Seanergy Maritime Holdings trumped analyst estimates despite reporting a slump in profits in a weaker market. The Greek owner of 17 capesizes reported net income of $7.1m for the third quarter, down from a profit of $20.1m a year earlier. On an adjusted basis, New York-listed Seanergy posted a $7.6m profit, down from earnings of $22.8m in the same period of 2021. The results translated into adjusted earnings per share (EPS) of $0.04 for the quarter, beating Wall Street consensus of $0.02 but falling short of the $0.11 reported a year earlier.

The Athens-based bulker owner issued an unchanged shareholder payout of $0.025 per share for the third quarter. “We are pleased to report another profitable quarter for Seanergy, despite the challenging macroeconomic and market conditions,” chief executive Stamatis Tsantanis said in a statement.

For the quarter ended 30 September, the company earned $34m in revenue, down from $48m a year earlier. The slump was rooted in a decline in time charter equivalent rates that averaged $20,614 per day during the quarter, down from $30,764 per day in the same period last year.

The company posted a $16.7m profit for the first nine months of 2022, a dip from $20.7m profit during the same time span in 2021. Revenue totaled $96.5m during the first nine months, just beating the $96.4m reported a year earlier. The daily TCE of the fleet for the first nine months of 2022 was $20,996 per day, down from $23,449 per day in the first nine months of 2021.

Despite the lower profit and weaker market, Tsantanis remained optimistic. “With dry bulk fleet growth at the lowest levels on record, we remain confident in the long-term prospects of the market and are constantly evaluating our options with respect to returning capital to shareholders and accretive vessel acquisitions,” he said.