6-K - SHIP - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR

15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number: 001-34848

SEANERGY MARITIME HOLDINGS CORP.

(Translation of registrant’s name into English)

154 Vouliagmenis Avenue

166 74 Glyfada

Athens, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release of Seanergy Maritime Holdings Corp. (the “Company”) dated August 5, 2025 titled “Seanergy Maritime Reports Second Quarter and First Half Financial Results for the Periods Ended June 30, 2025; Declares Quarterly Cash Dividend of $0.05 Per Share.”

Attached to this report on Form 6-K as Exhibit 99.2 is Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Unaudited Interim Consolidated Financial Statements of the Company as of and for the six-month period ended June 30, 2025.

This report on Form 6-K and Exhibit 99.2 hereto are hereby incorporated by reference into the Company’s Registration Statements on Form F-3 (File Nos. 333-280792, 333-253332, 333-238136, 333-166697 and 333-169813).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 7, 2025

SEANERGY MARITIME HOLDINGS CORP.
By:	/s/ Stamatios Tsantanis
Name:	Stamatios Tsantanis
Title:	Chief Executive Officer

Exhibit 99.1

Seanergy Maritime Reports Second Quarter and First Half Financial Results for the Periods Ended June 30, 2025

Declares Quarterly Cash Dividend of $0.05 Per Share

Highlights
(in million , except EPS)	Q2 2025		Q2 2024		6M 2025			6M 2024
Net Revenues	37.5	$	43.1	$	61.7		$	81.4
Net income / (loss)	2.9	$	14.1	$	(4.0	)	$	24.3
Adjusted net income / (loss) 1	3.8	$	16.0	$	(1.7	)	$	27.6
EBITDA1	17.4	$	25.8	$	24.0		$	47.4
Adjusted EBITDA1	18.3	$	28.0	$	26.3		$	51.2
Earnings / (loss) per share Basic and Diluted	0.14	$	0.68	$	(0.20	)	$	1.18
Adjusted earnings / (loss) per share Basic1	0.18	$	0.78	$	(0.09	)	$	1.35
Adjusted earnings / (loss) per share Diluted1	0.18	$	0.77	$	(0.09	)	$	1.34

All values are in US Dollars.

Other Highlights and Developments:

■	Fleet TCE^2^ of $19,807, a 6% outperformance over the Baltic Capesize Index (“BCI”)
■	Declared $0.05 per share quarterly cash dividend – 15^th^ consecutive quarterly dividend for aggregate cash dividends of $2.31 per share, totaling $44.2 million
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■	Completed $110.6 million total financings and refinancings year-to-date, including $22.5 million for the M/V Blueship
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^1^ Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings / (loss) per share, Adjusted Net Income / (loss), EBITDA and Adjusted EBITDA to net income, the most directly comparable U.S. GAAP measure.

^2^ TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.

August 5, 2025 – Athens, Greece – Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP), a leading pure-play Capesize shipping company, today reported its financial results for the second quarter and six months ended June 30, 2025, and announced a quarterly cash dividend of $0.05 per common share—marking the 15^th^ consecutive quarterly dividend under its capital return policy.

For the quarter ended June 30, 2025, the Company generated Net Revenues of $37.5 million, compared to $43.1 million in the second quarter of 2024. Adjusted EBITDA for the quarter was $18.3 million, compared to $28.0 million in the same period of 2024. Net Income and Adjusted Net Income for the quarter were $2.9 million and $3.8 million, respectively, compared to Net Income of $14.1 million and Adjusted Net Income of $16.0 million in the second quarter of 2024. The Company’s fleet achieved a daily Time Charter Equivalent (“TCE”) of $19,807 for the second quarter of 2025, which represents a 6% premium over the average BCI of $18,681 for the same period.

For the six-month period ended June 30, 2025, the Company generated Net Revenues of $61.7 million, compared to $81.4 million in the same period of 2024. Net Loss and Adjusted Net Loss for the six months were $4.0 million and $1.7 million, respectively, compared to Net Income of $24.3 million and Adjusted Net Income of $27.6 million in the respective period of 2024. Adjusted EBITDA for the six months was $26.3 million, compared to $51.2 million for the same period of 2024. The daily TCE rate of the fleet for the first six-month period of 2025 was $16,679, compared to $25,365 in the same period of 2024. The average daily OPEX was $6,937 compared to $6,999 of the respective period of 2024.

Cash and cash-equivalents and restricted cash, as of June 30, 2025, stood at $25.4 million. Shareholders’ equity at the end of the second quarter was $257.7 million. Long-term debt (senior loans and other financial liabilities) net of deferred charges stood at $307.7 million, while the book value of the fleet, including a chartered-in vessel, was $539.9 million.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“Despite a volatile start to 2025, Seanergy returned to profitability in the second quarter, thanks to a stronger Capesize market and our strategic hedging activities. With a fleet of 21 Capesize vessels and a modest loan-to-value ratio of approximately 50%, we are well-positioned to capitalize on favorable market fundamentals. Our board of directors has declared a discretionary dividend of $0.05 per share under our dividend policy, our 15^th^ consecutive quarterly distribution, reflecting our healthy balance sheet and the positive market direction. We are optimistic about enhancing shareholder rewards in the seasonally stronger second half of the year.

“Turning to our commercial performance for the quarter, our daily time charter equivalent of $19,807 outperformed the Baltic Capesize Index by around 6%. Our strategy enabled us to take advantage of the abrupt upward move in the Capesize market in June, while maintaining downside protection through hedging part of our index-linked exposure. For the third quarter, we have already fixed about 62% of our days at a rate of $22,375, with a projected total fleet TCE of $23,081. For the second half of the year, seven of our 21 vessels will earn an average fixed rate of approximately $22,400, providing clear earnings visibility amidst an uncertain macroeconomic backdrop, while our open exposure positions us to benefit from potential upside in what remains a constructive Capesize market.

“Concerning our financing activities, we have completed $110.6 million total financings and refinancings year-to-date, including a $22.5 million sale and leaseback transaction for the M/V Blueship. We now have no further debt maturities in 2025. This, along with our prudent approach on leverage and liquidity, ensures we can generate sustainable cash flows, return value to shareholders, and retain flexibility for future growth.

“The Capesize market showed meaningful improvement in the second quarter of the year, with the Baltic Capesize Index averaging approximately $18,700 per day, up from about $13,000 in the first quarter. This was driven mainly by a 16% rise in combined iron ore exports from Australia and Brazil, following the seasonally weak first quarter. West African Bauxite exports continued their strong momentum, rising approximately 33% year-over-year in the first half of 2025. This growth trend is expected to continue through year-end, supported by the increasing demand of the commodity.

“On the supply side, the Capesize orderbook remains at historically low levels at around 8% of the existing fleet, while approximately 7% of the fleet is 20 years or older. With tightening environmental regulations rendering older tonnage less competitive, we expect net fleet growth to remain modest in the coming years. Taken together with the trend of rising Atlantic Basin mineral exports, market fundamentals point to a favorable balance and continued resilience in Capesize charter rates, even amid ongoing macroeconomic uncertainty.

“Looking forward we believe that our fleet composition, healthy balance sheet and favorable mix of index-linked and fixed-rate charters position Seanergy well in this market environment.”

Company Fleet:

Vessel Name	Capacity (DWT)	Year Built	Yard	Scrubber Fitted	Employment Type	FFA conversion option^(1)^	Minimum time charter<br><br> <br>(“T/C”) expiration	Maximum T/C expiration^(2)^	Charterer
Titanship	207,855	2011	NACKS	-	T/C Index Linked	No	09/2026	03/2027	Costamare
Meiship	207,851	2013	Imabari	-	T/C Index Linked	No	02/2026	06/2026	Costamare
Patriotship	181,709	2010	Imabari	Yes	T/C Index Linked	Yes	10/2025	03/2026	Glencore
Dukeship	181,453	2010	Sasebo	-	Spot Employment	No	N/A	N/A	NYK
Paroship	181,415	2012	Koyo -Imabari	Yes	T/C Index Linked	Yes	08/2025	01/2026	Oldendorff
Worldship	181,415	2012	Koyo – Imabari	Yes	T/C Index Linked	Yes	10/2025	02/2026	NYK
Kaizenship	181,396	2012	Koyo Dock	-	T/C Index Linked	Yes	07/2025	10/2025	MOL
Iconship	181,392	2013	Imabari	-	T/C Index Linked	Yes	03/2026	06/2026	Costamare
Hellasship	181,325	2012	Imabari	-	T/C Index Linked	Yes	04/2026	07/2026	NYK
Honorship	180,242	2010	Imabari	-	T/C Index Linked	Yes	06/2026	10/2026	NYK
Fellowship	179,701	2010	Daewoo	-	T/C Index Linked	Yes	06/2026	11/2026	Anglo American
Championship	179,238	2011	Sungdong SB	Yes	T/C Index Linked	Yes	04/2027	08/2027	Cargill
Partnership	179,213	2012	Hyundai	Yes	T/C Index Linked	Yes	02/2026	05/2026	NYK
Knightship	178,978	2010	Hyundai	Yes	T/C Index Linked	Yes	11/2025	01/2026	Glencore
Lordship	178,838	2010	Hyundai	Yes	T/C Index Linked	Yes	01/2026	05/2026	Costamare
Blueship	178,459	2011	Mitsui SB	-	T/C Index Linked	Yes	06/2026	11/2026	NYK
Friendship	176,952	2009	Namura	-	T/C Index Linked	Yes	12/2025	04/2026	NYK
Flagship	176,387	2013	Mitsui	-	T/C Index Linked	Yes	05/2026	07/2026	Cargill
Geniuship	170,057	2010	Sungdong SB	-	T/C Index Linked	Yes	06/2025	09/2025	NYK
Premiership	170,024	2010	Sungdong SB	Yes	T/C Index Linked	Yes	03/2027	05/2027	Glencore
Squireship	170,018	2010	Sungdong SB	Yes	T/C Index Linked	Yes	03/2027	05/2027	Glencore
Total / Average age	3,803,918	14.1 years	-	-	-	-	-	-	-
(1)	The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA rate for the<br> selected period.
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(2)	The latest redelivery date does not include any additional optional periods.
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Fleet Data:

(U.S. Dollars in thousands)

		Q2 2025			Q2 2024			6M 2025			6M 2024
Ownership days (1)		1,911			1,567			3,689			3,114
Operating days (2)		1,794			1,562			3,507			3,099
Fleet utilization (3)		93.9	%		99.7	%		95.1	%		99.5	%
TCE rate (4)	$	19,807		$	26,636		$	16,679		$	25,365
Daily Vessel Operating Expenses (5)	$	7,222		$	6,844		$	6,937		$	6,999
(1)	Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of<br> the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.
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(2)	Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Available<br> days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are in<br> ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies.
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(3)	Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant<br> period. Fleet Utilization is used to measure a company’s ability to efficiently find suitable employment for its vessels and minimize the number of days that its vessels are off-hire for unforeseen events. We believe it provides additional<br> meaningful information and assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and because we believe that it provides useful information to investors regarding the efficiency<br> of our operations.
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(4)	TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage<br> expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, which is not a<br> recognized measure under U.S. GAAP, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management<br> in making decisions regarding the deployment and use of our vessels and because the Company believes that it provides useful information to investors regarding our financial performance. The Company’s calculation of TCE rate may not be<br> comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate.
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(In thousands of U.S. Dollars, except operating days and TCE rate)

		Q2 2025		Q2 2024		6M 2025		6M 2024
Vessel revenue, net		36,664		42,592		60,340		80,366
Less: Voyage expenses		1,131		986		1,847		1,760
Time charter equivalent revenues		35,533		41,606		58,493		78,606
Operating days		1,794		1,562		3,507		3,099
TCE rate	$	19,807	$	26,636	$	16,679	$	25,365
(5)	Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are<br> calculated by dividing vessel operating expenses, excluding pre delivery costs, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other<br> companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses.
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(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)

		Q2 2025		Q2 2024		6M 2025		6M 2024
Vessel operating expenses		13,802		11,184		26,346		22,254
Less: Pre-delivery expenses		-		460		757		460
Vessel operating expenses before pre-delivery expenses		13,802		10,724		25,589		21,794
Ownership days		1,911		1,567		3,689		3,114
Daily Vessel Operating Expenses	$	7,222	$	6,844	$	6,937	$	6,999

Net income / (loss) to EBITDA and Adjusted EBITDA Reconciliation:

(In thousands of U.S. Dollars)

	Q2 2025	Q2 2024	6M 2025	6M 2024
Net income / (loss)	2,862	14,127	(3,967)	24,288
Interest and finance cost, net	5,472	4,596	10,566	9,235
Depreciation and amortization	9,052	7,065	17,377	13,911
EBITDA	17,386	25,788	23,976	47,434
Stock based compensation	1,138	1,538	2,677	3,017
Loss on extinguishment of debt	-	649	28	649
Loss on forward freight agreements, net	1	26	19	104
Gain on FX forwards	(243)	-	(423)	-
Adjusted EBITDA	18,282	28,001	26,277	51,204

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income, net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, loss on forward freight agreements, net, loss on extinguishment of debt, and gain on FX forwards (“Other, net” in statement of operations), which the Company believes are not indicative of the ongoing performance of its core operations.

EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

Adjusted Net Income / (Loss) Reconciliation and calculation of Adjusted Earnings Per Share

(In thousands of U.S. Dollars, except for share and per share data)

	Q2 2025	Q2 2024	6M 2025	6M 2024
Net income / (loss)	2,862	14,127	(3,967)	24,288
Stock based compensation	1,138	1,538	2,677	3,017
Loss on extinguishment of debt (non-cash)	-	304	18	304
Gain on FX forwards	(243)	-	(423)	-
Adjusted net income / (loss)	3,757	15,969	(1,695)	27,609
Dividends to non-vested participating securities	(27)	(150)	(66)	(246)
Undistributed earnings to non-vested participating securities	(48)	(534)	-	(936)
Adjusted net income / (loss) – common shareholders	3,682	15,285	(1,761)	26,427
Adjusted earnings / (loss) per common share, basic	0.18	0.78	(0.09)	1.35
Adjusted earnings / (loss) per common share, diluted	0.18	0.77	(0.09)	1.34
Weighted average number of common shares outstanding, basic	20,355,465	19,687,911	20,255,507	19,533,621
Weighted average number of common shares outstanding, diluted	20,444,086	19,832,695	20,255,507	19,659,370

To derive Adjusted Earnings / (Loss) Per Share, a non-GAAP financial measure, from Net Income, we adjust for dividends and undistributed earnings to non-vested participating securities and exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income / (Loss) and Adjusted Earnings / (Loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as loss on extinguishment of debt, stock based compensation, gain on FX forwards and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income / (Loss) and Adjusted Earnings / (Loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.

Third Quarter 2025 TCE Rate Guidance:

As of the date hereof, approximately 62% of the Company fleet’s expected operating days in the third quarter of 2025 have been fixed at an estimated TCE rate of approximately $22,375. Assuming that for the remaining operating days of our index-linked time charters, the respective vessels’ TCE rate will be equal to $24,763 (based on the FFA curve as of July 25, 2025), our estimated TCE rate for the third quarter of 2025 will be approximately $23,081^3^. The following table provides the breakdown of index-linked charters and fixed-rate charters in the third quarter of 2025:

		TCE
TCE - fixed rate (incl. FFA conversions)	644	$	22,415
TCE – index-linked	1,162	$	23,450
Total / Average	1,806	$	23,081

^3^ This guidance is based on certain assumptions and the Company cannot provide assurance that these TCE rate estimates, or projected utilization rates will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the TCE rate assumed for the remaining operating days of the quarter for an index-linked T/C is equal to $24,763 (based on the FFA curve as of July 25, 2025). Spot estimates are provided using the load-to-discharge method of accounting. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE rate will be reduced accordingly.

Second Quarter and Recent Developments:

Dividend Distribution for Q1 2025 and Declaration of Q2 2025 Dividend

On July 10, 2025, the Company paid a quarterly cash dividend of $0.05 per share for the first quarter of 2025 to all shareholders of record as of June 27, 2025.

The Company has declared a quarterly cash dividend of $0.05 per common share for the second quarter of 2025 payable on or about October 10, 2025, to all shareholders of record as of September 29, 2025.

Commercial Updates

M/V Honorship – New T/C agreement

In June 2025, the M/V Honorship commenced a new T/C employment with Nippon Yusen Kabushiki Kaisha (“NYK”), for a duration of minimum 12 to about 15 months. The gross daily hire is based on the 5 T/C routes of the BCI plus a fixed premium amount, while the Company has the option to convert the daily hire from index-linked to fixed for a minimum period of 2 months to a maximum of 12 months based on the prevailing Capesize FFA curve.

M/V Dukeship – Time-charter trip

In June 2025, the M/V Dukeship commenced a Pacific round voyage, earning a premium over the average of the Baltic C10 Index Route for the duration of the trip.

Financing Updates

M/V Dukeship - Alpha Bank Facility agreement

The Company has agreed to enter into a supplemental agreement to reduce the annual interest rate from 2.90% to 2.40% per annum and replace SOFR with Term SOFR as the reference rate of the loan; the interest rate reduction has retroactive effect from June 2025. In addition, the Company will have the option to pledge cash in the form of time deposits, up to the aggregate amount of the loan outstanding at that time. For the part of the loan equal to the pledged amount, the margin will be reduced to 0.75% per annum for the term of the pledged time deposit, which as per the agreement shall coincide with an interest period of the facility. The supplemental agreement is subject to completion of definitive documentation.

M/V Blueship – Kowa Kaiun Sale and Leaseback agreement

The Company is in the process of finalizing a $22.5 million sale and leaseback agreement for the M/V Blueship with an affiliate of Kowa Kaiun Co. Ltd. to finance the purchase obligation of the M/V Blueship under her existing bareboat charter. The agreement will become effective upon the delivery of the M/V Blueship to the lessor which is expected around August 25, 2025. The Company will sell and charter back the vessel on a bareboat basis for a five-year period and will have continuous options to repurchase the vessel at any time following the second anniversary of the delivery at predetermined prices as set forth in the agreement. The charterhire principal will amortize in a daily bareboat rate of $8,806 payable monthly in advance, bearing an interest rate of 3-month term SOFR plus 2.40% per annum. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.

Other Updates

Facility agreement with United

In April 2025, the Company entered into an agreement to provide $2.0 million short-term bridge loan facility to United Maritime Corporation (“United”), bearing interest at an annual rate of 10.0%. The facility was fully repaid on June 17, 2025.

Conference Call:

The Company’s management will host a conference call to discuss financial results on August 5, 2025, at 09:00 a.m. Eastern Time.

Audio Webcast and Earnings Presentation:

There will be a live, and then archived, webcast of the conference call available and accompanying presentation available through the Company’s website. To access the presentation and listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on Seanergy’s website approximately 10 minutes prior to the start of the webcast, following this link.

Conference Call Details:

Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.

Seanergy Maritime Holdings Corp.

Unaudited Condensed Consolidated Balance Sheets

(In thousands of U.S. Dollars)

	June 30,<br><br> <br>2025
ASSETS
Cash and cash equivalents and restricted cash		25,394	34,916
Vessels, net, right-of-use asset and advance for vessel acquisition		539,853	488,192
Other assets		32,318	22,745
TOTAL ASSETS		597,565	545,853
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs		307,676	257,588
Other liabilities		32,147	26,086
Stockholders’ equity		257,742	262,179
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		597,565	545,853
*	Derived from the audited consolidated financial statements as of that date
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Seanergy Maritime Holdings Corp.

Unaudited Condensed Consolidated Statements of Operations

(In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

	Three months ended<br><br> <br>June 30,						Six months ended<br><br> <br>June 30,
	2025			2024			2025			2024
Vessel revenue, net		36,664			42,592			60,340			80,366
Fees from related parties		815			541			1,345			1,060
Revenue, net		37,479			43,133			61,685			81,426
Expenses:
Voyage expenses		(1,131	)		(986	)		(1,847	)		(1,760	)
Vessel operating expenses		(13,802	)		(11,184	)		(26,346	)		(22,254	)
Management fees		(301	)		(184	)		(552	)		(359	)
General and administrative expenses		(4,956	)		(4,303	)		(9,012	)		(8,932	)
Depreciation and amortization		(9,052	)		(7,065	)		(17,377	)		(13,911	)
Loss on forward freight agreements, net		(1	)		(26	)		(19	)		(104	)
Operating income		8,236			19,385			6,532			34,106
Other income / (expenses):
Interest and finance costs		(5,687	)		(4,854	)		(10,930	)		(9,716	)
Loss on extinguishment of debt		-			(649	)		(28	)		(649	)
Interest and other income		172			262			337			490
Interest and other income – related party		48			-			48			-
Other, net		93			(17	)		74			57
Total other expenses, net:		(5,374	)		(5,258	)		(10,499	)		(9,818	)
Net income / (loss)		2,862			14,127			(3,967	)		24,288
Net income / (loss) attributable to common shareholders		2,787			13,443			(4,033	)		23,106
Net income / (loss) per common share, basic and diluted		0.14			0.68			(0.20	)		1.18
Weighted average number of common shares outstanding, basic		20,355,465			19,687,911			20,255,507			19,533,621
Weighted average number of common shares outstanding, diluted		20,444,086			19,832,695			20,255,507			19,659,370

Seanergy Maritime Holdings Corp.

Unaudited Condensed Consolidated Cash Flow Data

(In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

	Six months ended<br><br> <br>June 30,
	2025			2024
Net cash provided by operating activities		16,239			35,048
Vessels acquisitions and improvements		(35,325	)		(34,313	)
Advance for vessel acquisition		-			(4,450	)
Loan to related party		(2,000	)		-
Repayment of loan by related party		2,000			-
Finance lease prepayments and other initial direct costs		(8,150	)		(305	)
Due from related parties		(188	)		-
Net cash used in investing activities		(43,663	)		(39,068	)
Proceeds from long-term debt and other financial liabilities		88,060			58,279
Repayments of long-term debt and other financial liabilities		(60,274	)		(40,576	)
Payments of finance lease liabilities		(1,099	)		(1,079	)
Payments of financing and stock issuance costs		(1,563	)		(917	)
Payments for repurchase of common stock		-			(1,722	)
Dividend payments		(7,388	)		(2,492	)
Proceeds from other non-current liabilities		166			-
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions		-			5,823
Net cash provided by financing activities		17,902			17,316
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest		11,031			10,260
Noncash investing activities
Vessels’ improvements		387			-
Right of use assets and initial direct costs		23,897			-
Noncash financing activities
Dividends declared but not paid		1,045			3,108
Financing and stock issuance costs		(177	)		2,035

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 21 vessels (2 Newcastlemax and 19 Capesize) with an average age of approximately 14.1 years and an aggregate cargo carrying capacity of approximately 3,803,918 dwt.

The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Please visit our Company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to the declaration of dividends, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between Israel and Hamas or Iran, China and Taiwan and between Russia and Ukraine; risks associated with the length and severity of pandemics, including their effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations

Tel: +30 213 0181 522

E-mail: ir@seanergy.gr

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue Suite 1540

New York, NY 10169

Tel: (212) 661-7566

E-mail: seanergy@capitallink.com

EXHIBIT 99.2

Forward-Looking Statements

This report contains certain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Without limiting the generality of the foregoing, all statements in this report concerning or relating to estimated and projected earnings, margins, costs, expenses, expenditures, cash flows, growth rates, future financial results and liquidity are forward-looking statements. In addition, we, through our senior management, from time to time may make forward-looking public statements concerning our expected future operations and performance and other developments.

The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.

Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, among other things:

•	changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand;
•	changes in seaborne and other transportation patterns;
---	---
•	changes in the supply of or demand for dry bulk commodities, including dry bulk commodities carried by sea, generally or in particular regions;
---	---
•	changes in the number of newbuildings under construction in the dry bulk shipping industry;
---	---
•	changes in the useful lives and the value of our vessels and other vessels we may acquire and the related impact on our compliance with covenants under our financing<br> agreements;
---	---
•	the aging of our fleet and increases in operating costs;
---	---
•	changes in our ability to complete future, pending or recent acquisitions or dispositions;
---	---
•	our ability to achieve successful utilization of our fleet;
---	---
•	changes to our financial condition and liquidity, including our ability to pay amounts that we owe and obtain additional financing to fund capital expenditures,<br> acquisitions and other general corporate activities;
---	---
•	risks related to our business strategy, areas of possible expansion or expected capital spending or operating expenses;
---	---
•	changes in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for the vessels in our fleet;
---	---
•	changes in our ability to leverage the relationships and reputation in the dry bulk shipping industry of V.Ships Greece Ltd., or V.Ships Greece, Global Seaways S.A., our<br> technical and crew managers of certain of our vessels, and Fidelity Marine Inc., or Fidelity, our commercial manager;
---	---

•	changes in our relationships with our contract counterparties, including the failure of any of our contract counterparties to comply with their agreements with us;
•	loss of our customers, charters or vessels;
---	---
•	damage to our vessels;
---	---
•	potential liability from future litigation and incidents involving our vessels;
---	---
•	our future operating or financial results;
---	---
•	changes in interest or inflation rates;
---	---
•	acts of terrorism, war, piracy and other hostilities;
---	---
•	public health threats, pandemics, epidemics, other disease outbreaks or calamities and governmental responses thereto;
---	---
•	changes in global and regional economic and political conditions, including without limitation<br> the provision or removal of economic stimulus measures meant to counteract the effects of sudden market disruptions due to financial, economic or health crises;
---	---
•	changes in tariffs, trade barriers, embargos and regulatory requirements;
---	---
•	general domestic and international political conditions or events, including trade wars, acts of hostility or potential, threatened, or ongoing armed conflicts, including<br> the war between Russia and Ukraine (and related sanctions), the conflict between Israel and Hamas, tensions between China and Taiwan, the conflict between Israel and Hezbollah, the Houthi crisis in the Red Sea, the tensions between Israel and<br> Iran, the U.S.-China relations, the U.S.-Panama relations and the U.S. relations with the European Union and North Atlantic Treaty Organization (“NATO”) member states;
---	---
•	changes in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the dry bulk shipping industry;
---	---
•	our ability to continue to implement and maintain adequate Environmental, Social and Governance (“ESG”) practices, policies, programs, goals and targets;
---	---
•	our ability to continue as a going concern; and
---	---
•	other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the U.S. Securities and Exchange<br> Commission, including our most recent annual report on Form 20-F.
---	---

Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management’s discussion and analysis should be read in conjunction with our unaudited interim consolidated financial statements and related notes included herein. Unless the context indicates otherwise, references to the “Company”, “we” or “our” include Seanergy Maritime Holdings Corp. and its subsidiaries. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements.

