Declares $0.20 Per Share Dividend and Expands Prompt Newbuilding Program Totaling $226m
Highlights (in million USD, except EPS) Q4 2025 Q4 2024 12M 2025 12M 2024 ------------------------------ ------- ------- -------- -------- Net Revenues $49.4 $41.7 $158.1 $167.5 Net income $12.5 $6.6 $21.2 $43.5 Adjusted net income(1) $14.4 $7.1 $26.7 $48.8 EBITDA(1) $26.7 $19.9 $78.3 $92.6 Adjusted EBITDA(1) $28.9 $20.4 $81.7 $98.4 ------------------------------ ------- ------- -------- -------- Earnings per share Basic $0.59 $0.32 $1.02 $2.12 Earnings per share Diluted $0.59 $0.32 $1.01 $2.11 Adjusted earnings per share Basic(1) $0.68 $0.34 $1.28 $2.39 Adjusted earnings per share Diluted(1) $0.68 $0.34 $1.28 $2.38 ------------------------------ ------- ------- -------- --------
Highlights and Developments:
-- Fifth consecutive year of profitability, delivering adjusted EPS of
$1.28, underscoring the resilience and earnings power of Seanergy's
pure-play Capesize strategy across cycles
-- Declared a Q4 cash dividend of $0.20 per share and total cash dividends
for 2025 of $0.43 per share
-- The Q4 dividend marks the Company's 17th consecutive quarterly dividend
bringing cumulative distributions to $2.64 per share, or approximately
$51.2 million
-- Expanded the prompt newbuilding program to three eco vessels totaling
$226 million, securing attractive early delivery positions and enhancing
future earnings capacity:
-- Two scrubber-fitted 181,000 dwt Capesize bulkers with expected
deliveries in Q2 and Q3 2027
-- One scrubber-fitted 211,000 dwt Newcastlemax bulker with expected
delivery in Q2 2028
-- Advanced fleet renewal through the sale of the 2010-built M/V Dukeship at
a highly attractive valuation, via an 18-month bareboat charter with
purchase obligation, generating positive cash flows and releasing
significant liquidity
-- Completed $123.0 million of refinancings at improved terms, generating
$51.9 million of incremental liquidity in Q4 and this year to date
-- Q1 TCE guidance of $25,2732, representing a 14% premium to the average
AV5 Baltic Capesize Index year-to-date
____________________________
(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, Feb. 17, 2026 (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 fourth quarter and twelve months ended December 31, 2025, and announced a quarterly cash dividend of $0.20 per common share. This represents Seanergy's 17(th) consecutive quarterly dividend under its capital return policy, with total cash dividends for 2025 of $0.43 per common share, underscoring the Company's commitment to disciplined capital allocation and consistent shareholder returns.
For the quarter ended December 31, 2025, Seanergy generated Net Revenues of $49.4 million, up from $41.7 million in the fourth quarter of 2024. Net Income and Adjusted Net Income for the quarter were $12.5 million and $14.4 million, respectively, compared to Net Income of $6.6 million and Adjusted Net Income of $7.1 million in the fourth quarter of 2024. Adjusted EBITDA for the quarter was $28.9 million, compared to $20.4 million in the same period of 2024. The fleet achieved a daily Time Charter Equivalent ("TCE") of $26,614 for the fourth quarter of 2025.
For the full year 2025, Seanergy delivered Net Revenues of $158.1 million, compared to $167.5 million in 2024. Net Income and Adjusted Net Income were $21.2 million and $26.7 million, respectively, compared to Net Income of $43.5 million and Adjusted Net Income of $48.8 million in 2024. Adjusted EBITDA for the twelve months was $81.7 million, compared to $98.4 million for 2024. The daily TCE rate of the fleet for 2025 was $20,937, compared to $25,063 in 2024. The average daily OPEX was $7,127 compared to $6,976 in 2024.
Cash and cash-equivalents and restricted cash, as of December 31, 2025, stood at $62.7 million. Stockholders' equity at the end of the fourth quarter was $281.4 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $290.2 million, while the book value of the fleet was $506.7 million, including vessels under construction.
Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"Driven by a strong Capesize market, Seanergy delivered a very strong fourth quarter, marking our fifth consecutive year of profitability. This performance reflects the durability of our pure-play Capesize strategy, disciplined balance sheet management, and our ability to consistently capture market upside.
