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Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has reported strong financial results for the third quarter of 2025, boosted by a recovery in the Capesize market. In addition, the company announced its first-ever newbuilding contract and declared its 16th consecutive quarterly cash dividend. Management emphasized that the company is entering 2026 from a position of strengthened earnings power due to its pure-play Capesize platform and consistent commercial outperformance.
Q3 Financial and Commercial Performance
Seanergy reported net revenues of $47.0 million for the third quarter, a noticeable increase from the $44.4 million recorded in the same period last year. This growth translated into solid profitability, as net income reached $12.8 million and Adjusted EBITDA totaled $26.6 million. Earnings per share were $0.61.
The daily TCE rate reached $23,476 for the quarter, which the company attributes to its disciplined commercial strategy and consistent hedging activities. For the fourth quarter, the company estimates a TCE of approximately $23,878, with about 75% of available days already fixed.
On the call, management provided additional clarity on how this premium is consistently achieved. The Chairman & CEO Mr. Stamatis Tsantanis, explained that Seanergy uses the optionality in its index-linked charters to convert to fixed periods when the forward FFA curve trades above the BCI. This dynamic approach to freight optimization—triggering conversions only “when the forward rate is above the BCI”—has been a key driver behind the company’s superior commercial performance.
Sourcing: Capital Link
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