Operating Results

Factors Affecting our Results of Operations Overview

We are an international shipping company specializing in the worldwide seaborne transportation of dry bulk commodities, primarily iron ore

and coal. We currently operate 21 vessels \(two Newcastlemax and 19 Capesize\) with a cargo-carrying capacity of approximately 3,803,918 dwt and an average fleet age of 14.1 years. We are a prominent pure-play Capesize shipping company listed in the U.S.
capital market. Our common shares are listed on Nasdaq under the symbol “SHIP”. Upon the completion of the sale of the Geniuship \(expected in early
September 2025\), our operating fleet will consist of twenty dry bulk vessels with an aggregate cargo-carrying capacity of approximately 3,633,861 dwt.

Important Measures for Analyzing Results of Operations

We use a variety of financial and operational terms and concepts. These include the following:

Ownership days. Ownership

days are the total number of calendar days in a period during which we owned or chartered in on bareboat basis each vessel in our fleet. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and
the amount of expenses recorded during that period. Our calculation of Ownership Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Available days. Available

days are the number of ownership days less the aggregate number of repair days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys, which are the repair days. The shipping industry uses available
days to measure the aggregate number of days in a period during which vessels are available to generate revenues. Our calculation of Available Days may not be comparable to that reported by other companies due to differences in methods of calculation.

Operating days. Operating

days are the number of available days in a period less the aggregate number of off-hire days that our vessels are off-hire due to unforeseen circumstances, which are the off-hire days. Operating days include the idle days that our vessels are in
ballast voyages without having fixed their next employment. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels could actually generate revenues. Our calculation of Operating Days may not
be comparable to that reported by other companies due to differences in methods of calculation.

Fleet utilization. Fleet

utilization is the percentage of time that our vessels were generating revenues and is determined by dividing operating days by ownership days for the relevant period. Fleet Utilization is used to measure a company’s ability to efficiently find
suitable employment for its vessels and minimize the number of days that its vessels are off-hire for unforeseen events. We believe it provides additional meaningful information and assists management in making decisions regarding areas where we may be
able to improve efficiency and increase revenue and because we believe that it provides useful information to investors regarding the efficiency of our operations.

Off-hire. The

period a vessel is not being chartered or is unable to perform the services for which it is required under a charter.

Dry-docking.

We periodically dry-dock each of our vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements.

Time charter. A

time charter is a contract for the use of a vessel for a specific period of time \(period time charter\) or for a specific voyage \(trip time charter\) during which the charterer pays substantially all of the voyage expenses, including port charges, bunker
expenses, canal charges and other commissions. The vessel owner pays the vessel operating expenses, which include crew costs, provisions, deck and engine stores and spares, lubricants, insurance, maintenance and repairs. The vessel owner is also
responsible for each vessel’s dry-docking and intermediate and special survey costs. Our time charter rates are usually index linked during the term of the charter. Prevailing time charter rates do fluctuate on a seasonal and year-to-year basis and may
be substantially higher or lower from a prior time charter agreement when the subject vessel is seeking to renew the time charter agreement with the existing charterer or enter into a new time charter agreement with another charterer. Fluctuations in
time charter rates are influenced by changes in spot charter rates.

Bareboat charter. A

bareboat charter is generally a contract pursuant to which a vessel owner provides its vessel to a charterer for a fixed period of time at a specified daily rate. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel
operating expenses and risk of operation.

Voyage charter. A

voyage charter is generally a contract to carry a specific cargo from a load port to a discharge port for an agreed-upon total amount. Under voyage charters, voyage expenses, such as port charges, bunker expenses, canal charges and other commissions,
are paid by the vessel owner, who also pays vessel operating expenses.

TCE. Time

charter equivalent, or TCE, rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating days during the period. Voyage expenses include port charges, bunker expenses, canal charges and other
commissions.

Daily Vessel Operating

  Expenses. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses less pre-delivery expenses by ownership days for the relevant time periods. Vessel operating expenses include crew costs, provisions, deck and
engine stores, lubricants, insurance, maintenance and repairs. Vessel operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated with initial crew manning and supply of stores of Company’s vessels
upon delivery.

Principal Factors Affecting Our Business

The principal factors that affect our financial position, results of operations and cash flows include the following:

•	number of vessels owned and operated;
•	voyage charter rates;
---	---
•	time charter trip rates;
---	---
•	period time charter rates;
---	---
•	the nature and duration of our voyage and time charters;
---	---
•	vessel repositioning;
---	---
•	vessel operating expenses and voyage costs;
---	---
•	maintenance and upgrade work;
---	---
•	the age, condition and specifications of our vessels;
---	---
•	issuance of our common shares and other securities;
---	---
•	amount of debt obligations; and
---	---
•	financing costs related to debt obligations.
---	---

We are also affected by the types of charters we enter into. Vessels operating on fixed-rate period time charters and bareboat time charters provide more predictable cash flows, but can yield lower revenue and profit margins than vessels operating in the spot charter market, either on trip time charters or voyage charters, during periods characterized by favorable market conditions.

Vessels operating in the spot charter market or on index-linked time charters generate revenues that are less predictable, but can yield increased profit margins during periods of improving dry bulk rates. Spot charters also expose vessel owners to the risk of declining dry bulk rates and rising fuel costs in the case of voyage charters. In the first six months of 2025, all of our vessels were chartered under index-linked time charter arrangements, reflecting similar employment patterns as observed in the six-month period ended June 30, 2024.

Results of Operations

Six months ended June 30, 2025 as compared to six months ended June 30, 2024

(In thousands of U.S. Dollars, except for share and per share data)

	Six months ended<br><br> <br>June 30,						Change
	2025			2024			Amount			%
Revenues:
Vessel revenue, net		60,340			80,366			(20,026	)		(25	)%
Fees from related parties		1,345			1,060			285			27	%
Revenue, net		61,685			81,426			(19,741	)		(24	)%
Expenses:
Voyage expenses		(1,847	)		(1,760	)		(87	)		5	%
Vessel operating expenses		(26,346	)		(22,254	)		(4,092	)		18	%
Management fees		(552	)		(359	)		(193	)		54	%
General and administrative expenses		(9,012	)		(8,932	)		(80	)		1	%
Depreciation and amortization		(17,377	)		(13,911	)		(3,466	)		25	%
Loss on forward freight agreements, net		(19	)		(104	)		85			(82	)%
Operating income		6,532			34,106			(27,574	)		(81	)%
Other expenses:
Interest and finance costs		(10,930	)		(9,716	)		(1,214	)		12	%
Loss on extinguishment of debt		(28	)		(649	)		621			(96	)%
Interest and other income		337			490			(153	)		(31	)%
Interest income related parties		48			-			48			-
Other income - foreign currency forward contracts		423			-			423			-
Foreign currency exchange (loss) / gain, net		(349	)		57			(406	)		(712	)%
Total other expenses, net:		(10,499	)		(9,818	)		(681	)		7	%
Net (loss) / income		(3,967	)		24,288			(28,255	)		(116	)%
Net (loss) / income per common share, basic & diluted		(0.20	)		1.18
Weighted average number of common shares outstanding, basic		20,255,507			19,533,621
Weighted average number of common shares outstanding, diluted		20,255,507			19,659,370

Vessel Revenue, Net – The

decrease is attributable to the decrease in prevailing charter rates and is offset by the increase in operating days during the comparable periods. Our time charter equivalent rate for the first half of 2025 is 34% lower than that of 2024. Please see
the reconciliation below of TCE rate \(a non-GAAP measure\) to net revenues from vessels, the most directly comparable U.S. GAAP measure. We had 3,507 operating days for the first six months of 2025 as compared to 3,099 operating days for the first six
months of 2024.

Fees from Related Parties – The

amounts relate to fees regarding the commercial and technical management services provided from Seanergy to United Maritime Corporation \(“United”\) and commissions earned by Seanergy on vessels sold and/or purchased by United pursuant to the relevant
management agreements. The 2025 amount comprises of $1.2 million commercial and technical management fees and $0.2 million of sale and purchase commissions. The 2024 amount comprises of $1.1 million commercial and technical management fees.

Voyage Expenses – The increase

was primarily attributable to increased bunkers consumption as a result of the increase of repairs and off-hire days and was partially offset by lower brokerage commissions and lower extra insurance costs compared to the first half of 2024. We had 182
repair and off-hire days for the first half of 2025, as compared to 15 repair and off-hire days during the comparable period of 2024.

Vessel Operating Expenses – The

increase was primarily attributable to an increase in ownership days. We had 3,689 ownership days for the first six months of 2025 as compared to 3,114 ownership days for the first six months of 2024. The increase was partially offset by the decrease
in daily OPEX from $6,999 for the first half of 2024 to $6,937 for the first half of 2025.

General and Administrative Expenses –

Stock based compensation amortization, a non-cash item, was $2.6 million in the first six months of 2025 for shares granted pursuant to our 2011 Equity Incentive Plan, compared to $3.0 million in the first six months of 2024. This was partially offset
by the increased staff costs which derive from the increase of the Company’s headcount in order to support the growing needs of the in-house management for both Seanergy and the services provided to United.

Depreciation and Amortization –

The increase was mainly attributable to the increase in ownership days. We had 3,689 ownership days for the first six months of 2025 as compared to 3,114 ownership days for the first six months of 2024.

Interest and Finance Costs – The

increase is primarily attributable to the increased debt balances and the ensuing increase in amortization of deferred finance costs and debt discounts and is partially offset by the decrease in the average interest rate on our outstanding
indebtedness, driven by both the decline in SOFR rates and the decrease in interest margins of our interest bearing securities. The weighted average interest rate on our outstanding debt for the six months ended 2025 and 2024 was approximately 6.72%
and 7.99%, respectively. Finally, non-cash interest expense of amortization of deferred finance costs and debt discounts for the six-month periods ended June 30, 2025 and 2024 was $0.9 million and $0.7 million, respectively.

Loss on extinguishment of debt –

The loss for the six-month period ended June 30, 2025 is attributable to the refinancing of the August 2021 Alpha Bank Loan Facility, secured by the Friendship
and Squireship. The loss for the six-month period ended June 30, 2024 is attributable to the full settlement of the CMBFL Sale and Leaseback,
secured by the Hellasship and Patriotship.

Interest income related parties –

The income earned during the first six months of 2025 relates to interest income earned from the April 25, 2025 $2 million short-term loan facility to United Maritime Corporation which was fully repaid on June 17, 2025.

Other income - foreign currency forward

  contracts – The income during the first six months of 2025 relates to unrealized gains on EUR/USD forward contracts entered into in January 2025.

Foreign currency exchange (loss) / gain,

  net – The loss in 2025 is related to the fluctuation of the U.S. dollar/Euro exchange rate throughout the first half of 2025. Approximately half of our general and administrative expenses are in currencies other than the U.S. dollar, primarily
the Euro.

Performance Indicators

The figures shown below are non-GAAP statistical ratios used by management to measure performance of our vessels. For the “Fleet Data” figures, there are no comparable U.S. GAAP measures.