"We remain firmly focused on delivering consistent shareholder returns. In 2025, we distributed $0.43 per common share in cash dividends, and with the declaration of the Q4 dividend of $0.20 per common share, we marked our 17(th) consecutive quarterly dividend. Since launching our dividend program, we have returned $2.64 per common share, or approximately $51.2 million, to our shareholders, underscoring both the strong earnings capacity of our fleet and our disciplined approach to capital allocation.
"Looking ahead, market fundamentals remain constructive as we move into 2026. Robust iron ore and bauxite trade flows, limited Capesize newbuilding supply, and favorable ton-mile dynamics continue to support earnings visibility. With a high-quality fleet, predominantly index-linked employment, and balanced leverage profile, we believe Seanergy is well positioned to capture meaningful upside in this favorable environment.
"Our fleet renewal program is progressing as planned and remains a core strategic priority. In recent months, we added two prompt, eco newbuilding orders at leading Chinese shipyards: a scrubber-fitted Capesize sister vessel to the unit previously announced, scheduled for delivery in Q3 2027, and a scrubber-fitted Newcastlemax scheduled for delivery in Q2 2028. The total current newbuilding investment of approximately $226 million reflects our intention to continue pursuing selective and prompt newbuilding opportunities when market conditions and financing terms are favorably aligned.
"In parallel, and taking advantage of firm secondhand values, we recently agreed to sell the 2010-built Dukeship through an 18-month bareboat arrangement, crystallizing a solid price and generating positive cash flows through the bareboat period. We continue to actively evaluate opportunities to optimize our fleet through selective acquisitions and targeted disposals, while keeping long-term shareholder value and returns as a top priority.
"On the commercial front, we secured index-linked renewals for five vessels, maintaining full participation in a strengthening market while selectively utilizing FFAs to manage volatility. This disciplined approach continues to deliver strong commercial performance. For the first quarter of 2026, we estimate a daily TCE of approximately $25,300, representing a 14% premium to the prevailing AV5 BCI year-to-date, based on the current FFA curve, with approximately 77% of available days fixed at an average rate of $24,739.
"Seanergy enters 2026 from a position of financial strength, operational excellence, and strategic clarity, with a clear path toward continued per-share value creation for our shareholders."
______________________________
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 180 rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to $27,830 (based on the FFA curve as of February 12, 2026). 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.
Company Fleet:
Minimum
FFA time
conversion charter Maximum T/C
Capacity Year Scrubber Employment option((1) ("T/C") expiration((2)
Vessel Name $(DWT)$ Built Yard Fitted Type () expiration () Charterer
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Titanship 207,855 2011 NACKS - Linked No 09/2026 03/2027 Cargill
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Meiship 207,851 2013 Imabari - Linked No 02/2026 06/2026 Cargill
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Patriotship 181,709 2010 Imabari Yes Linked Yes 01/2027 03/2027 Glencore
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Koyo T/C Index
Paroship 181,415 2012 -Imabari Yes Linked Yes 07/2027 12/2027 Oldendorff
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Koyo -- T/C Index
Worldship 181,415 2012 Imabari Yes Linked Yes 11/2026 03/2027 NYK
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Koyo T/C Index
Kaizenship 181,396 2012 Dock - Linked Yes 07/2026 09/2026 MOL
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Iconship 181,392 2013 Imabari - Linked Yes 03/2026 06/2026 Cargill
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Hellasship 181,325 2012 Imabari - Linked Yes 04/2027 08/2027 NYK
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Honorship 180,242 2010 Imabari - Linked Yes 06/2026 10/2026 NYK
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index Anglo
Fellowship 179,701 2010 Daewoo - Linked Yes 06/2026 11/2026 American
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Sungdong T/C Index
Championship 179,238 2011 SB Yes Linked Yes 04/2027 08/2027 Cargill
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Partnership 179,213 2012 Hyundai Yes Linked Yes 01/2027 05/2027 Glencore
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Knightship 178,978 2010 Hyundai Yes Linked Yes 12/2026 04/2027 Glencore
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Lordship 178,838 2010 Hyundai Yes Linked Yes 01/2027 03/2027 Glencore
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Mitsui T/C Index
Blueship 178,459 2011 SB - Linked Yes 06/2026 11/2026 NYK
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Friendship 176,952 2009 Namura - Linked Yes 10/2026 03/2027 NYK
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
T/C Index
Flagship 176,387 2013 Mitsui - Linked Yes 10/2027 02/2028 Cargill
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Sungdong T/C Index
Premiership 170,024 2010 SB Yes Linked Yes 03/2027 05/2027 Glencore
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Sungdong T/C Index
Squireship 170,018 2010 SB Yes Linked Yes 03/2027 05/2027 Glencore
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Total / 14.6
Average age 3,452,408 years - - - - - - -
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Vessels under construction
-------------------------------------------------------------------------------------------------------------------
NB Vessel 181,000 2027 Hengli Yes - - - - -
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
NB Vessel 181,500 2027 Hengli Yes - - - - -
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
NB Vessel 211,000 2028 Hantong Yes - - - - -
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
Bareboat charter out
-------------------------------------------------------------------------------------------------------------------
Dukeship 181,453 2010 Sasebo - Bareboat - 08/2027 09/2027 United
------------- --------- ----- -------- -------- ---------- ---------- ---------- -------------- ----------
(1) The Company has the option to convert the index-linked
rate to fixed for periods ranging between 1 and 12
months, based on the prevailing Capesize FFA rate
for the selected period.
