Capesize specialist Seanergy posts record profit, signals bullish market outlook

The US-listed Capesize specialist outperformed the Baltic Capesize Index (BCI) by 27% in Q4 2024, reporting a fleet TCE of US$23,179. The company estimates its Q1 2025 fleet TCE to be US$13,400, which, while reflecting seasonal Capesize softness, remains 44% higher than the year-to-date BCI average of approximately US$9,300.

“Our robust hedging strategy enabled us to significantly outperform the broader Capesize market, even amid seasonal year-end softness,” said Seanergy Maritime chairman and chief executive Stamatis Tsantanis.

Seanergy reported a net income of US$43.5M in 2024, up from US$2.3M in 2023, marking a record full-year profitability. Net revenues increased to US$167.5M last year, compared with US$110.2M in 2023.

Additionally, in February 2025, Seanergy secured a US$53.6M sustainability-linked senior credit facility to partially finance the acquisition of one ship and refinance existing debt.

Positive market outlook

Mr Tsantanis expressed optimism regarding the Capesize market outlook. After a year in which Capesize vessels outperformed smaller dry bulk segments, he noted fleet growth is expected to slow to 1-2% in 2025, “setting the stage for an even tighter supply-demand balance.”

Despite a weak start to the year, spot rates and FFAs have risen sharply in recent weeks, signalling a strengthening market in the months ahead.

Seanergy’s head further emphasised a robust long-term outlook for Capesize demand, driven by rising iron ore and bauxite exports from the Atlantic Basin, a historically low orderbook, and tightening environmental regulations that are expected to further restrict Capesize supply.

He moreover highlighted the Simandou iron ore project in Guinea, set to begin exports in 2025, which is expected to “significantly boost tonne-mile demand.”

According to Mr Tsantanis, coal will also remain a key component of the global power mix, despite the ongoing energy transition, which will support sustained demand for Capesize vessels as Asia ramps up imports.

Fleet expansion

Seanergy received the two large-sized bulk carriers it agreed to purchase earlier in the year for approximately US$70.0M. Since Q2 2024, the company has committed US$138.0M to invest in four vessels, bringing its fleet to 21 ships with a total deadweight tonnage of 3.8M.

“This strategic expansion further strengthens our profitability and cash flow generation potential, allowing us to continue capitalising on the strength of the Capesize market,” Mr Tsantanis commented.