	Six months ended<br><br> <br>June 30,
	2025			2024
Fleet Data:
Ownership days		3,689			3,114
Available days(1)		3,529			3,112
Operating days(2)		3,507			3,099
Fleet utilization		95.1	%		99.5	%
Average Daily Results:
TCE rate(3)	$	16,679		$	25,365
Daily Vessel Operating Expenses (4)	$	6,937		$	6,999
(1)	During the six months ended June 30, 2025, we incurred 160 off-hire days for scheduled dry-dockings. During the six months ended June 30, 2024, we incurred 2 off-hire<br> days for scheduled dry-dockings.
---	---
(2)	During the six months ended June 30, 2025, we incurred 22 off-hire days due to other unforeseen circumstances. During the six months ended June 30, 2024, we incurred 13<br> off-hire days due to other unforeseen circumstances.
---	---
(3)	We include TCE rate (a measure of the average daily revenue performance), which is not a recognized measure under U.S. GAAP, because we believe it provides additional<br> meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists our management in making decisions regarding the deployment and use of our vessels and because we<br> believe that it provides useful information to investors regarding our financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles our net revenues from vessels to<br> TCE rate.
---	---
	Six months ended<br><br> <br>June 30,
---	---	---	---	---	---	---
	2025			2024
(In thousands of US Dollars, except operating days and TCE rate)
Vessel revenue, net	$	60,340		$	80,366
Voyage expenses	$	(1,847	)	$	(1,760	)
Time charter equivalent revenues	$	58,493		$	78,606
Operating days		3,507			3,099
Daily time charter equivalent rate	$	16,679		$	25,365
(4)	We include Daily Vessel Operating Expenses, which is not a recognized measure under U.S. GAAP, as we believe it provides additional meaningful information and assists<br> management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Our calculation of Daily Vessel Operating Expenses may<br> not be comparable to that reported by other companies. The following table reconciles our vessel operating expenses to Daily Vessel Operating Expenses.
---	---

	Six months ended<br><br> <br>June 30,
	2025			2024
(In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses)
Vessel operating expenses	$	26,346		$	22,254
Less: Pre-delivery expenses		(757	)		(460	)
Vessel operating expenses before pre-delivery expenses	$	25,589		$	21,794
Ownership days		3,689			3,114
Daily Vessel Operating Expenses	$	6,937		$	6,999

EBITDA and Adjusted EBITDA reconciliation:

	Six months ended<br><br> <br>June 30,
(In thousands of US Dollars)	2025			2024
Net (loss) / income	$	(3,967	)	$	24,288
Interest and finance cost, net		10,566			9,235
Depreciation and amortization		17,377			13,911
EBITDA(1)	$	23,976		$	47,434
Stock based compensation		2,677			3,017
Loss on extinguishment of debt		28			649
Loss on forward freight agreements, net		19			104
Other income - foreign currency forward contracts		(423	)		-
Adjusted EBITDA (1)	$	26,277		$	51,204
(1)	Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net (loss) / income, net interest and finance costs, depreciation and<br> amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, loss on forward freight agreements, net, loss on<br> extinguishment of debt, and income from foreign currency forward contracts, which the Company believes are not indicative of the ongoing performance of its core operations. EBITDA and adjusted EBITDA are presented as we believe that these<br> measures are useful to investors as a widely used means of evaluating operating profitability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s<br> performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to,<br> financial measures prepared in accordance with U.S. GAAP.
---	---

Liquidity and Capital Resources

Our principal sources of funds have been our operating cash inflows, long-term borrowings from banks, sale and leaseback transactions and equity provided by the capital markets. Our principal uses of funds have primarily been capital expenditures to establish and grow our fleet, maintain the quality of our dry bulk vessels, comply with international shipping standards and environmental laws and regulations, fund working capital requirements, dividend payments and make principal repayments and interest payments on our outstanding debt obligations.

Our funding and treasury activities are conducted in accordance with corporate policies to maximize investment returns while maintaining appropriate liquidity for both our short and long-term needs. This includes arranging borrowing facilities on a cost-effective basis. Cash and cash equivalents are held primarily in U.S. dollars, with minimal amounts held in Euros.

As of June 30, 2025, we had cash and cash equivalents of $12.8 million, as compared to $21.9 million as of December 31, 2024.

Working capital is equal to current assets minus current liabilities, including the current portion of long-term debt. As of June 30,

2025, we had a working capital deficit of $57.9 million \(which included an amount of $3.1 million relating to pre-collected revenue\) as compared to a deficit of $15.7 million as of December 31, 2024. As of June 30, 2025, the deficit is primarily due to
the expected purchase of the Flagship for $10.0 million at the end of its sale and leaseback agreement in the second quarter of 2026, the $11.0
million balloon payment under the June 2022 Alpha Bank Loan Facility for the Dukeship in the second quarter of 2026 and to planned loan repayments
for the next 12 months, amounting to $41.8 million. The Company’s cash flow projections for the period of one year after the date that the financial statements are issued indicate that cash on hand and cash provided by operating activities, the vessel
sale and cash provided through new financing agreements will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year after the financial statements’ issuance.

On July 30, 2025, the Company entered into an agreement with an unaffiliated third party for the sale of the Geniuship for a gross sale price of $21.6 million. Delivery of the vessel to her new owners is expected to take place in early September 2025. An amount of $9.0 million

in respect with Sinopac Loan Facility will be paid once the delivery of the vessel to her new owners is completed.

As of June 30, 2025, the Company was in compliance with all covenants relating to its loan facilities as at that date.

As of June 30, 2025, we had outstanding borrowings of $312.0 million (including long-term debt and other financial liabilities and finance lease liability). Our primary known and estimated liquidity needs for the twelve-month period ending one year after the financial statements’ issuance include obligations related to scheduled principal payments of outstanding borrowings and respective interest expenses payments and estimated dry docking expenditures. Additional information on our annual scheduled obligations under our long-term debt and other financial liabilities are described in “Loan Arrangements” below and in Note 8 (“Long-Term Debt and Other Financial Liabilities”) and Note 7 (“Finance Lease, Right-of-use Asset and Finance Lease Liability”) of our interim consolidated financial statements included below. Generally, we expect that, in addition to the cash generated from our operations, our long-term funding sources will include bank borrowings, lease financings and the issuance of debt and equity securities.

Cash Flows

	Six months ended<br><br> <br>June 30,
	2025			2024
Cash Flow Data:
Net cash provided by operating activities	$	16,239		$	35,048
Net cash used in investing activities	$	(43,663	)	$	(39,068	)
Net cash provided by financing activities	$	17,902		$	17,316

Six months ended June 30, 2025 as compared to six months ended June 30, 2024

Operating Activities: Net cash

provided by operating activities amounted to $16.2 million for the six-month period ended June 30, 2025, compared to net cash provided by operating activities of $35.0 million for the six-month period ended June 30, 2024. The major driver of the change
of net cash provided by operating activities was the decrease in charter rates that prevailed in the market between the comparable periods.

Investing Activities: The 2025

cash outflow is mainly related to $35.3 million payment for the acquisition of the Meiship and $8.2 million total in advance payments for the
entering into the bareboat charter agreement for the Blueship. The 2024 cash outflow is related to $34.3 million payment for the acquisition of the
Iconship, $4.5 million payment as advance for a vessel acquisition for the Orange Tiara which will be renamed Kaizenship and $0.3 million commission paid in 2024 for the Titanship acquisition in the fourth
quarter of 2023.

Financing Activities: The 2025

cash inflow resulted from proceeds of $34.5 million from the new sale and leaseback agreements with the two affiliates of Huarong, proceeds of $53.6 million for a facility agreement with Piraeus Bank and proceeds of $0.2 million from other non-current
liabilities. The 2025 cash outflow resulted from debt and other financial liabilities repayments of $60.3 million, dividend payments of $7.4 million, $1.1 finance lease payments and $1.6 million of loan finance fees payments in respect with the loan
amendments. The 2024 cash inflow resulted from proceeds of $58.3 million from the new sale and leaseback agreements with the three affiliates of AVIC International Leasing Co., Ltd. \(“AVIC”\), described below, and $5.8 million proceeds from issuance of
common stock and warrants. The 2024 cash outflow resulted from debt and other financial liabilities repayments of $40.6 million, dividend payments of $2.5 million, payments for repurchase of common shares of $1.7 million, $1.1 finance lease payments
and $0.9 million of loan finance fees payments in respect with the loan amendments.

Description of Indebtedness

Senior Facilities

New Loan Facilities during the six-month period ended June 30, 2025

February 2025 Piraeus Bank Loan Facility

On February 24, 2025, the Company entered into a facility agreement with Piraeus Bank S.A. (“Piraeus Bank”) for a $53.6 million term loan

for the purpose of \(i\) refinancing the June 2022 Piraeus Bank Loan Facility, which was secured by the Worldship and Honorship, \(ii\) partially financing the acquisition cost of the Meiship.
The facility was drawn on February 25, 2025. The loan bears interest of term SOFR plus a margin of 2.05% per annum. The interest margin can be decreased by 0.05% per vessel based on the achievement of certain emission thresholds. The term of the
facility is five years and the repayment schedule comprises of 20 quarterly installments of $1.5 million and a final balloon of $24.6 million payable together with the final installment. The Company is required to maintain a security cover ratio \(as
defined therein\) of not less than 125% until the second anniversary of the drawdown date, and 130% thereafter until the maturity of the loan and a corporate leverage ratio \(as defined therein\), that will not be higher than 70% until maturity. In
addition, the borrowers are required to maintain an aggregate minimum liquidity of $3.0 million in their operating accounts.

As of June 30, 2025, $52.1 million was outstanding under the facility.

Pre - Existing Loan Facilities

Sinopac Loan Facility

On December 20, 2021, we entered into a $15.0 million secured loan facility with Sinopac Capital International (HK) Limited for the

purpose of refinancing the outstanding indebtedness of the Geniuship. The facility bears interest at term SOFR plus a margin of 3.5% and is
repayable by four quarterly installments of $0.5 million, followed by 16 quarterly installments of $0.4 million and a balloon installment of $6.7 million payable together with the final installment. In addition, the borrower shall ensure that the
market value of the vessel plus any additional security shall not be less than 130% of the total facility outstanding.

As of June 30, 2025, $9.0 million was outstanding under the facility.

June 2022 Alpha Bank Loan Facility

On June 21, 2022, we entered into a facility agreement with Alpha Bank S.A. (“Alpha Bank”) for a $21.0 million term loan secured by the Dukeship. The loan facility bore interest at SOFR plus a margin of 2.95% and is repayable through four quarterly installments of $1.0 million followed by 12 quarterly installments of $0.5 million and a balloon of $11.0 million payable together with the final installment. The Company has agreed to enter into a supplemental agreement to reduce the margin to 2.40% per annum with retroactive effect from June 2025. In addition, the Company has the option to pledge cash in the form of time deposits, up to the aggregate amount of the loan outstanding at that time. For the part of the loan equal to the pledged amount, the margin will be reduced to 0.75% per annum for the term of the pledged time deposit, which as per the agreement shall coincide with an interest period of the facility. The supplemental agreement is subject to completion of definitive documentation.

The Company is required to ensure that the security requirement ratio (as defined therein) shall not be less than 125% and the borrower is required to maintain minimum liquidity of $0.5 million in its operating account.

As of June 30, 2025, $13.0 million was outstanding under the facility.

October 2022 Danish Ship Finance Loan Facility

On October 10, 2022, we entered into a $28.0 million loan facility with Danish Ship Finance A/S to refinance the pre-existing loan

facility with UniCredit Bank AG, which was secured by the Premiership and Fellowship. The facility was initially divided into two equal tranches, has a term of five years, while the interest rate is 2.5% plus SOFR per annum. The repayment schedule of each tranche comprises six quarterly
installments of $0.8 million followed by 14 quarterly installments of $0.5 million and a balloon of $2.1 million payable together with the final installment. Each
borrower is required to maintain minimum liquidity of $0.65 million in its retention account.

On April 18, 2023, the Company entered a deed of accession, amendment and restatement to the October 2022 Danish Ship Finance Loan

Facility to refinance the Championship Cargill Sale and Leaseback secured by the Championship. The amended and restated facility includes a new
tranche of $15.8 million secured by the Championship. The new tranche is payable through eight quarterly installments of $0.7 million followed by
12 quarterly installments of $0.6 million and a balloon of $2.9 million payable together with the final installment bearing an interest rate of 2.65% plus 3-month term SOFR per annum. For the new tranche, the borrower is required to maintain minimum
liquidity of $0.7 million in its retention account. The security cover ratio and all other covenants continue to apply per the terms of the October 2022 Danish Ship Finance Loan Facility. More specifically, the Company is required to maintain a
security cover higher than 133%, at any time the corporate leverage ratio \(as defined therein\) is equal to or less than 65%. If the corporate leverage ratio is higher than 65%, the Company is required to maintain a security cover ratio \(as defined
therein\) higher than 143%. The Company was required to maintain a leverage ratio \(as defined therein\), that would not be higher than 85% until June 29, 2023 and 70% thereafter until the maturity of the loan. Furthermore, a new sustainability linked
margin adjustment mechanism was introduced to all three tranches of the October 2022 Danish Ship Finance Loan Facility, whereby the interest margin can be increased or decreased by 0.05% based on the certain emission thresholds.

As of June 30, 2025, $24.4 million was outstanding under the facility.

October 2024 Alpha Bank Loan Facility

On October 21, 2024, the Company entered into a facility agreement with Alpha Bank for a $34.0 million term loan for the purpose of (i)

refinancing the December 2022 Alpha Bank Loan Facility, which was secured by the Paroship, \(ii\) financing the purchase option for the Titanship and iii\) providing liquidity for working capital purposes. The facility was drawn on October 22, 2024. The loan bears interest of term SOFR
plus a margin of 2.40% per annum. The Company has the option to pledge cash deposits in the form of time deposit up to the aggregate amount of the loan outstanding at the time. For the part of the loan equal to the pledged amount, the margin will be
reduced to 0.75% per annum for the term of the pledged time deposit, which as per the agreement shall coincide with an interest period of the facility. The term of the facility is five years, and the repayment schedule comprises of four quarterly
installments of $1.2 million, followed by 16 quarterly installments of $0.9 million and a final balloon of $14.8 million payable together with the final installment. In addition, the Company is required to maintain a security cover ratio \(as defined
therein\) of not less than 125%.

As of June 30, 2025, $31.6 million was outstanding under the facility.

