Seanergy Maritime Logs Q4 Revenue Rise to $49.4M, Declares $0.20 Dividend
Seanergy Maritime reported Q4 2025 net revenues of $49.4M (up from $41.7M) and net income rose to $12.5M, yielding adjusted EPS of $0.68. The company declared a $0.20 cash dividend (17th straight) and expanded its $226M prompt newbuilding program for three eco vessels scheduled through Q2 2028.
1. Q4 Financial Performance
In the fourth quarter of 2025, the company generated net revenues of $49.4 million, up 18.5% from $41.7 million a year earlier. Net income doubled to $12.5 million with adjusted net income of $14.4 million, adjusted EBITDA of $28.9 million and a daily TCE rate of $26,614.
2. Dividend and Capital Returns
Seanergy declared a $0.20 per share quarterly cash dividend, marking its 17th consecutive distribution and bringing total 2025 dividends to $0.43 per share. Since the program’s inception, the company has returned $2.64 per share, equating to approximately $51.2 million to shareholders.
3. Newbuilding Program Expansion
The company expanded its prompt newbuilding program to three eco vessels at a total investment of $226 million, securing early delivery slots at Chinese shipyards. This includes two scrubber-fitted 181,000 dwt Capesize bulkers due in Q2 and Q3 2027 and one 211,000 dwt Newcastlemax due in Q2 2028 to bolster future earnings potential.
4. Financing, Liquidity and Guidance
Seanergy completed $123 million of refinancing in Q4 and year-to-date, unlocking $51.9 million of incremental liquidity and sold the 2010-built M/V Dukeship via an 18-month bareboat charter with purchase obligation. The company forecasts Q1 2026 TCE earnings of $25,273 per day, a 14% premium to the year-to-date Baltic Capesize Index.