Seanergy Maritime Holdings recorded a first-quarter loss in a weakened market, but the capesize bulker owner is still optimistic on what it views as a strengthening sector.

The New York-listed company reported $4.19m in net loss on Thursday for the three-month period, reversing $3.67m in net income for the same quarter in 2022.

On an adjusted basis, Seanergy posted a $300,000 loss for the first quarter, compared to a $7.7m