Loan Facilities repaid during the six-month period ended June 30, 2025

June 2022 Piraeus Bank Loan Facility

On June 22, 2022, the Company entered into a facility agreement with Piraeus Bank for a $38.0 million sustainability-linked term loan. The

purpose of the loan was to partly finance the acquisition cost of the Honorship, while also refinancing the pre-existing Piraeus Bank loan
facility, which was secured by the Worldship. The facility bore interest at term SOFR plus a margin of 3.00% per annum and a credit adjustment
spread \(as defined therein\). On November 29, 2024, the Company entered into a supplemental agreement to \(i\) extend the maturity to December 24, 2027, \(ii\) amend the repayment schedule by adding two quarterly installments of $0.8 million, \(iii\) reduce
the pre-existing margin of 3.00% to 2.60% per annum with retroactive effect from June 25, 2024, and \(iv\) eliminate the credit adjustment spread with retroactive effect from June 25, 2024. The loan facility was repayable through four quarterly
installments of $2.0 million, followed by two quarterly installments of $1.5 million, followed by 16 quarterly installments of $0.8 million and a final balloon of $15.0 million payable together with the final installment. The borrowers were required to
maintain an aggregate minimum liquidity of $2.0 million in their operating accounts.

On February 27, 2025, the Company fully refinanced the outstanding amount of $24.0 million using the proceeds from the February 2025 Piraeus Bank Loan Facility and all securities created in favor of Piraeus Bank were irrevocably and unconditionally released.

August 2021 Alpha Bank Loan Facility

On August 9, 2021, the Company entered into a $44.1 million secured loan facility with Alpha Bank for the purposes of (i) refinancing of a

pre-existing Alpha Bank loan facility and \(ii\) financing of the previously unencumbered Friendship. The facility was divided into two tranches,
which were fully drawn on August 11, 2021: Tranche A of $31.1 million secured by the Squireship and Lordship and Tranche B of $13.0 million secured by the Friendship. On April 28,
2023, the Company prepaid $8.5 million to Tranche A and $3.5 million to Tranche B using the proceeds from the Village Seven Sale and Leaseback and as a result all the securities regarding the Lordship were irrevocably and unconditionally released. Following the prepayment of the Lordship,
the Tranche A was repayable by seven quarterly installments of $0.6 million each and a balloon of $10.3 million payable together with the final installment. The Tranche B was repayable by eight quarterly installments of $0.3 million each and a balloon
of $3.9 million payable together with the final installment. The repayment of installments for both tranches commenced in November 2023. The borrower owning the Squireship was required to maintain an average quarterly minimum free liquidity of $0.5 million, whereas the borrower owning the Friendship
was required to maintain $0.5 million at all times. Tranche A of the facility bore interest at term SOFR plus a margin of 3.55% per annum and Tranche B bore interest at term SOFR plus a margin of 3.30% per annum.

On March 20, 2025, the Company fully refinanced the outstanding amount of $15.3 million under the facility using the proceeds from the Huarong Squireship Sale and Leaseback and the Huarong Friendship Sale and Leaseback and all securities created in favor of Alpha Bank were irrevocably and unconditionally released.

All the facilities above are secured by a first priority mortgage over the respective vessel, general assignments covering the respective vessel’s earnings, charter parties, insurances and requisition compensation, account pledge agreements covering the vessel’s earnings accounts (excluding the Sinopac Loan Facility), technical and commercial managers’ undertakings, pledge agreements covering the shares of the applicable vessel-owning subsidiaries and a corporate guarantee by the Company.

Other Financial Liabilities: Sale and Leaseback Transactions

New Sale and Leaseback Activities during the six-month period ended June 30, 2025

Huarong Squireship Sale and Leaseback

On March 13, 2025, the Company entered into a $18.0 million sale and leaseback agreement for the Squireship with an affiliate of China Huarong Shipping Financial Leasing Company Ltd. (“Huarong”) to refinance Tranche A of the August 2021 Alpha Bank Loan Facility, secured by

the Squireship. The agreement became effective on March 20, 2025, upon the delivery of the Squireship to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The charterhire
principal amortizes in 20 quarterly installments of $0.5 million along with a purchase obligation of $8.5 million at the expiry of the bareboat charter, bearing an interest rate of 3-month term SOFR plus 2.15% per annum. The Company has continuous
options to repurchase the vessel at any time of the bareboat charter period at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter. The sale and leaseback agreement does not include any financial
covenants or security value maintenance provisions.

The charterhire principal, as of June 30, 2025, was $17.5 million.

Huarong Friendship Sale and Leaseback

On March 13, 2025, the Company entered into a $16.5 million sale and leaseback agreement for the Friendship with an affiliate of Huarong to refinance Tranche B of the August 2021 Alpha Bank Loan Facility, secured by the Friendship. The agreement became effective on March 20, 2025, upon the delivery of the Friendship

to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The charterhire principal amortizes in 20 quarterly installments of $0.4 million along
with a purchase obligation of $7.7 million at the expiry of the bareboat charter, bearing an interest rate of 3-month term SOFR plus 2.15% per annum. The Company has continuous options to repurchase the vessel at any time of the bareboat charter period
at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.

The charterhire principal, as of June 30, 2025, was $16.1 million.

Pre-Existing Sale and Leaseback Activities

Flagship Cargill Sale and Leaseback

On May 11, 2021, we entered into a $20.5 million sale and leaseback agreement with Cargill International SA (“Cargill”) to partly finance

the acquisition of the Flagship. The Company sold and chartered back the vessel from Cargill on a bareboat basis for a five-year period, having a
purchase obligation at the end of the fifth year. The implied average applicable interest rate is equivalent to 2% per annum. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The
Company has continuous options to buy back the vessel during the whole five-year sale and leaseback period at predetermined prices as set forth in the agreement and at the end of such period it has a purchase obligation at $10.0 million. Additionally,
at the time of repurchase, if the market value of the vessel exceeds certain threshold prices, as set out in the agreement, the Company will pay to Cargill 15% of the difference between the market price and such threshold prices. The charterhire
principal amortizes in sixty monthly installments averaging approximately $0.2 million each along with a balloon payment of $10.0 million payable together with the final installment.

The charterhire principal, as of June 30, 2025, was $12.0 million.

Chugoku Sale and Leaseback

On February 25, 2022 the Company entered into a $21.3 million sale and leaseback agreement with Chugoku Bank, Ltd. (“Chugoku”) to

refinance a previous loan facility secured by the Partnership. The Company sold and chartered back the vessel from Chugoku on a bareboat basis for
an eight-year period starting from March 9, 2022. The financing’s applicable interest rate is SOFR plus 2.90% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at
predetermined prices as set forth in the agreement. At the end of the eight-year bareboat period, the Company has the option to repurchase the vessel for $2.4 million, which the Company expects to exercise. The Company is required to maintain a minimum
market value \(as defined therein\) of at least 120% of the charterhire principal. The charterhire principal amortizes in thirty-two consecutive quarterly installments averaging approximately $0.6 million each along with a balloon payment of $2.4 million
at the expiry of the bareboat charter.

The charterhire principal, as of June 30, 2025, was $13.7 million.

Evahline Sale and Leaseback

On March 29, 2023, we entered into a $19.0 million sale and leaseback agreement with a subsidiary of Evahline Inc. (“Evahline”) for the

refinancing of the Hanchen Sale and Leaseback. The agreement became effective on April 6, 2023, upon the delivery of the Knightship to the lessor.
The Company sold and chartered back the vessel from Evahline on a bareboat basis for a six-year period. The financing’s applicable interest rate is 3-month term SOFR plus 2.80% per annum. Following the second anniversary of the bareboat charter, the
Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the six-year bareboat period, the ownership of the vessel will be transferred to the Company at no additional cost.  The
Company is required to maintain a minimum value \(as defined therein\) of at least 120% of the charterhire principal. The charterhire principal amortizes in 72 consecutive monthly installments paid in advance averaging approximately $0.3 million each.

The charterhire principal, as of June 30, 2025, was $11.9 million.

Village Seven Sale and Leaseback

On April 24, 2023, we entered into a $19.0 million sale and leaseback agreement for the Lordship with Village Seven Co., Ltd and V7 Fune Inc. (collectively, “Village Seven”) to partially refinance the August 2021 Alpha Bank Loan Facility. The Company sold and chartered back the

vessel from Village Seven on a bareboat basis for a period of four years and five months. The financing’s applicable interest rate is 3-month term SOFR plus 3.00% per annum. Following the second anniversary of the bareboat charter, the Company has
continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the bareboat period, the Company has the option to repurchase the vessel at $7.8 million, which the Company expects to exercise. The sale
and leaseback agreement does not include any financial covenants or security value maintenance provisions. The charterhire principal amortizes in 53 consecutive monthly installments paid in advance of approximately $0.2 million.

The charterhire principal, as of June 30, 2025, was $13.3 million.

AVIC Iconship Sale and Leaseback

On June 4, 2024, we entered into a $21.9 million sale and leaseback agreement with Hao Cancer Limited, an affiliate of AVIC International

Leasing Co., Ltd. \(“AVIC”\) to partially finance the acquisition of the Iconship. The agreement became effective on June 11, 2024, upon the delivery
of the vessel to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The charterhire principal amortizes through four quarterly installments
of $0.8 million followed by 16 quarterly installments of $0.5 million paid in advance along with a balloon payment of $11.5 million at the expiry of the bareboat charter, bearing an interest rate of 3-month term SOFR plus 2.55% per annum. The Company
has continuous options to repurchase the vessel at any time of the bareboat charter period and at predetermined prices as set forth in the agreement. The Company is required to maintain a leverage ratio \(as defined therein\), that will not be higher
than 75% until maturity. The bareboat charterer is required to maintain a security cover ratio \(as defined therein\) of at least 120% of the charterhire principal.

The charterhire principal, as of June 30, 2025, was $18.4 million.

AVIC Hellasship Sale and Leaseback

On June 4, 2024, we entered into a $19.5 million sale and leaseback agreement with Hao Leo Limited, an affiliate of AVIC to partially

refinance the CMBFL Sale and Leaseback, secured by the Hellasship. The agreement became effective on June 28, 2024, upon the delivery of the Hellasship to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the
end of the fifth year. The charterhire principal amortizes through four quarterly installments of $0.7 million followed by 16 quarterly installments of $0.4 million paid in advance along with a balloon payment of $10.5 million at the expiry of the
bareboat charter, bearing an interest rate of 3-month term SOFR plus 2.55% per annum. The Company has continuous options to repurchase the vessel at any time of the bareboat charter period and at predetermined prices as set forth in the agreement. The
Company is required to maintain a leverage ratio \(as defined therein\), that will not be higher than 75% until maturity. The bareboat charterer is required to maintain a security cover ratio \(as defined therein\) of at least 120% of the charterhire
principal.

The charterhire principal, as of June 30, 2025, was $16.3 million.

AVIC Patriotship Sale and Leaseback

On June 4, 2024, we entered into a $16.9 million sale and leaseback agreement with Hao Virgo Limited, an affiliate of AVIC to partially

refinance the CMBFL Sale and Leaseback, secured by the Patriotship. The agreement became effective on June 28, 2024, upon the delivery of the Patriotship to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at
the end of the fifth year. The charterhire principal amortizes through four quarterly installments of $0.6 million followed by 16 quarterly installments of $0.3 million paid in advance along with a balloon payment of $9.5 million at the expiry of the
bareboat charter, bearing an interest rate of 3-month term SOFR plus 2.55% per annum. The Company has continuous options to repurchase the vessel at any time of the bareboat charter period and at predetermined prices as set forth in the agreement. The
Company is required to maintain a leverage ratio \(as defined therein\), that will not be higher than 75% until maturity. The bareboat charterer is required to maintain a security cover ratio \(as defined therein\) of at least 120% of the charterhire
principal.

The charterhire principal, as of June 30, 2025, was $14.2 million.

Hinode Sale and Leaseback

On August 29, 2024, the Company entered into a $28.5 million sale and leaseback agreement with Hinode Kaiun Co., Ltd and Sunmarine

Maritime S.A. \(collectively, “Hinode”\) for the purpose of financing part of the acquisition cost of the Kaizenship. The agreement became effective
on October 1, 2024, upon the delivery of the Kaizenship to the lessor. The Company sold and chartered back the vessel from Hinode on a bareboat
basis for a six-year period, having a purchase obligation at the end of the sixth year. The charterhire principal amortizes in 72 consecutive monthly installments paid in advance at $0.3 million each, bearing an interest rate of 1-month term SOFR plus
2.50% per annum. Following the fourth anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the bareboat period, the Company has an
obligation to purchase the vessel at the price of $8.3 million. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.

The charterhire principal, as of June 30, 2025, was $25.6 million.

Dividend Policy

In August 2024, our Board of Directors (“Board”) adopted an updated dividend policy, pursuant to which we intend to distribute approximately 50% of our operating cash flow (the amount presented in our Cash Flow Statement for the period in question, incorporating all operating expenses, variations in working capital, interest expenses and amounts paid for drydocking),

•	Less: Debt repayments (this amount captures loan facilities, finance lease liabilities and other financial liabilities),
•	Less: Discretionary quarterly reserve (this amount will be assessed by the Board on a quarterly basis taking into consideration, among other things, (a) the share<br> buybacks completed during the quarter, (b) anticipated capital expenditures such as vessel acquisitions and (c) a targeted liquidity buffer).
---	---

Any future dividends declared will be at the discretion and remain subject to approval of the Board each quarter, after its review of our financial condition and other factors, including but not limited to our earnings, prevailing charter market conditions, capital requirements, limitations under our debt agreements and applicable provisions of Marshall Islands law. Seanergy’s dividend policy and declaration and payment of dividends may be changed at any time and are subject to legally available funds and the Board’s determination that each declaration and payment is at the time in the best interests of Seanergy and its shareholders after review of the Company’s financial performance. In addition, since we are a holding company with no material assets other than the shares of our subsidiaries and affiliates through which we conduct our operations, our ability to pay dividends will depend on our subsidiaries and affiliates distributing to us their earnings and cash flow. Some of our loan agreements limit our ability to pay dividends and our subsidiaries’ ability to make distributions to us. There can be no assurance that our Board will declare or pay any dividend in the future.

