Q1 Earnings: Seanergy Beats Topline And Bottomline Analyst Estimates, Both SHIP And Spin-Off USEA Declare Dividends
By Meg Flippin, Benzinga
DETROIT, MICHIGAN - June 9, 2025 ( NEWMEDIAWIRE ) - Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), the U.S.-listed pure-play capesize shipping company, reports that it continues to defy market headwinds by delivering its 14th consecutive quarterly dividend, even after a tough first quarter. While reporting a net loss, the company still outperformed Wall Street estimates and reaffirmed its commitment to shareholder returns, which it says is a rare feat in the dry bulk sector. With improving rates already locked in for Q2 and until the end of 2025 and a disciplined fleet expansion strategy, Seanergy is quietly positioning itself to be one of the most resilient names in the capesize sector.
For the first quarter, Seanergy Maritime reported a net loss of $6.8 million compared to net income of $10.2 million in the year-ago first quarter. On an adjusted basis, the net loss was $5.2 million compared to $11.6 million in last year's first quarter. On an adjusted per-share basis, the net loss was $0.27, much narrower than the $0.44 per share loss Wall Street was anticipating according to the Zacks Consensus Estimate. This marks the fourth quarter in a row that Seanergy has surpassed the consensus EPS. EBITDA was $6.6 million and $8 million on an adjusted basis.
Revenue came in at $24.2 million, compared to $38.3 million in the first quarter of 2024. This too beat the Zacks Consensus estimate by 3.76%. Seanergy Maritime also declared a quarterly dividend of $0.05 per common share, the 14th quarter in a row it has paid a dividend as part of its capital return policy.
'Our first-quarter results were impacted by the typical seasonal slowdown in dry bulk trade. Despite this, we recorded a daily TCE of $13,403 for the quarter, lower than the record levels of the first quarter of 2024, but in line with the seasonal trend of the market,' said Seanergy Chairman and CEO Stamatis Tsantanis. 'Importantly, market conditions began to recover by late February, and we expect a meaningful improvement in our second-quarter earnings. As of today, approximately 39% of our fleet days for Q2 are fixed at an average daily rate of approximately $22,700, with projected blended fleet TCE exceeding $19,000.'
Meanwhile, Seanergy's spin-off, United Maritime Corp., also declared a quarterly cash dividend of $0.01 per share during the first quarter, marking its tenth consecutive dividend payment. This consistent return adds another layer of upside for shareholders, especially as the company has diversified into high-potential offshore energy markets through its ECV joint venture. Since launching its capital return program in November 2022, United Maritime has declared total cash dividends of $1.62 per share, amounting to $12.9 million.
United Maritime Spin-Off To Benefit From Improving Fundamentals
As for its United Maritime spin-off, the company reported net revenue of $7.8 million and EBITDA of $0.7 million based on a daily time charter equivalent of $9,953. While the spin-off is facing near-term headwinds, Tsantanis said it is positioned to benefit from improving fundamentals. The company said it has already secured about 79% of its second quarter days at an average rate of $16,835, much higher than in the first quarter. Meanwhile, United Maritime expects the daily TCE for the full quarter to be approximately $15,653.
During the first quarter, United Maritime also increased its equity stake in its newbuilding Energy Construction Vessel joint venture to about 30%, which the company says advanced its strategy to diversify earnings and risk exposure. The sector is seeing rising asset values and favorable market dynamics, reports United Maritime.
'We are also particularly pleased to have increased our equity stake in the Energy Construction Vessel ('ECV') joint venture to approximately 30%. This represents a key milestone in our broader strategy to diversify our earnings base beyond dry bulk. The ECV project is uniquely positioned to benefit from rising demand in both traditional offshore energy and renewables, at a time when supply remains constrained,' said Tsantanis.
Seanergy – Expanding Its Fleet, Strengthening Its Liquidity
During the first quarter, Seanergy was able to successfully conclude the deliveries of one capesize and one newcastlemax vessel, both of which have commenced employment under index-linked time charters. The two additions bring Seanergy's fleet to a total of 21 vessels, which the company says reinforces its position, making it what it says is a leading pure-play capesize company.
The company also concluded $88.1 million in new financing and refinancing transactions during the quarter, which Seanergy says addresses all its near-term debt maturities and strengthens its liquidity - all the while keeping its loan-to-value ratio under 50%.
'Following a year of record financial performance in 2024, Seanergy entered the first quarter of 2025 with a clear strategic focus: to remain well-positioned to capitalize on the strong long-term fundamentals of the Capesize sector,' said Tsantanis. 'We pursued this through selective fleet expansion - acquiring high-quality Japanese-built vessels - and through strategic refinancing transactions that enhanced our financial flexibility.'
Optimism For The Remainder Of The Year
Looking out to the remainder of 2025, Seanergy said it has already secured close to one-third of its operating days until the end of the year at an average daily rate of more than $22,000. Securing coverage ahead of time gives the company better visibility and continued cash flow generation, and was a big reason why Seanegy declared its quarterly dividend. All told, total shareholder returns including stock repurchases have been equal to about $43.1 million.
'We remain optimistic about the Capesize segment,' said Tsantanis. 'Global seaborne trade volumes and ton-mile demand continue to expand, while supply growth is constrained by a historically low orderbook, elevated newbuilding costs and tightening environmental regulations.'
