[Management View]
Seanergy reported a net loss of $6.8 million and adjusted net loss of $5.2 million, attributed to a softer earnings environment and lower TCE rates. Revenue fell to $24.2 million from $38.3 million YoY. The company added two Japanese-built Capesize vessels and completed $88.1 million in new financings, removing all debt maturities for the next four quarters.

[Outlook]
Seanergy expects a TCE recovery to approximately $19,100 for Q2, with 39% of Q2 fleet days hedged at higher rates. No further fleet acquisitions are planned due to limited asset selection. The company aims to maintain consistent capital allocation, including dividends and opportunistic buybacks.

[Financial Performance]
Revenue: $24.2 million, down from $38.3 million YoY.
Net Loss: $6.8 million, adjusted net loss of $5.2 million.
EBITDA: $6.6 million, adjusted EBITDA of $8 million.
Cash Position: $31 million at quarter-end.
TCE: $13,400 per day, 3% above the Baltic Capesize Index.

[Q&A Highlights]
Question 1: Would you please walk us through the dry dock schedule? We had assumed fifty days in each of the first and fourth quarters, a hundred days in each of the second and third quarters. So basically 25 days per vessel.
Answer: We have approximately seven ships remaining for dry docking this year, which we are trying to push a couple of ships to the first quarter of next year, depending on market conditions. We expect around ten to fourteen million of CapEx concerning the dry dockings, with around twenty days per vessel. We have already dry docked four vessels this year.

Question 2: Would you please elaborate on the company's strategic and capital allocation priorities? Now that you have concluded deliveries of the two new vessels, what's next for your fleet?
Answer: Our priority is to distribute a significant part of our cash flow in dividends and buybacks, similar to last year. We do not have any further acquisitions lined up due to scarce and limited asset selection. We will stay consistent with last year's strategy.

Question 3: Can you talk about when ship opportunities arise, are you competing against trading houses, large mining companies, or other buyers?
Answer: We have a right of first offer on a number of ships and key partners ready to provide lucrative agreements for chartering. Our long-standing relationships and the work of our operations and technical department allow us to secure good contracts and projects for shareholders.

Question 4: Could you give us more detail on how much more we can see bauxite supporting demand over time?
Answer: Bauxite has gone up by almost forty to forty-five percent since last year. We expect it to continue growing, though not at the same rate. We anticipate a five percent increase for the remainder of the year and into 2026. Bauxite has become a dominant commodity for Capesize vessels.

Question 5: With Capesize rates being somewhat directionless recently, what do you consider to be the most impactful near-term market catalysts?
Answer: The biggest issue has been the splitting of cargoes between Capesizes and Panamax Kamsarmaxes. Major miners have reiterated their export projections, which means export levels will need to increase substantially. We expect rates to be significantly higher for the remainder of the year, with potential upside in the $22,000 to $25,000 range.

[Sentiment Analysis]
The tone of the management was cautiously optimistic, emphasizing strategic fleet growth and capital returns. Analysts' questions focused on operational details and market outlook, reflecting a keen interest in the company's strategic priorities and market conditions.

[Quarterly Comparison]
| Metric | Q1 2025 | Q1 2024 |
|-----------------------|---------------|---------------|
| Revenue | $24.2 million | $38.3 million |
| Net Loss | $6.8 million | N/A |
| Adjusted Net Loss | $5.2 million | N/A |
| EBITDA | $6.6 million | N/A |
| Adjusted EBITDA | $8 million | N/A |
| Cash Position | $31 million | N/A |
| TCE | $13,400/day | $24,100/day |

[Risks and Concerns]
- Market softness and lower TCE rates impacting revenue and profitability.
- Limited asset selection for fleet expansion.
- Potential volatility in Capesize rates due to geopolitical and economic factors.

[Final Takeaway]
Seanergy demonstrated operational discipline and strategic fleet expansion despite a challenging market environment. The company's proactive refinancing efforts and hedging strategies provide forward revenue visibility and support a positive outlook for Q2. Management's focus on capital returns and maintaining a strong balance sheet positions Seanergy well for future growth and shareholder value creation.