Seanergy Maritime Reports Third Quarter and Nine Months Financial Results for the Period Ended September 30, 2025

Declares Quarterly Cash Dividend of $0.13 Per Share

Other Highlights and Developments:

• Declared $0.13 per share quarterly cash dividend – 16^th consecutive quarterly dividend for aggregate cash dividends of $2.44 per share, totaling $46.9 million
• Entered into Seanergy’s first-ever newbuilding contract, marking a key milestone in the Company’s fleet renewal and modernization strategy
• Profitable sale of a vintage Capesize vessel releasing approximately $12.0 million of liquidity
• Expiration of all remaining outstanding warrants, eliminating potential dilution and simplifying capital structure

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¹ _{Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.}

ATHENS, Greece, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize shipping company, today reported its financial results for the third quarter and nine months ended September 30, 2025, and announced a quarterly cash dividend of $0.13 per common share—marking the 16^th consecutive quarterly dividend under its capital return policy.

For the quarter ended September 30, 2025, the Company generated Net Revenues of $47.0 million, compared to $44.4 million in the third quarter of 2024. Adjusted EBITDA for the quarter was $26.6 million, compared to $26.8 million in the same period of 2024. Net Income and Adjusted Net Income for the quarter were $12.8 million and $14.0 million, respectively, compared to Net Income of $12.5 million and Adjusted Net Income of $14.1 million in the third quarter of 2024. The Company’s fleet achieved a daily Time Charter Equivalent (“TCE”) of $23,476 for the third quarter of 2025.

For the nine-month period ended September 30, 2025, the Company generated Net Revenues of $108.7 million, compared to $125.8 million in the same period of 2024. Net Income and Adjusted Net Income for the nine months were $8.8 million and $12.3 million, respectively, compared to Net Income of $36.8 million and Adjusted Net Income of $41.7 million in the respective period of 2024. Adjusted EBITDA for the nine months was $52.8 million, compared to $78.0 million for the same period of 2024. The daily TCE rate of the fleet for the nine-month period of 2025 was $19,031, compared to $25,762 in the same period of 2024. The average daily OPEX was $7,086 compared to $6,873 of the respective period of 2024.

Cash and cash-equivalents and restricted cash, as of September 30, 2025, stood at $36.8 million. Stockholders’ equity at the end of the third quarter was $271.3 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $287.5 million, while the book value of the fleet was $513.7 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“In Q3, Seanergy capitalized on the recovery of the Capesize market, driving higher profitability and setting a strong foundation for the rest of 2025 and 2026. Consistent with our rewards policy, we declared a $0.13 per share dividend, our 16th consecutive payout, bringing total distributions to $2.44 per share. The expiration of all outstanding warrants further streamlines our capital structure, removing legacy dilution risk and enhancing shareholder value. With a 20-vessel fleet consisting purely of high-quality Capesizes and Newcastlemaxes and a conservative capital structure, we remain well positioned to capture the upside of a robust Capesize market.

“During the quarter, we advanced our fleet renewal strategy by selling one of our vintage vessels at a good value, ahead of her third special survey and drydocking and placing our first-ever newbuilding Capesize order at a top-tier Chinese shipyard. The new scrubber-fitted Capesize, priced at $75 million and scheduled for delivery in the first half of 2027, represents a major step toward long-term value creation and modernization of our fleet. Going forward, we will continue to pursue disciplined fleet renewal opportunities, aligned with maintaining balance sheet flexibility and rewarding our shareholders.

“On the commercial front, we renewed three time-charters with existing counterparties and concluded a new charter with a leading global commodities trader. Our entire fleet remains on index-linked charters, ensuring full market exposure while managing volatility through selective FFA hedging. For Q4, after hedging approximately 55% of our available days at a gross rate of $24,900, we estimate a TCE of around $23,900 given prevailing spot rates and current FFA curve.

“Capesize charter rates averaged nearly $25,000 in Q3, supported by record iron ore exports from Brazil and strong bauxite and coal demand. With the Capesize orderbook below 10% of the global fleet and trade volumes expected to rise in 2026, we anticipate a sustained period of strong rates. Seanergy’s pure-play Capesize platform is ideally positioned to benefit.

“Our focus remains on consistent shareholder value creation through operational excellence, disciplined capital allocation, and regular dividends supported by a strong balance sheet.”

Company Fleet:

Fleet Data: 

(U.S. Dollars in thousands)

(In thousands of U.S. Dollars, except operating days and TCE rate)

(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)

Net income to EBITDA and Adjusted EBITDA Reconciliation:

(In thousands of U.S. Dollars)

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income, net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, gain on sale of vessel, loss on forward freight agreements, net, loss on extinguishment of debt, and loss / (gain) on FX forwards (“Other, net” in statement of operations), which the Company believes are not indicative of the ongoing performance of its core operations.

EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

Adjusted Net Income Reconciliation and calculation of Adjusted Earnings Per Share

(In thousands of U.S. Dollars, except for share and per share data)

To derive Adjusted Earnings Per Share, a non-GAAP financial measure, from Net Income, we adjust for dividends and undistributed earnings to non-vested participating securities and exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income and Adjusted Earnings Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as loss on extinguishment of debt, stock based compensation, loss / (gain) on FX forwards and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income and Adjusted Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.