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Page
Unaudited Interim Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	F-2
Unaudited Interim Condensed Consolidated Statements of Operations for the six-month periods ended June 30, 2025 and 2024	F-3
Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity for the six-month periods ended June 30, 2025 and 2024	F-4
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2025 and 2024	F-5
Notes to Unaudited Interim Condensed Consolidated Financial Statements	F-6

F-1

Seanergy Maritime Holdings Corp.

Unaudited Interim Condensed Consolidated Balance Sheets

As of June 30, 2025 and December 31, 2024

(In thousands of US Dollars, except for share and per share data)


ASSETS
Current assets:
Cash and cash equivalents	12,844		21,866
Restricted cash	7,050		8,050
Accounts receivable trade, net	972		404
Inventories	1,751		1,693
Prepaid expenses	3,108		3,528
Due from related parties	8,220		7,271
Other current assets	803		2,113
Foreign exchange forward contract	423		-
Intangible assets	1,485		973
Total current assets	36,656		45,898
Fixed assets:
Vessels, net	508,200		484,492
Finance lease, right-of-use asset	31,653		-
Advances for vessel acquisition	-		3,700
Other fixed assets, net	207		267
Total fixed assets	540,060		488,459
Other non-current assets:
Deferred charges and other investments, non-current	14,116		6,127
Restricted cash, non-current	5,500		5,000
Intangible assets	938		60
Operating lease, right of use asset	265		282
Other non-current assets	30		27
TOTAL ASSETS	597,565		545,853
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of 1,634 and 1,627,<br> respectively	61,238		37,401
Finance lease liability, current	2,792		-
Trade accounts and other payables	9,414		7,112
Accrued liabilities	16,810		9,626
Operating lease liability, current	102		93
Deferred revenue	3,121		2,094
Other current liabilities	1,045		5,297
Total current liabilities	94,522		61,623
Non-current liabilities:
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of 2,574 and 2,237,<br> respectively	223,791		220,186
Operating lease liability, non-current	163		189
Deferred revenue, non-current	-		67
Due to related parties, non-current	333		-
Finance lease liability, non-current	19,855		-
Other liabilities, non-current	1,159		1,609
Total liabilities	339,823		283,674
Commitments and contingencies
STOCKHOLDERS EQUITY
Preferred stock, 0.0001 par value; 25,000,000 shares authorized; 20,000<br> and 20,000 shares issued and outstanding as at June 30, 2025 and December 31, 2024, respectively	-		-
Common stock, 0.0001 par value; 500,000,000 authorized shares as at June 30, 2025 and December 31, 2024; 20,902,365 and 20,374,165 shares<br> issued and outstanding as at June 30, 2025 and December 31, 2024, respectively	2		2
Additional paid-in capital	598,612		595,947
Accumulated deficit	(340,872	)	(333,770	)
Total Stockholders’ equity	257,742		262,179
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	597,565		545,853

All values are in US Dollars.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-2

Seanergy Maritime Holdings Corp.

Unaudited Interim Condensed Consolidated Statements of Operations

For the six-month periods ended June 30, 2025 and 2024

(In thousands of US Dollars, except for share and per share data)


Vessel revenue, net	12	60,340		80,366
Fees from related parties	3	1,345		1,060
Revenue, net		61,685		81,426
Expenses:
Voyage expenses		(1,847	)	(1,760	)
Vessel operating expenses		(26,346	)	(22,254	)
Management fees		(552	)	(359	)
General and administration expenses	15	(9,012	)	(8,932	)
Amortization of deferred dry-docking costs		(2,124	)	(1,969	)
Depreciation and amortization	6, 7	(15,253	)	(11,942	)
Loss on forward freight agreements, net		(19	)	(104	)
Operating income		6,532		34,106
Other income / (expenses), net:
Interest and finance costs	13	(10,930	)	(9,716	)
Loss on extinguishment of debt	8	(28	)	(649	)
Interest and other income		337		490
Interest income related parties	3	48		-
Unrealized gain from foreign exchange forwards	2, 9	423		-
Foreign currency exchange (loss) / gain, net		(349	)	57
Total other expenses, net		(10,499	)	(9,818	)
Net (loss) / income		(3,967	)	24,288
Net (loss) / income per common share, basic & diluted	14	(0.20	)	1.18
Weighted average number of common shares outstanding, basic	14	20,255,507		19,533,621
Weighted average number of common shares outstanding, diluted	14	20,255,507		19,659,370

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-3

Seanergy Maritime Holdings Corp.

Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity

For the six-month periods ended June 30, 2025 and 2024

(In thousands of US Dollars, except for share data)

				Common stock					Additional<br><br> <br>paid-in			Accumulated			Total<br><br> <br>stockholders’
		Par Value		# of Shares			Par Value		capital			deficit			equity
Balance, December 31, 2023	20,000		-		19,636,352			2		590,129			(361,686	)		228,445
Issuance of common stock (including the exercise of warrants) (Note 11)	-		-		180,000			-		885			-			885
ATM offering (Note 11)	-		-		576,120			-		4,897			-			4,897
Stock based compensation (Note 15)	-		-		501,667			-		3,017			-			3,017
Dividends (0.25 per share) (Note 11)	-		-		-			-		-			(5,109	)		(5,109	)
Share buyback (Note 11)	-		-		(195,312	)		-		(1,722	)		-			(1,722	)
Net income	-		-		-			-		-			24,288			24,288
Balance, June 30, 2024	20,000		-		20,698,827			2		597,206			(342,507	)		254,701

All values are in US Dollars.

				Common stock				Additional<br><br> <br>paid-in			Accumulated			Total<br><br> <br>stockholders’
		Par Value		# of Shares		Par Value		capital			deficit			equity
Balance, December 31, 2024	20,000		-		20,374,165		2		595,947			(333,770	)		262,179
Issuance of common stock (including the exercise of warrants) (Note 11)	-		-		-		-		(12	)		-			(12	)
Stock based compensation (Note 15)	-		-		528,200		-		2,677			-			2,677
Dividends (0.15 per share) (Note 11)	-		-		-		-		-			(3,135	)		(3,135	)
Net loss	-		-		-		-		-			(3,967	)		(3,967	)
Balance, June 30, 2025	20,000		-		20,902,365		2		598,612			(340,872	)		257,742

All values are in US Dollars.

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-4

Seanergy Maritime Holdings Corp.

Unaudited Interim Condensed Consolidated Statements of Cash Flows

For the six-month periods ended June 30, 2025 and 2024

(In thousands of US Dollars)


Net cash provided by operating activities	16,239		35,048
Cash flows from investing activities:
Vessels acquisitions and improvements	(35,325	)	(34,313	)
Advance for vessel acquisition	-		(4,450	)
Finance lease prepayments and other initial direct costs	(8,150	)	(305	)
Loan to related party	(2,000	)	-
Repayment of loan by related party	2,000		-
Due from related parties	(188)		-
Net cash used in investing activities	(43,663	)	(39,068	)
Cash flows from financing activities:
Net proceeds from issuance of common stock and warrants	-		5,823
Payments for repurchase of common stock	-		(1,722	)
Dividends paid	(7,388	)	(2,492	)
Proceeds from long term debt and other financial liabilities	88,060		58,279
Repayments of long term debt and other financial liabilities	(60,274	)	(40,576	)
Payments of finance lease liabilities	(1,099	)	(1,079	)
Proceeds from other non current liabilities	166		-
Payments of financing and stock issuance costs	(1,563	)	(917	)
Net cash provided by financing activities	17,902		17,316
Net (decrease) / increase in cash and cash equivalents and restricted cash	(9,522	)	13,296
Cash and cash equivalents and restricted cash at beginning of period	34,916		24,928
Cash and cash equivalents and restricted cash at end of period	25,394		38,224
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for:
Interest paid	11,031		10,260
Noncash investing activities:
Vessel improvements	387		-
Right-of-use assets and initial direct costs	23,897		-
Noncash financing activities:
Dividends declared but not paid	1,045		3,108
Financing and stock issuance costs	(177	)	2,035

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-5

Seanergy Maritime Holdings Corp.

Notes

          To The Unaudited Interim Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

1. Basis of Presentation and General Information:

Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Glyfada, Greece. The Company’s common shares are listed on the Nasdaq Capital Market under the symbol “SHIP”. The Company provides global transportation solutions in the dry bulk shipping sector through its subsidiaries.

The accompanying unaudited interim condensed consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2024 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 21, 2025 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2025.

The consolidated balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

On June 30, 2025, the Company had a working capital deficit of $57,866, which includes an amount of $3,121 relating to pre-collected revenue and is included in deferred revenue in the accompanying unaudited interim condensed consolidated balance sheets. This amount represents current liabilities that do not require future cash settlement. The working capital deficit is mainly attributable to the repayments due under the long-term debt, the other financial liabilities and the finance lease liabilities. For the six-month period ended June 30, 2025, the Company realized a net loss of $3,967 and generated cash flow from operations of $16,239. The Company believes it has the ability to continue as a going concern over the next twelve months following the date of the issuance of these financial statements and finance its obligations as they come due via cash from operations and through refinancing its existing loan agreements (Note 16).

Consequently, the unaudited interim condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

F-6

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim

                Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

a. Subsidiaries in Consolidation:

Seanergy’s subsidiaries included in these unaudited interim condensed consolidated financial statements as of June 30, 2025:

Company	Country of<br><br> <br>Incorporation	Vessel name	Date of Delivery	Date of<br><br> <br>Sale/Disposal
Seanergy Management Corp. (1)(2)	Marshall Islands	N/A	N/A	N/A
Seanergy Shipmanagement Corp. (1)(2)	Marshall Islands	N/A	N/A	N/A
Emperor Holding Ltd. (1)	Marshall Islands	N/A	N/A	N/A
Pembroke Chartering Services Limited (1)(3)(4)	Malta	N/A	N/A	N/A
Sea Genius Shipping Co. (1)	Marshall Islands	Geniuship	October 13, 2015	N/A
Premier Marine Co. (1)	Marshall Islands	Premiership	September 11, 2015	N/A
Squire Ocean Navigation Co. (1)(5)	Liberia	Squireship	November 10, 2015	March 20, 2025
Lord Ocean Navigation Co. (1)(5)	Liberia	Lordship	November 30, 2016	April 28, 2023
Champion Marine Co. (1)	Marshall Islands	Championship	November 7, 2018	N/A
Fellow Shipping Co. (1)	Marshall Islands	Fellowship	November 22, 2018	N/A
Friend Ocean Navigation Co. (1)(5)	Liberia	Friendship	July 27, 2021	March 20, 2025
World Shipping Co. (1)	Marshall Islands	Worldship	August 30, 2021	N/A
Duke Shipping Co. (1)	Marshall Islands	Dukeship	November 26, 2021	N/A
Partner Marine Co. (1)(5)	Marshall Islands	Partnership	March 9, 2022	March 9, 2022
Honor Shipping Co. (1)	Marshall Islands	Honorship	June 27, 2022	N/A
Paros Ocean<br> Navigation Co. (1)	Liberia	Paroship	December 27, 2022	N/A
Knight Ocean<br> Navigation Co. (1)(5)	Liberia	Knightship	December 13, 2016	April 6, 2023
Flag Marine Co.<br> (1)(5)	Marshall Islands	Flagship	May 6, 2021	May 11, 2021
Hellas<br><br><br><br><br> Ocean Navigation Co. (1)(5)	Liberia	Hellasship	May 6, 2021	June 28, 2024
Patriot<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br> Shipping Co. (1)(5)	Marshall Islands	Patriotship	June 1, 2021	June 28, 2024
Good Ocean Navigation Co. (1)(4)	Liberia	Goodship	August 7, 2020	February 10, 2023
Traders Shipping Co. (1)(4)	Marshall Islands	Tradership	June 9, 2021	February 28, 2023
Gladiator Shipping Co. (1)(4)	Marshall Islands	Gladiatorship	September 29, 2015	October 11, 2018
Partner Shipping Co. Limited (1)(4)	Malta	Partnership	May 31, 2017	March 9, 2022
Titan Ocean Navigation Co. (1)	Liberia	Titanship	October 24, 2024	N/A
Icon Ocean Navigation Co. (1)(5)	Liberia	Iconship	June 11, 2024	June 11, 2024
Kaizen Shipping Co. (1)(5)	Marshall Islands	Kaizenship	October 1, 2024	October 1, 2024
Blue Shipping Co. (1)(5)	Marshall Islands	Blueship	February 25, 2025	February 25, 2025
Mei Shipping Co. (1)	Marshall Islands	Meiship	February 27, 2025	N/A
Martinique<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br> International Corp. (1)(4)	British Virgin Islands	Bremen Max	September 11, 2008	March 7, 2014
Harbour Business International Corp. (1)(4)	British Virgin Islands	Hamburg Max	September 25, 2008	March 10, 2014
Atsea Ventures Corp. (1)	Marshall Islands	N/A	N/A	N/A
(1)	Subsidiaries wholly owned
---	---
(2)	Management<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br> companies
---	---
(3)	Chartering<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br> services company
---	---
(4)	Dormant<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br> companies
---	---
(5)	Bareboat<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br> charterers
---	---

F-7

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim

                  Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

2. Significant Accounting Policies:

A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 21, 2025.

