to a stronger Capesize market and our strategic hedging activities,” said Chairman and CEO Stamatis Tsantanis. The company declared its 15th consecutive quarterly cash dividend of five cents per share.