Fourth Quarter 2025 TCE Rate Guidance:

As of the date hereof, approximately 75% of the Company fleet’s expected operating days in the fourth quarter of 2025 have been fixed at an estimated TCE rate of approximately $23,478. Assuming that for the remaining operating days of our index-linked time charters, the BCI 5TC rate will be equal to $25,073 (based on the FFA curve as of November 11, 2025), our estimated TCE rate for the fourth quarter of 2025 will be approximately $23,878². The following table provides the breakdown of index-linked charters and fixed-rate charters in the fourth quarter of 2025:

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² _{This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates, or projected utilization rates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the BCI 5TC rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to $25,073 (based on the FFA curve as of November 11, 2025). Spot estimates are provided using the load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE rate will be reduced accordingly.}

Third Quarter and Recent Developments:

Dividend Distribution for Q2 2025 and Declaration of Q3 2025 Dividend

On October 10, 2025, the Company paid a quarterly cash dividend of $0.05 per share for the second quarter of 2025 to all shareholders of record as of September 29, 2025.

The Company has declared a quarterly cash dividend of $0.13 per common share for the third quarter of 2025 payable on or about January 9, 2026, to all shareholders of record as of December 29, 2025.

Expiration of Class E warrants

The Class E warrants were issued on August 20, 2020, with a five-year term and an exercise price as of the expiration date of $3.98 per share. Following warrant exercises and a tender offer by Seanergy to repurchase warrants in January 2023, Class E warrants to purchase 57,225 common shares remained outstanding as of their expiration date. As of August 20, 2025, all remaining Class E warrants expired.

Following the expiration of the Class E warrants and the prior expiration of the Class D warrants in April 2025, Seanergy has no outstanding warrants.

Extension of the Existing Share Repurchase Program

The program, previously set to expire on December 31, 2025, has been extended for a further 12-month period. Under the program, the Company may repurchase up to $25.0 million of its outstanding common shares in the open market. As of today, approximately $20.1 million remains available for repurchases, while the program will remain effective through the period ending December 31, 2026.

Fleet Updates

Newbuilding Contract for a Capesize Vessel at Hengli Shipyard

In October 2025, the Company entered into an agreement with Hengli Shipbuilding (Dalian) Co., Ltd. and Hengli Shipbuilding (Singapore) Pte. Ltd. for the construction of a 181,000 dwt scrubber-fitted Capesize vessel. The contract price is approximately $75.0 million, with delivery expected in the second quarter of 2027. The purchase price will be paid in five installments, linked to the vessel’s construction milestones, with 45% of the purchase price payable over the next 12 months and the remaining 55% upon delivery of the vessel.

The new vessel will be built incorporating the latest technological advancements and eco-friendly design features, resulting in enhanced fuel efficiency and reduced emissions in line with the Company’s ongoing fleet renewal and decarbonization strategy.

Sale of M/V Geniuship

In September 2025, the Company delivered to her new owners the 170,057 dwt M/V Geniuship, built in 2010. The gross sale price was approximately $21.6 million. The transaction generated net proceeds of about $12.0 million and resulted in an accounting profit of approximately $2.3 million, which was recorded in the third quarter financial results.

Commercial Updates

M/V Lordship – New T/C agreement

In September 2025, the M/V Lordship commenced a new T/C agreement with ST Shipping and Transport Pte. Ltd (“Glencore”) for a period of about 11 to about 15 months. The daily hire is based on the 5 T/C routes of the BCI, while the Company has the option to convert the daily hire from index-linked to fixed for a minimum period of 1 month to a maximum of 9 months based on the prevailing Capesize FFA curve. The Company will also receive the majority of the benefit from the scrubber profit-sharing scheme based on the price difference between high-sulfur and low-sulfur fuel.

M/V Dukeship – New T/C agreement

In October 2025, the M/V Dukeship commenced a new T/C agreement with Solebay Shipping Ltd. (“Solebay”) for a period of minimum 11 to maximum 14 months. The daily hire is based on the 5 T/C routes of the BCI, while the Company has the option to convert the daily hire from index-linked to fixed for a minimum period of 2 months to a maximum of 12 months based on the prevailing Capesize FFA curve.

M/V Kaizenship – Time charter extension

In August 2025, the charterer of the M/V Kaizenship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period commenced on October 1, 2025, for a duration of minimum 10 months to maximum 12 months. The daily hire is based on a revised premium over the BCI, while all other main terms of the time charter remain materially the same.

M/V Patriotship – Time charter extension

In September 2025, the charterer of the M/V Patriotship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period commenced on September 21, 2025, for a duration of about 11 to about 15 months. The daily hire is based on a revised premium over the BCI, while all other main terms of the time charter remain materially the same.

M/V Knightship – Time charter extension

In September 2025, the charterer of the M/V Knightship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period will commence on January 30, 2026, for a duration of about 11 to about 14 months. The Company will receive the majority of the benefit from the scrubber profit-sharing scheme based on the price difference between high-sulfur and low-sulfur fuel while the daily hire will be based on a revised premium over the BCI.

M/V Worldship – Time charter extension

In November 2025, the charterer of the M/V Worldship agreed to extend the time charter agreement in direct continuation from the previous agreement. The extension period commenced on November 3, 2025, for a duration of minimum 12 to maximum 16 months. The daily hire is based on the BCI, while all other main terms of the time charter remain materially the same.

Conference Call:

The Company’s management will host a conference call to discuss financial results on November 13, 2025, at 10:00 a.m. Eastern Time.

Audio Webcast:

There will be a live, and then archived, webcast of the conference call available through the Company’s website. To listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on Seanergy’s website approximately 10 minutes prior to the start of the webcast, following this link.

Conference Call Details:

Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.  

* Derived from the audited consolidated financial statements as of that date

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 20 vessels (2 Newcastlemax and 18 Capesize) with an average age of approximately 14.4 years and an aggregate cargo carrying capacity of approximately 3,633,861 dwt.

The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Please visit our Company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to declaration of dividends, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between Israel and Hamas or Iran, China and Taiwan and between Russia and Ukraine; risks associated with the length and severity of pandemics, including their effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: [email protected]

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d74336a9-3eea-46fd-bab7-92de654230ec