Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported a net loss of $6.8 million for the first quarter of 2025, a significant downturn from the net income of $10.2 million recorded in the same period the previous year. However, the company's adjusted net loss of $5.2 million and a per-share loss of $0.27 exceeded the Zacks Consensus Estimate of a $0.44 per share loss, continuing its trend of surpassing EPS expectations for the fourth consecutive quarter.
Revenue for the quarter was $24.2 million, a decrease from $38.3 million in Q1 2024, yet it still outperformed analyst estimates by 3.76%. Demonstrating its commitment to shareholders, Seanergy announced its 14th consecutive quarterly dividend of $0.05 per common share, even as the dry bulk trade experienced a seasonal slowdown.
Stamatis Tsantanis, Seanergy's Chairman and CEO, pointed to the company's strategic fleet positioning, with 39% of its fleet days for Q2 secured at an average daily rate of about $22,700. This strategy, alongside an anticipated blended fleet TCE of over $19,000, suggests a positive outlook for earnings in the next quarter.
In related news, United Maritime Corp., a spin-off from Seanergy, declared its tenth straight quarterly cash dividend of $0.01 per share. United Maritime has expanded into offshore energy markets via its ECV joint venture, increasing its equity stake to approximately 30% during the quarter. This expansion is part of a strategic effort to diversify revenue sources beyond the dry bulk sector, tapping into the growing demand in both traditional offshore energy and renewable markets.
Seanergy has also bolstered its financial standing through strategic fleet expansion and $88.1 million in new financing and refinancing deals, enhancing its liquidity. With a substantial portion of its operating days through the end of 2025 already locked in at favorable rates, the company is well-positioned to leverage the capesize sector's strong long-term fundamentals, despite possible short-term market fluctuations.
The company's ability to navigate market challenges, underscored by consistent dividend payments and strategic fleet management, reinforces its strong position in the capesize shipping industry, offering a measure of stability in a volatile market.