(2) The latest redelivery date does not include any additional
optional periods.
Fleet Data:
(U.S. Dollars in thousands)
Q4 2025 Q4 2024 12M 2025 12M 2024
------------------------ ------- ------- -------- --------
Ownership days (1) 1,840 1,748 7,440 6,518
------------------------ ------- ------- -------- --------
Operating days (2) 1,801 1,744 7,164 6,447
------------------------ ------- ------- -------- --------
Fleet utilization (3) 97.9% 99.8% 96.3% 98.9%
------------------------ ------- ------- -------- --------
TCE rate (4) $26,614 $23,179 $20,937 $25,063
------------------------ ------- ------- -------- --------
Daily Vessel Operating
Expenses (5) $7,250 $7,257 $7,127 $6,976
------------------------ ------- ------- -------- --------
(1) Ownership days are the total number of calendar days
in a period during which the vessels in a fleet have
been owned or chartered in. Ownership days are an
indicator of the size of the Company's fleet over
a period and affect both the amount of revenues and
the amount of expenses that the Company recorded during
a period.
(2) Operating days are the number of available days in
a period less the aggregate number of days that the
vessels are off-hire due to unforeseen circumstances.
Available days are the number of ownership days less
the aggregate number of days that our vessels are
off-hire due to major repairs, dry-dockings, lay-up
or special or intermediate surveys. Operating days
include the days that our vessels are in ballast voyages
without having finalized agreements for their next
employment. The Company's calculation of operating
days may not be comparable to that reported by other
companies.
(3) Fleet utilization is the percentage of time that the
vessels are generating revenue and is determined by
dividing operating days by ownership days for the
relevant period. Fleet Utilization is used to measure
a company's ability to efficiently find suitable employment
for its vessels and minimize the number of days that
its vessels are off-hire for unforeseen events. We
believe it provides additional meaningful information
and assists management in making decisions regarding
areas where we may be able to improve efficiency and
increase revenue and because we believe that it provides
useful information to investors regarding the efficiency
of our operations. The Company's calculation of fleet
utilization may not be comparable to that reported
by other companies.
(4) TCE rate is defined as the Company's net revenue less
voyage expenses during a period divided by the number
of the Company's operating days during the period.
Voyage expenses include port charges, bunker (fuel
oil and diesel oil) expenses, canal charges and other
commissions. The Company includes the TCE rate, which
is not a recognized measure under U.S. GAAP, as it
believes it provides additional meaningful information
in conjunction with net revenues from vessels, the
most directly comparable U.S. GAAP measure, and because
it assists the Company's management in making decisions
regarding the deployment and use of our vessels and
because the Company believes that it provides useful
information to investors regarding our financial performance.
The Company's calculation of TCE rate may not be comparable
to that reported by other companies. The following
table reconciles the Company's net revenues from vessels
to the TCE rate.