Despite the macroeconomic uncertainty brought on by tariffs and trade wars and weather-related disruptions, Seanergy said iron ore and bauxite trades have remained resilient. The company expects iron ore volumes to further strengthen in the second quarter and beyond, thanks in large part to an increase in Brazilian exports and the start of West African exports from Simandou by the end of 2025.
The company did caution there could be short-term volatility in bauxite due to instability in Guinea, but is confident that by and large bauxite remains a fast-growing trade. As regards coal, despite the reduction in traded volumes in the first months of the year, Seanergy is still seeing strong energy demand growth contributing to a healthy long-term seaborne trade. This is driven in large part by Southeast Asia's expanding coal-fired power generation, reported Seanergy.
'We are pleased with our fleet positioning, earnings visibility, and financial strength entering the rest of 2025. The Capesize market has demonstrated resilience through a challenging first quarter, and we remain confident in our ability to deliver strong results as market conditions continue to improve,' said Tsantanis.
Featured image courtesy of Seanergy.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
This content was originallypublished on Benzinga.Read further disclosureshere.
View the original release on www.newmediawire.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
21 minutes ago
- Bloomberg
Disney to Pay Comcast $439 Million More for Its Hulu Stake
Walt Disney Co. must pay $438.7 million more to Comcast Corp. to complete its purchase of the Hulu streaming service, according to an appraisal process conducted by investment bankers. The transaction will close before July 24, Disney said in a regulatory filing Monday.
Yahoo
22 minutes ago
- Yahoo
Ondas Holdings Inc. Announces Proposed Public Offering of Common Stock and Pre-Funded Warrants
BOSTON, MA / / June 9, 2025 / Ondas Holdings Inc. (NASDAQ:ONDS) ("Ondas" or the "Company"), a leading provider of private industrial wireless networks and commercial drone and automated data solutions through its Ondas Networks and Ondas Autonomous Systems business units, today announced that it intends to offer and sell shares of its common stock and in lieu of common stock, pre-funded warrants to purchase shares of its common stock. Ondas also expects to grant the underwriter a 30-day option to purchase additional shares of common stock offered in the public offering. All of the securities in the proposed offering are to be sold by Ondas. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Ondas intends to use the net proceeds from the proposed offering for general corporate purposes, including funding capital expenditures and providing working capital. Oppenheimer & Co. Inc. is acting as the sole underwriter for the offering. A shelf registration statement on Form S-3 (File No. 333-286642) relating to the securities to be issued in the proposed offering was filed with the Securities and Exchange Commission ("SEC") on April 18, 2025 and was declared effective on April 25, 2025. A preliminary prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained from Oppenheimer & Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8055, or by email at EquityProspectus@ Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the SEC's website at The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Forward-Looking Statements Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the completion and anticipated use of proceeds of the proposed offering. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties relate, among other things, to fluctuations in our stock price, changes in market conditions and satisfaction of customary closing conditions related to the proposed public offering. Our actual results, performance, or achievements, including our ability to conduct and complete a public offering of our common stock on terms acceptable to us or at all, could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law. ContactsIR Contact for Ondas Holdings Inc.888.350.9994ir@ Media Contact for OndasEscalate PRondas@ Preston GrimesMarketing Manager, Ondas Holdings SOURCE: Ondas Holdings Inc. View the original press release on ACCESS Newswire
New York Times
22 minutes ago
- New York Times
BlackRock Is Accused of a Plot Against Coal. The Firm Says That's ‘Absurd.'
Did some of the biggest investors in the world buy up shares in coal companies to force them to produce less coal? An unusual lawsuit in Texas claims that investment firms including BlackRock, Vanguard and State Street did just that, illegally colluding with one another to reduce coal production as part of a conspiracy to fight climate change. In a federal court in Texas on Monday, a lawyer for BlackRock told a judge that the claims 'defy economic reality' and that the lawsuit should be dismissed. 'The complaint ignores that the coal market has been declining for decades for a host of reasons well before this alleged conspiracy,' said Gregg Costa, a lawyer with the firm Gibson Dunn, speaking on behalf of all three defendants. A lawyer for Texas, which filed the suit late last year along with 10 other states, said BlackRock's chief executive, Laurence D. Fink, has written in the past that corporations should set targets for greenhouse-gas reductions. For coal companies, that means 'reducing output,' said the lawyer, Brian Barnes of the firm Cooper & Kirk. Texas, a major oil- and gas-producing state, has taken aggressive action against financial companies over climate issues, including enacting a law that bars state entities from doing business with investment firms that the comptroller says are boycotting energy companies. In January, the Texas attorney general, Ken Paxton, and 10 other state attorneys general sent a letter to financial institutions warning that their policies on climate and environment, as well as diversity, 'could lead to enforcement actions.' As power has changed in Washington, financial firms have walked back their messaging and participation in climate action groups. The complaint in the Texas case noted that BlackRock and State Street had already withdrawn from a trade association known as Climate Action 100+. (Vanguard had not been a member.) The firms have also exited the Net Zero Asset Managers Initiative, which had been a target of criticism from the right. Want all of The Times? Subscribe.
