Seanergy Maritime Holdings Corp. reported its financial results for the first quarter of 2025, revealing a significant decrease in net revenues, which fell to $24.2 million from $38.3 million in the same period of 2024. The company reported a net loss of $6.8 million, a sharp decline from the net income of $10.2 million recorded in the first quarter of 2024. Adjusted net loss stood at $5.2 million, contrasting with an adjusted net income of $11.6 million in the prior year. The company's EBITDA for the quarter was $6.6 million, down from $21.6 million in Q1 2024. Adjusted EBITDA also showed a decrease, coming in at $8.0 million compared to $23.2 million in the previous year. In terms of outlook, Seanergy provided guidance for the second quarter of 2025, noting that approximately 79% of the company's fleet's expected operating days have been fixed at an estimated Time Charter Equivalent (TCE) rate of approximately $19,660. This guidance reflects the company's expectations for future performance in the upcoming quarter. Additionally, the company announced a cash dividend of $0.05 per share, continuing its capital return policy with the 14th consecutive quarterly dividend.
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