(In thousands of U.S. Dollars, except operating days and TCE rate)
Q4 2025 Q4 2024 12M 2025 12M 2024
------- ------- -------- --------
Vessel revenue, net 49,053 41,146 155,519 164,881
Less: Voyage expenses 1,122 721 5,524 3,297
Time charter equivalent revenues 47,931 40,425 149,995 161,584
Operating days 1,801 1,744 7,164 6,447
TCE rate $26,614 $23,179 $20,937 $25,063
(5) Vessel operating expenses include crew costs, provisions,
deck and engine stores, lubricants, insurance, maintenance
and repairs. Daily Vessel Operating Expenses are calculated
by dividing vessel operating expenses, excluding pre
delivery costs, by ownership days for the relevant
time periods. The Company's calculation of daily vessel
operating expenses may not be comparable to that reported
by other companies. The following table reconciles
the Company's vessel operating expenses to daily vessel
operating expenses.
(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)
Q4 2025 Q4 2024 12M 2025 12M 2024
------- ------- -------- --------
Vessel operating expenses 13,344 13,365 53,785 46,985
Less: Pre-delivery expenses 4 680 761 1,515
Vessel operating expenses before
pre-delivery expenses 13,340 12,685 53,024 45,470
Ownership days 1,840 1,748 7,440 6,518
Daily Vessel Operating Expenses $7,250 $7,257 $7,127 $6,976
Net income to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of U.S. Dollars)
Q4 2025 Q4 2024 12M 2025 12M 2024
------------------------------------- ------- ------- -------- --------
Net income 12,457 6,638 21,242 43,472
------------------------------------- ------- ------- -------- --------
Interest and finance cost, net 4,918 5,147 20,861 19,437
------------------------------------- ------- ------- -------- --------
Depreciation and amortization 9,364 8,139 36,156 29,695
------------------------------------- ------- ------- -------- --------
EBITDA 26,739 19,924 78,259 92,604
------------------------------------- ------- ------- -------- --------
Stock based compensation 362 437 4,065 4,987
------------------------------------- ------- ------- -------- --------
Gain on sale of vessel - - (2,308) -
------------------------------------- ------- ------- -------- --------
Loss on extinguishment of debt 1,572 4 1,663 653
------------------------------------- ------- ------- -------- --------
Loss on forward freight agreements,
net 10 43 64 177
------------------------------------- ------- ------- -------- --------
Loss / (gain) on FX forwards 185 - (46) -
------------------------------------- ------- ------- -------- --------
Adjusted EBITDA 28,868 20,408 81,697 98,421
------------------------------------- ------- ------- -------- --------
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 and Adjusted EBITDA are not recognized measurements 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)
Q4 2025 Q4 2024 12M 2025 12M 2024
------------------ ---------- ---------- ---------- ----------
Net income 12,457 6,638 21,242 43,472
------------------ ---------- ---------- ---------- ----------
Stock based
compensation 362 437 4,065 4,987
------------------ ---------- ---------- ---------- ----------
Loss on
extinguishment of
debt (non-cash) 1,349 - 1,430 304
------------------ ---------- ---------- ---------- ----------
Loss / (gain) on
FX forwards 185 - (46) -
------------------ ---------- ---------- ---------- ----------
Adjusted net
income 14,353 7,075 26,691 48,763
------------------ ---------- ---------- ---------- ----------
Dividends to
non-vested
participating
securities (31) (66) (133) (549)
------------------ ---------- ---------- ---------- ----------
Undistributed
earnings to
non-vested
participating
securities (112) (16) (279) (980)
------------------ ---------- ---------- ---------- ----------
Adjusted net
income-- common
shareholders 14,210 6,993 26,279 47,234
------------------ ---------- ---------- ---------- ----------
Adjusted earnings
per common share,
basic 0.68 0.34 1.28 2.39
------------------ ---------- ---------- ---------- ----------
Adjusted earnings
per common share,
diluted 0.68 0.34 1.28 2.38
------------------ ---------- ---------- ---------- ----------
Weighted average
number of common
shares
outstanding,
basic 20,871,198 20,272,380 20,471,002 19,745,379
------------------ ---------- ---------- ---------- ----------
Weighted average
number of common
shares
outstanding,
diluted 20,871,198 20,409,272 20,537,796 19,879,876
------------------ ---------- ---------- ---------- ----------
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.
First Quarter 2026 TCE Rate Guidance:
(MORE TO FOLLOW) Dow Jones Newswires
February 17, 2026 08:00 ET (13:00 GMT)
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