Foreign currency exchange rates forward contract

When deemed appropriate from a risk management perspective, the Company enters into forward contracts to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies. Foreign currency forward contracts are agreements entered into with a financial services institution to exchange, at a specified future date, currencies of different countries at a specific rate. Foreign currency forward contracts are recorded on the Company’s balance sheet as assets or liabilities and are measured at fair value. The valuation of forward contracts is based on Level 2 observable inputs of the fair value hierarchy, such as forward foreign exchange rate curves. The changes in the fair value of derivatives not qualifying for hedge accounting are recognized in “Unrealized gain from foreign exchange forwards” in the unaudited interim condensed consolidated statements of operations. Cash inflows/outflows attributed to foreign currency forward derivative instruments, if any, are reported within cash flows from operating activities in the consolidated statements of cash flows.

Recent Accounting Pronouncements

There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim condensed financial statements for the six-month period ended June 30, 2025.

3. Transactions with Related Parties:

Details of the Company’s transactions with related parties are discussed in Note 3 of the consolidated financial statements for the year ended December 31, 2024, included in the Company’s 2024 Annual Report on Form 20-F filed with the SEC on March 21, 2025, and are supplemented by the below new activities within the period.

Short-term

                    loan facility:

On April 25, 2025, the Company extended a short-term loan facility to United Maritime Corporation (“United”) totaling $2,000. The facility bore interest of 10.0% per annum and was fully repaid on June 17, 2025, shortly after the completion of a vessel sale by United. The resulting interest income of $48 is presented in “Interest income related parties” in the accompanying unaudited interim condensed statements of operations.

F-8

Seanergy Maritime Holdings Corp.

Notes To The Unaudited

                          Interim Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

Management

                  Agreements:

During the six-month period ended June 30, 2025 and 2024, fees charged from Seanergy to United in relation to services provided under various management agreements entered into with respect to United’s fleet amounted to $1,345 and $1,060, respectively and are presented in “Fees from related parties” in the accompanying unaudited interim condensed statements of operations.

As of June 30, 2025 and December 31, 2024, balance due from United amounted to $8,220 and $7,271, respectively and is included in “Due from related parties” in the accompanying unaudited interim condensed consolidated balance sheets, relating to United management fees and working capital advances. As of June 30, 2025, balance due to related parties related to EUAs held by Seanergy Shipmangement Corp., on behalf of United for the settlement of the respective EUAs liability.

4. Cash and Cash Equivalents and Restricted Cash:

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited interim condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statements of cash flows:


Cash and cash equivalents	12,844	21,866
Restricted cash	7,050	8,050
Restricted cash, non-current	5,500	5,000
Total	25,394	34,916

Restricted cash as of June 30, 2025 includes a $7,000 term deposit as pledged, at the Company’s option, capital for a one-month period as per the October 2024 Alpha Bank Loan Facility (Note 8) and $50 of restricted deposits pledged as collateral for credit cards balances with one of the Company’s financial institutions. Restricted cash, non-current as of June 30, 2025 includes $3,000 of minimum liquidity requirements as per the February 2025 Piraeus Bank Loan Facility (Note 8), $2,000 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility (Note 8), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 8). Minimum liquidity, not legally restricted, as of June 30, 2025, of $10,500 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents” in the unaudited interim condensed consolidated balance sheet.

Restricted cash as of December 31, 2024 includes a $8,000 term deposit as pledged, at the Company’s option, capital for a one-month period as per the October 2024 Alpha Bank Loan Facility (Note 8) and $50 of restricted deposits pledged as collateral for credit cards balances with one of the Company’s financial institutions. Restricted cash, non-current as of December 31, 2024 includes $2,000 of minimum liquidity requirements as per the June 2022 Piraeus Bank Loan Facility (Note 8), $2,000 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility (Note 8), $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 8), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 8). Minimum liquidity, not legally restricted, as of December 31, 2024, of $9,500 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents” in the unaudited interim condensed consolidated balance sheet.

5. Inventories:

As of June 30, 2025 and December 31, 2024, inventories amounted to $1,751 and $1,693, respectively, in the accompanying unaudited interim condensed consolidated balance sheets related to lubricants.

F-9

Seanergy Maritime Holdings Corp.

Notes To The Unaudited

                          Interim Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

6. Vessels, Net:

The amounts in the accompanying unaudited interim condensed consolidated balance sheet are analyzed as follows:


Cost:
Beginning balance	610,137
- Additions	38,173
Ending balance	648,310
Accumulated depreciation:
Beginning balance	(125,645	)
- Depreciation for the period	(14,465	)
Ending balance	(140,110	)
Net book value	508,200

Details of the Company’s vessels, net are discussed in Note 6 of the consolidated financial statements for the year ended December 31, 2024, included in the Company’s 2024 Annual Report on Form 20-F filed with the SEC on March 21, 2025.

Acquisition

On December 12, 2024, the Company entered into an agreement with an unaffiliated party for the purchase of a secondhand Newcastlemax vessel, the Meiship, for a gross purchase price of $37,000. Delivery of the vessel took place on February 27, 2025. The acquisition of the vessel was financed with cash on hand and through the February 2025 Piraeus Bank Loan Facility (Note 8).

During the six-months ended June 30, 2025, an amount of $1,173 of improvements were capitalized that concern improvements on vessels performance and meeting environmental standards mainly due to installation of ballast water treatment systems and other energy saving devices. The cost of these additions was accounted as major improvement and was capitalized and will be depreciated over the remaining useful life of the vessel. Amounts paid within the year for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the unaudited interim condensed consolidated statement of cash flows.

As of June 30, 2025, all vessels, except for the vessels financed through other financial liabilities for which ownership is held by the lessors (i.e., sale and leaseback agreements) are mortgaged to secure loans of the Company (Note 8).

7.	Finance Lease, Right-of-use Asset and Finance Lease Liability:

On January 23, 2025, the Company entered into a six-month bareboat charter agreement with an unaffiliated third party for a secondhand Capesize vessel, the Blueship. The Company advanced a down payment of $4,000 which was paid upon signing of the agreement and another down payment of $4,000 upon delivery of the vessel to the Company, which took place on February 25, 2025. The Company will be paying a daily charter rate of $10 over the period of the bareboat charter, while it also has a purchase obligation of $22,500 at the end of the bareboat charter.

F-10

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim

                Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

During the six-month period ended June 30, 2025 and 2024, the amortization of the right-of-use assets amounted to $728 and $658 and are presented in the Company’s unaudited interim condensed consolidated statements of operations under “Depreciation and amortization”. Interest expense on the finance lease liabilities for the same period of 2025 and 2024 amounted to $363 and $559, respectively (Note 13). As of June 30, 2025, the right-of-use asset amounted to $31,653 and is presented under “Finance lease, right-of-use asset” in the accompanying unaudited interim condensed consolidated balance sheets. The weighted average remaining lease term for the bareboat charter was 0.34 years as of June 30, 2025.

The annual lease payments under the Blueship bareboat charter agreement, taking into consideration the subsequent financing described in Note 16 for the sale and leaseback agreement with an affiliate of Kowa Kaiun Co. Ltd. are as follows:

Twelve month periods ending June 30,	Amount
2026		2,946
2027		3,214
2028		3,214
2029		3,214
Thereafter		10,214
Total undiscounted lease payments		22,802
Less: Discount based on incremental borrowing rate		(155	)
Present value of finance lease liabilities		22,647
Finance lease liability, current		2,792
Finance lease liability, non-current		19,855
Present value of finance lease liabilities		22,647
8.	Long-Term Debt and Other Financial Liabilities:
---	---

The amounts in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows:


Long-term debt and other financial liabilities	289,237		261,451
Less: Deferred financing costs and debt discounts	(4,208	)	(3,864	)
Total	285,029		257,587
Less - current portion	(61,238	)	(37,401	)
Long-term portion	223,791		220,186

Details of the Company’s secured credit and other financial liabilities are discussed in Note 8 of the consolidated financial statements for the year ended December 31, 2024, included in the Company’s 2024 Annual Report on Form 20-F filed with the SEC on March 21, 2025, and are supplemented by the below new activities within the period.

New Loan Facilities during the six-month period ended June 30, 2025

          February 2025 Piraeus Bank Loan Facility

          On February 24, 2025, the Company entered into a facility agreement with Piraeus Bank S.A. \(“Piraeus Bank”\) for a $53,560 term loan
          for the purpose of \(i\) refinancing the June 2022 Piraeus Bank Loan Facility, which was secured by the Worldship and Honorship and \(ii\) partially financing
          the acquisition cost of the Meiship. The facility was drawn on February 25, 2025. The loan bears interest of term SOFR plus a margin of 2.05% per annum. The interest margin can be
          decreased by 0.05% per vessel based on the achievement of certain emission thresholds. The term is five years and the repayment
          schedule comprises 20 quarterly
          installments of $1,450 and a final balloon of $24,560 payable together with the final installment. The Company is required to maintain a corporate leverage ratio \(as defined therein\), that will not be higher than 70% until maturity. In addition, the Company is required to maintain a security cover ratio \(as defined therein\) of not less than 125% until the second anniversary of the drawdown date and 130% thereafter until the maturity of the loan. The borrowers are required to maintain an aggregate minimum liquidity of $3,000 in their operating accounts. As of June 30, 2025, the amount outstanding under the February 2025 Piraeus Bank Loan Facility was $52,110.

F-11

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim

                  Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

Loan Facilities repaid during the six-month period ended June 30, 2025

          June 2022 Piraeus Bank Loan Facility
          
          On February 27, 2025, the Company fully refinanced the outstanding amount of $24,000 using the proceeds from the February 2025
          Piraeus Bank Loan Facility and all securities created in favor of Piraeus Bank were irrevocably and unconditionally released.
          
          August 2021 Alpha Bank Loan Facility
          
          On March 20, 2025, the Company fully refinanced the outstanding amount of $10,885 under the Tranche A and $4,434 under the Tranche B of the facility using the proceeds from the Huarong Squireship Sale and Leaseback and the Huarong Friendship Sale and
          Leaseback, respectively, and all securities created in favor of Alpha Bank S.A. were irrevocably and unconditionally released. On that date, as a result of the refinancing, an amount of $28 relating to deferred finance costs and other related expenses was recognized as loss on debt extinguishment according to the debt extinguishment guidance of ASC 470-50 “Debt
          Modifications and Extinguishments” and was included in “Loss on extinguishment of debt” in the unaudited interim condensed consolidated statements of operations.
          
          Other Financial Liabilities – Sale and Leaseback Transactions
          
          New Sale and Leaseback Activities during the six-month period ended June 30, 2025
          
          Huarong Squireship Sale and Leaseback
          
          On March 13, 2025, the Company entered into a $18,000 sale and leaseback agreement for Squireship

          with an affiliate of China Huarong Shipping Financial Leasing Company Ltd. \(“Huarong”\) to refinance the Tranche A of the August 2021 Alpha Bank Loan Facility, secured by the Squireship. The
          agreement became effective on March 20, 2025, upon the delivery of the  Squireship to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year.

Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the Squireship continues to be recorded as an asset on the Company’s balance sheet. The charterhire principal amortizes in 20 quarterly installments of $475 along with a balloon payment of $8,500 at the expiry of the bareboat charter, bearing an interest rate of 3-month term SOFR plus 2.15% per annum. The Company has continuous options to repurchase the vessel at any time throughout the bareboat charter period and at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. As of June 30, 2025, the amount outstanding under the Huarong Squireship Sale and Leaseback was $17,525.

          Huarong Friendship Sale and Leaseback

          On March 13, 2025, the Company entered into a $16,500 sale and leaseback agreement for Friendship

          with an affiliate of Huarong to refinance the Tranche B of the August 2021 Alpha Bank Loan Facility, secured by the Friendship. The agreement became effective on March 20, 2025, upon the
          delivery of the Friendship to the lessor. The Company sold and chartered back the vessel on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. The charterhire principal amortizes in 20 quarterly installments of $443 along with a balloon payment of $7,650 at the expiry of
          the bareboat charter, bearing an interest rate of 3-month term SOFR plus 2.15% per annum. The Company has continuous options to
          repurchase the vessel at any time throughout the bareboat charter period and at predetermined prices as set forth in the agreement following the first anniversary of the bareboat charter. The sale and leaseback agreement does not include any
          financial covenants or security value maintenance provisions. As of June 30, 2025, the amount outstanding under the Huarong Friendship Sale and Leaseback was $16,058.

F-12

Seanergy Maritime Holdings Corp.

Notes To The Unaudited Interim

                  Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear either floating interest at SOFR plus a margin or fixed interest.

