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.