In This Article:
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Revenue: $24.2 million for Q1 2025.
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EBITDA: $6.6 million for Q1 2025.
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Net Loss: $6.8 million for Q1 2025.
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Cash Balance: $31 million as of March 31, 2025.
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Dividend: $0.05 per common share declared.
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Daily Time Charter Equivalent (TCE): $13,400 in Q1 2025, with Q2 guidance at approximately $19,100.
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Adjusted EBITDA: $8 million for Q1 2025.
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Adjusted Net Loss: $5.2 million for Q1 2025.
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Operating Expenses (OpEx): Reduced by 7% year-over-year.
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Total Assets: $603.5 million as of March 31, 2025.
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Balance Sheet Equity: $254.8 million as of March 31, 2025.
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Total Debt: $318.8 million as of March 31, 2025.
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Loan-to-Value Ratio: Below 50% based on fleet market values.
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New Sustainability-Linked Loan: $53.6 million with Piraeus Bank.
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Leaseback Agreements: Totaling $34.5 million for vessel financing.
Release Date: May 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Seanergy Maritime Holdings Corp (NASDAQ:SHIP) declared a dividend of $0.05 per common share, exceeding typical payout formulas to maintain consistent shareholder returns.
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The company recorded a daily time charter equivalent (TCE) of $13,400 in Q1 2025, outperforming the Baltic Capesize Index average.
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Seanergy Maritime Holdings Corp (NASDAQ:SHIP) successfully reduced daily operational expenses by 7% year-over-year, improving efficiency.
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The company secured two high-quality Japanese-built Capesize vessels, enhancing fleet capacity and cash flow visibility.
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Seanergy Maritime Holdings Corp (NASDAQ:SHIP) completed refinancing transactions totaling $88.1 million, removing all debt maturities for the next four quarters and improving financial flexibility.
Negative Points
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Seanergy Maritime Holdings Corp (NASDAQ:SHIP) reported a net loss of $6.8 million for the first quarter of 2025.
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Revenue for Q1 2025 was $24.2 million, a decrease from $38.3 million in the same period last year.
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The Capesize market experienced a temporary reduction in Q1 2025 due to severe weather disruptions and high inventories.
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Approximately 39% of the fleet's operating days for Q2 are hedged, indicating potential exposure to market volatility.
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The company faces challenges in acquiring new vessels due to a limited selection of assets available for purchase.
Q & A Highlights
Q: Could you walk us through the dry dock schedule and expected CapEx for the year? A: We have approximately seven ships remaining for dry-docking this year, with plans to push a couple to the first quarter of next year, depending on market conditions. We expect around $10 million to $14 million of CapEx for dry dockings and about 20 days per vessel. Four vessels have already been dry-docked this year. Stavros Gyftakis, CFO