Certain of the Company’s long-term debt and other financial liabilities contain financial covenants and undertakings requiring the Company to maintain various financial ratios, including:

•	a minimum borrower’s liquidity;
•	a minimum guarantor’s liquidity;
---	---
•	a security coverage requirement; and
---	---
•	a leverage ratio.
---	---

As of June 30, 2025, the Company was in compliance with all covenants relating to its loan facilities as at that date.

As of June 30, 2025, twelve of the Company’s owned vessels, having a net carrying value of $311,734, were subject to first and second priority mortgages as collaterals to their long-term debt facilities. In addition, the Company’s eight bareboat chartered vessels, having a net carrying value of $196,466 as of June 30, 2025, have been financed through sale and leaseback agreements. As is typical in leaseback agreements, the title of ownership is held by the relevant lenders.

The annual principal payments required to be made after June 30, 2025 for all long-term debt and other financial liabilities, are as follows:

Twelve month periods ending June 30,	Amount
2026		62,872
2027		43,216
2028		46,445
2029		56,302
Thereafter		80,402
Total		289,237
9.	Financial Instruments:
---	---

The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:

•	Level 1: Quoted market prices in active markets for identical assets or liabilities;
•	Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data;
---	---
•	Level 3: Unobservable inputs that are not corroborated by market data.
---	---
(a)	Significant Risks and Uncertainties, including Business and<br> Credit Concentration
---	---

The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.

F-13

Seanergy Maritime Holdings Corp.

Notes To The Unaudited

                        Interim Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

(b)	Fair Value of Financial Instruments

The principal financial assets of the Company consist of Cash and cash equivalents, restricted cash, accounts receivable trade, foreign exchange forward contract and other current assets. The principal financial liabilities of the Company consist of trade accounts and other payables long-term debt and other financial liabilities.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

a.	Cash and cash equivalents, restricted cash, accounts receivable trade, other current assets and trade accounts and other payables: the<br> carrying amounts approximate fair value because of the short maturity of these instruments. Cash and cash equivalents are considered Level 1 items as<br> they represent liquid assets with short-term maturities. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current.
b.	Long-term debt and other financial liabilities: The carrying<br> value of long-term debt and other financial liabilities with variable interest rates (obtained through Level 2 inputs of the fair value hierarchy) approximates the fair market value as the long-term debt and other financial<br> liabilities bear interest at floating interest rate. The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term<br> debt for the Flagship Cargill Sale and Leaseback are similar to those that could be procured as of June 30, 2025, and the carrying value of $12,013, is 2.4% higher than the fair market value of $11,731. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy.
---	---
(c)	Foreign Currency Forward Contracts
---	---

During 2025, the Company entered into foreign currency forward contracts with maturities from February 18, 2025 to January 18, 2026, pursuant to which the Company would pay USD and receive EUR at an aggregate notional amount of EUR 5,717. These contracts do not qualify as cash flow hedges. As of June 30, 2025 the fair value of the derivative contracts that had been obtained through Level 2 inputs of the fair value hierarchy was $423 with such amount being reflected within “Foreign exchange forward contract” in unaudited interim condensed consolidated balance sheets and an unrealized gain of $423 in connection with the foreign currency forward contracts was recognized as “Unrealized gain from foreign exchange forwards” in the unaudited interim condensed statement of operations for the six-month period ended June 30, 2025.

10.	Commitments and<br> Contingencies:

Contingencies

Legal proceedings are a common aspect of the shipping industry and may arise from regulatory matters, contract disputes, or other operational issues. These may include claims related to charter agreements, insurance matters, or regulatory compliance. In March 2024, a shareholder filed a lawsuit in the High Court of the Republic of the Marshall Islands against the Company and its board, alleging fiduciary duty violations concerning the Series B Preferred Shares issued in December 2021. The plaintiff sought, among other things, to cancel the Series B Preferred Shares and claim unspecified damages. In October 2024, the High Court dismissed the lawsuit in full. In November 2024 the plaintiff filed a notice of appeal before the High Court and in February 2025 the record of the case was filled with the Supreme Court of the Republic of the Marshall Islands. Briefing on the appeal was concluded on 26 May 2025 and the oral hearing is scheduled for November 2025. While the outcome cannot be predicted with certainty, the Company believes it has substantial defenses and intends to vigorously defend against the appeal.

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

F-14

Seanergy Maritime Holdings Corp.

Notes To The Unaudited

                      Interim Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

Commitments

The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters range from 11 to 60 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates.

The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2025. For index-linked time charter contracts the calculation was made using the initial charter rates (these amounts do not include any assumed off-hire).

Twelve month periods ending June 30,	Amount
2026		113,283
2027		16,689
Total		129,972

The office rent expense for the periods ended June 30, 2025 and 2024 was $84 and $82, respectively.

The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2025:

Twelve month periods ending June 30,	Amount
2026		141
2027		141
2028		105
Total		387
Less: imputed interest		(122	)
Present value of lease liabilities		265
Operating lease liability, current		102
Operating lease liability, non-current		163
Present value of lease liabilities		265
11.	Capital Structure:
---	---

Details of the Company’s common stock and warrants are discussed in Note 12 of the consolidated financial statements for the year ended December 31, 2024, included in the Company’s 2024 Annual Report on Form 20-F filed with the SEC on March 21, 2025 and are supplemented by the below new activities into the six-month period.

(a)	Common Stock
i)	Dividends
---	---

On May 26, 2025, the Company declared a regular quarterly cash dividend of $0.05 per share for the first quarter of 2025, to all shareholders of record as of June 27, 2025. The dividends amounting to $1,045 were paid on July 10, 2025 (Note 16) and are included in “Other current liabilities” as of June 30, 2025 in the unaudited interim condensed consolidated balance sheets.

F-15

Seanergy Maritime Holdings Corp.

Notes To The Unaudited

                          Interim Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

On March 5, 2025, the Company declared a regular quarterly dividend of $0.10 per share for the fourth quarter of 2024, to all shareholders of record as of March 27, 2025. The dividends amounting to $2,090 were paid on April 10, 2025.

On January 10, 2025, the Company paid a regular quarterly dividend of $0.26 per share or $5,297 for the third quarter of 2024 to all shareholders of record as of December 27, 2024.

Total dividends declared in the six-month period ended June 30, 2025, amounted to $3,135.

(b)	Warrants

All warrants are classified in equity, according to the Company’s significant

                accounting policy.

Class E Warrants

As of June 30, 2025, the number of remaining Class E Warrants outstanding is 2,694,599 at an exercise price of $4.03 per share. As of June 30, 2025, the number of common shares that can potentially be issued under the outstanding Class E warrants are 269,459.

Class D Warrants

The Company’s previously issued Class D Warrants expired according to their terms on April 2, 2025.

12.	Vessel Revenue:

Vessel revenues for the six-month periods ended June 30, 2025 and 2024 was derived from time charters.

As of June 30, 2025 and December 31, 2024, the trade accounts receivable was $972 and $404, respectively, and was related to time charters.

The current portion of Deferred revenue as of June 30, 2025 and December 31, 2024 was $3,121 and $2,094 and relates to cash received in

                advance of performance under operating leases and to premiums for energy devices \(i.e., increased daily hire rates provided for by the chartering agreements\) for specific equipment installed in the vessels. The non-current portion of
                Deferred revenue as of June 30, 2025 and December 31, 2024 was $NIL and $67 and relates to premiums for energy saving devices \(i.e. increased daily hire rates provided for by the chartering agreements\) for specific equipment installed in
                the vessels. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party.

Charterers individually accounting for more than 10% of revenues during the six-month periods ended June 30, 2025 and 2024 were:

Customer
A	36	%	34	%
B	24	%	-
C	18	%	23	%
D	-		13	%
Total	78	%	70	%

F-16

Seanergy Maritime Holdings Corp.

Notes To The Unaudited

                    Interim Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

13.	Interest and Finance<br> Costs:

Interest and finance costs are analyzed as follows:

	June 30,
	2025		2024
Interest on long-term debt and other financial liabilities		9,555		8,408
Interest on finance lease liability		363		559
Amortization of deferred finance costs and debt discounts		900		696
Other		112		53
Total		10,930		9,716
14.	(Loss) / Earnings per Share:
---	---

The calculation of net income per common share is summarized below:

	June 30,
	2025			2024
Net (loss) / income	$	(3,967	)	$	24,288
Less: Dividends to non-vested participating securities		(66	)		(246	)
Less: Undistributed earnings to non-vested participating securities		-			(936	)
Net (loss) / income attributable to common shareholders, basic	$	(4,033	)	$	23,106
Undistributed earnings to non-vested participating securities		-			936
Undistributed earnings reallocated to non-vested participating securities		-			(930	)
Net (loss) / income attributable to common shareholders, diluted	$	(4,033	)	$	23,112
Weighted average number of common shares outstanding, basic		20,255,507			19,533,621
Effect of dilutive securities:
Warrants		-			125,749
Weighted average number of common shares outstanding, diluted		20,255,507			19,659,370
Net (loss) / income per share attributable to common shareholders, basic	$	(0.20	)	$	1.18
Net (loss) / income per share attributable to common shareholders, diluted	$	(0.20	)	$	1.18

As of June 30, 2025, 441,801 non-vested participating shares under the Company’s Equity Incentive Plan were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above (Note 15) and unexercised warrants were also excluded from the computation of diluted shares as their effect would be anti-dilutive due to the loss in the period.

As of June 30, 2024, 1,001,997 non-vested participating shares under the Company’s Equity Incentive Plan were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Additionally, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as of June 30, 2024, because to do so would have anti-dilutive effect, are any incremental shares of unexercised Class D warrants that are out-of-the money as of the reporting date, calculated with the treasury stock method.

F-17

Seanergy Maritime Holdings Corp.

Notes To The Unaudited

                      Interim Condensed Consolidated Financial Statements

(All amounts in footnotes in thousands of US Dollars, except for share and per share and warrants data, unless otherwise stated)

15.	Equity Incentive Plan:

Details of the Company’s Equity Incentive Plans are discussed in Note 16 of the consolidated financial statements for the year ended December 31, 2024, included in the Company’s 2024 Annual Report on Form 20-F filed with the SEC on March 21, 2025 and are supplemented by the below new activities into the six-month period.

On March 12, 2025, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 600,000 shares. On the same date, the Compensation Committee granted an aggregate of 528,200 restricted shares of common stock pursuant to the Plan. Of the total 528,200 shares issued on March 12, 2025, 311,500 shares were granted to the non-executive members of the board of directors and to the executive officers and 216,700 shares were granted to certain of the Company’s non-executive employees and to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $7.35. 125,300 shares vested on the date of the issuance, March 12, 2025, 160,000 shares will vest on September 12, 2025, 104,100 shares will vest on March 12, 2026 and 138,800 shares will vest on September 14, 2026.

The related expense for shares granted to the Company’s Board of Directors and certain of its employees for the six-month periods ended June 30, 2025 and 2024, amounted to $2,593 and $2,938, respectively, and is included under general and administration expenses. The related expense for shares granted to non-employees for the six-month periods ended June 30, 2025 and 2024, amounted to $84 and $79, respectively, and is included under voyage expenses.

The unrecognized

          cost for the non-vested shares granted to the Company’s Board of Directors, certain of its employees and the Company’s commercial manager, a non-employee, as of June 30, 2025 and December 31, 2024 amounted to $2,013 and $808, respectively. On June 30, 2025, the weighted-average period over which the total compensation cost
          related to non-vested awards granted to the Company’s Board of Directors and its other employees not yet recognized is expected to be recognized is 1.70
          years.

16.	Subsequent Events

On July 10, 2025, the Company paid a regular quarterly dividend of $1,045 to all shareholders of record as of June 27, 2025 (Note 11).

The Company has agreed to enter into a supplemental agreement to the June 2022 Alpha Bank Loan Facility to reduce the applicable margin from 2.90% to 2.40% per annum, with retroactive effect from June 2025. In addition, the Company has the option to pledge cash in the form of time deposits, up to the aggregate amount of the loan outstanding at that time. For the part of the loan equal to the pledged amount, the margin will be reduced to 0.75% per annum for the term of the pledged time deposit, which as per the agreement shall coincide with an interest period of the facility. The supplemental agreement is subject to completion of definitive documentation.

On July 30, 2025, the Company entered into an agreement with an unaffiliated third party for the sale of the Geniuship for a gross purchase price of $21,590. The vessel is expected to be delivered to her new

                      owners in early September 2025.

On August 4, 2025, the Company declared a regular cash dividend of $0.05 per common share for the second quarter of 2025 payable on or about October 10, 2025 to all shareholders of record as of September 29, 2025.

On August 6, 2025, the Company entered into documentation for a $22,500 sale and leaseback agreement for the Blueship with an affiliate of Kowa Kaiun Co. Ltd. to finance the purchase option of Blueship under her existing bareboat charter. The agreement will become effective upon the delivery of the Blueship to the lessor. The Company will sell and charter back the vessel on a bareboat basis for a five-year period, having a put option at the end of the fifth year, while the Company will have continuous options to repurchase the vessel at any time of the bareboat charter period at predetermined prices as set forth in the agreement following the second anniversary of the delivery. The charterhire principal will amortize in a daily bareboat rate of $9 payable monthly in advance, bearing an interest rate of 3-month term SOFR plus 2.40% per annum. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions.