Seanergy Maritime Anticipates Continued Growth in Capesize Shipping Market

Seanergy Maritime Holdings Corp. is leveraging a robust capesize shipping market to drive significant financial growth and shareholder value. The company reported a 52% increase in net revenue to $167.5 million in 2024, with net income reaching $43.5 million compared to just $2.3 million in 2023.

The shipping company's success stems from a strategic combination of factors, including a substantial surge in freight rates—rising 300% from $6,000 to $24,000 per day since mid-November. This growth is attributed to tight supply and increasing demand for seaborne shipments of iron ore, bauxite, and coal, with Brazilian iron ore exports up 6% and Guinea's bauxite exports increasing over 15% in 2024.

With capesize fleet growth projected to slow to 1.4% in 2025, Seanergy anticipates continued market strength. The company is positioning itself for expansion through strategic fleet investments, having already allocated $138 million to four new capesize vessels, bringing its total fleet to 21 units.

The company's long-term outlook remains optimistic, citing potential growth from emerging markets, technological industries, and anticipated projects like the Simandou iron ore initiative in Guinea. Additionally, stricter environmental regulations are expected to further constrain vessel supply, potentially benefiting well-positioned shipping companies like Seanergy.

To reward shareholders, Seanergy declared a cash dividend of $0.10 per share for the fourth quarter of 2025, representing a forward dividend yield of 6%. The company has also repurchased 532,411 common shares for $4.9 million, demonstrating its commitment to shareholder value.

As the global capesize bulk carrier market is projected to reach $112.7 billion by 2032 with a nearly 7% compound annual growth rate, Seanergy appears well-positioned to capitalize on emerging market opportunities and maintain its growth trajectory.