While releasing its latest quarterly results, capesize owner Seanergy Maritime Holdings (hereinafter referred to as “Seanergy”) has formally finalized its first newbuilding project, with CEO Stamatis Tsantanis once again sending a strong optimistic signal—the capesize market is entering a boom cycle with sustainable momentum.
The financial report shows that in the third quarter of 2025, Seanergy achieved net revenue of $47 million, higher than the $44.4 million in the same period of 2024; Adjusted EBITDA was $26.6 million, largely flat compared to $26.8 million in the same period last year; Net profit was $12.8 million, and adjusted net profit was $14 million, remaining stable compared to $12.5 million and $14.1 million in the third quarter of 2024. The company’s fleet recorded a daily average TCE of $23,476 for the quarter.
For the first three quarters of 2025, Seanergy’s cumulative net revenue reached $108.7 million, lower than the $125.8 million in the same period last year; Net profit and adjusted net profit for the same period were $8.8 million and $12.3 million, respectively, compared to $36.8 million and $41.7 million in the same period of 2024. Adjusted EBITDA for the first three quarters was $52.8 million, compared to $78 million in the same period last year. The fleet’s average daily TCE for the first nine months of 2025 was $19,031, significantly lower than the $25,762 in the same period of 2024; the average daily operating cost (OPEX) was $7,086, slightly higher than the $6,873 in the same period last year.
Seanergy CFO Stavros Gyftakis stated that behind the record high quarterly capesize daily rates in Q3 is a market supply-demand imbalance, with ton-mile demand growing approximately 2% year-on-year, while available capacity increased by only 1.3%.
Iron ore remains the core growth engine. Australian exports rebounded quickly after weather disruptions early in the year, while Brazil pushed up long-haul demand with record shipments, a trend further highlighted by Vale’s production increase. Looking ahead, as the Simandou project enters the production phase, coupled with stable Chinese steel output and iron ore demand, the capesize market is expected to receive structural support for the coming years.
Bauxite has also become a growth highlight. Bauxite shipments increased by over 15% year-on-year in the third quarter, with cumulative growth reaching 20% in the first nine months. This trend,叠加 with increased Atlantic cargo volumes, will continue to boost fleet utilization.
The supply side is tightening further. Capesize deliveries in 2025 will hit a new historical low, with full-year fleet growth expected to be less than 1.5%; to date, newbuilding orders stand at only 38 vessels, the lowest since 2020. Of the existing fleet, approximately 7% is over 20 years old, and 30% is over 15 years old. With global shipyard capacity almost fully booked until 2029, supply growth in the coming years will be structurally constrained.
Against this backdrop, Seanergy is betting on fleet modernization. Tsantanis revealed that the company sold an older vessel nearing its third special survey and dry-docking in the third quarter and placed its first order with China’s Hengli Shipbuilding for a latest-generation capesize vessel equipped with a scrubber. The vessel costs $75 million, is expected to be delivered in the first half of 2027, and is a key move for the company to enhance fleet energy efficiency and asset value.
Speaking about choosing Hengli Heavy Industry as a partner for the first time, Gyftakis said: “We are always looking for projects that can truly create immediate value. Compared to locking down advance payments for deliveries several years in the future, we prefer newbuilding projects with closer delivery windows and lower capital tie-up. This is also why we chose Hengli—its shipbuilding quality is excellent, and the delivery time is only about 18 months from now.”
▲ Seanergy CEO Stamatis Tsantanis
He added that the company is still simultaneously monitoring the secondhand and newbuilding markets, “There are already some opportunities in progress, but it’s not yet at a stage where they can be disclosed. We believe there will be more progress to share in the coming weeks.”
In terms of commercial operations, Seanergy has renewed three charters with existing clients and signed a new charter with a major global commodity trader. The company maintains its strategy of operating index-linked charters, managing volatility through selective FFA hedging while maintaining market exposure.
Tsantanis emphasized that the company’s current pure capesize fleet platform, consisting of 20 high-specification capesize and Newcastlemax vessels, combined with a robust capital structure, places it in an ideal position within this strong cycle. “Seanergy is perfectly positioned to capture the cycle’s benefits.”
