Seanergy Maritime Holdings Q2 Earnings: Strong H2 Outlook with 33% of Fleet Hedged at $22,400/day, Expanding Capesize Platform

Seanergy Maritime Holdings Corp. (SHIP) reported a significant rebound in the Capesize market, with the Baltic Capesize Index averaging $18,700 in Q2. CEO Stamatios Tsantanis highlighted the company's strong hedging position, with 33% of its fleet hedged near $22,400/day, positioning it for a stronger H2. The company is growing its Capesize platform and has demonstrated the market's resilience despite macroeconomic challenges.

Seanergy Maritime Holdings Corp. (SHIP) has reported a significant rebound in the Capesize market during the second quarter of 2025, with the Baltic Capesize Index averaging $18,700. CEO Stamatios Tsantanis highlighted the company's strong hedging position, with 33% of its fleet hedged near $22,400/day, positioning it for a stronger second half of the year (H2). The company is growing its Capesize platform and has demonstrated the market's resilience despite macroeconomic challenges.

The company's financial results for Q2 2025 showed a turnaround from the net loss of $6.8 million in Q1. Net income reached $2.9 million on net revenues of $37.5 million, with adjusted EBITDA reaching $18.3 million for the quarter. Seanergy generated positive operating cash flow of $16.2 million during the first half of the year, with a cash position at quarter-end of $25.4 million. The company maintained a disciplined fleet loan-to-value ratio of approximately 50% and daily OpEx per vessel below $7,000.

The company's CFO, Stavros Gyftakis, noted that about 52% of Q3 operating days are fixed at a gross rate of $22,400 a day, and they expect to end a time charter equivalent of approximately $23,100 a day for the whole quarter. Additionally, 62% of Seanergy's third-quarter days are hedged at an average rate of $22,400, while for the second half of 2025, 33% of its fleet days are hedged at an average rate nearing $22,400.

Seanergy's performance reflects the broader market trends, with the Capesize segment showing continued upward tonne-day growth during Q2 2025, particularly on voyages from the Atlantic Americas to the Far East. However, concerns persist about the durability of demand on the C3 route (Brazil to China) and the potential build-up of supply pressure in the weeks ahead [1].

The company's growth strategy and strong financial position place it in a favorable position to navigate the volatile market environment. Seanergy's ability to maintain operational efficiency and secure favorable hedging positions indicates a commitment to financial discipline and long-term growth.

References:
[1] https://www.ajot.com/news/signal-ocean-dry-weekly-report-capesize-ton-days-to-the-far-east-and-c3-market-rates
[2] https://seekingalpha.com/news/4479397-seanergy-signals-stronger-h2-with-33-percent-of-fleet-hedged-near-22400-day-while-growing