Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has demonstrated exceptional performance in the capesize dry bulk shipping market, with freight rates experiencing a dramatic 300% increase from $6,000 to $24,000 per day since mid-November. This surge is attributed to a favorable supply and demand dynamic, where seaborne shipments of key commodities like iron ore, bauxite, and coal have seen significant growth. Notably, Brazilian iron ore exports have risen by 6% year-over-year, and Guinea's bauxite exports have grown over 15%, while the capesize fleet growth remained modest at just 1.7% in 2024.
The company's financial results for 2024 highlight a 52% increase in net revenue to $167.5 million and an adjusted EBITDA of $98.4 million, up from $53.0 million the previous year. Net income also saw a substantial leap to $43.5 million from $2.3 million in 2023. Seanergy's strategic investments include the acquisition of four capesize vessels for $138 million since the second quarter of 2024, expanding its fleet to 21 units. This expansion aligns with the projected growth of the global capesize bulk carrier market, expected to reach $112.7 billion by 2032 with a compound annual growth rate of nearly 7%.
Shareholder value has been a key focus for Seanergy, evidenced by the declaration of a cash dividend of $0.10 per common share for the fourth quarter of 2025 and the repurchase of 532,411 common shares for $4.9 million since December 2023. The company's forward-looking statements remain optimistic, with capesize fleet growth anticipated to slow to 1.4% in 2025, potentially tightening the supply-demand balance further. The development of the Simandou iron ore project in Guinea and increasing energy demands in emerging economies are expected to bolster the market further.
With a disciplined approach to fleet expansion, robust financial health, and strategic positioning in a burgeoning market, Seanergy Maritime Holdings Corp. is poised to effectively navigate the evolving landscape of the bulk shipping industry. For more information on Seanergy's performance and strategies, visit https://www.seanergymaritime.com.
