CAPESIZE specialist Seanergy Maritime said that its optimism about the segment’s fundamentals had not been dented by a weak start to the year that pushed the company into the red for the first quarter.

The Nasdaq-listed owner posted a net loss of $6.8m compared with a $10.2m net profit in the first quarter of 2024, which turned out to be a record year for Seanergy.

Net revenues decreased by 37% to $24.2m and the company’s average daily time charter equivalent rate per vessel for the three months sank to $13,403, although this was 3% higher than the average of the Baltic Capesize Index for the period, according to the company.

Chief executive Stamatis Tsantanis attributed the loss to “the typical seasonal slowdown in dry bulk trade”, but said that the market had begun to recover by late February.

The company expected “a meaningful improvement” in second-quarter earnings, he said.

Close to 80% of the company’s fleet capacity has been fixed for the current quarter, at an estimated TCE rate of about $19,660.

Seanergy had secured about a third of its operating days until the end of 2025 at an average daily rate exceeding $22,000, said Tsantanis.

Reflecting this and the improving market backdrop, the board has declared a discretionary dividend of $0.05 per share for the quarter.

“We remain optimistic about the capesize segment,” he said. “Global seaborne trade volumes and tonne-mile demand continue to expand, while supply growth is constrained by a historically low orderbook, elevated newbuilding costs, and tightening environmental regulations.”

At the same time, the capesize fleet was ageing and fleet growth was decreasing, with a high number of dry dockings scheduled for the remainder of this year expected to further tighten vessel availability, Tsantanis said.

During the last quarter, Seanergy brought its fleet to 21 large bulkers with the delivery of a capesize and a newcastlemax.

“Seanergy entered the first quarter of 2025 with a clear strategic focus: to remain well positioned to capitalise on the strong long-term fundamentals of the capesize sector,” Tsantanis said.

“We pursued this through selective fleet expansion — acquiring high-quality Japanese-built vessels — and through strategic refinancing transactions that enhanced our financial flexibility,” he added.