Seanergy Maritime Holdings Corp.
- Open
- 14.44
- Day high
- 15.06
- Day low
- 14.44
- Prev close
- 14.41
- Volume
- 17K
- Mkt cap
- $324M
- P/E (TTM)
- 8.4
- EPS (TTM)
- $1.79
- P/B
- 1.1
- P/S
- 1.8
- Yield
- 2.67%
- Per share
- $0.40
- ▼Insiders net selling -$49K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Seanergy Maritime Holdings Corp. (SHIP) is a Industrials company listed on NASDAQ. The stock is up 115% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Seanergy Maritime Holdings Corp. (SHIP) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SHIP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 28, 2026 | $0.39 | $0.63 | +61.5% | $43M | +1.7% |
| Feb 17, 2026 | $0.56 | $0.68 | +21.4% | $49M | +14.5% |
| Nov 13, 2025 | $0.46 | $0.67 | +45.7% | $47M | -0.0% |
| May 27, 2025 | $-0.44 | $-0.27 | +38.6% | $24M | -27.7% |
| Mar 6, 2025 | $0.28 | $0.34 | +21.4% | $42M | +90.8% |
| Oct 15, 2024 | $0.54 | $-0.28 | -151.9% | $44M | -3.2% |
| May 15, 2024 | $0.26 | $0.50 | +92.3% | $38M | +10.2% |
| Mar 15, 2024 | $0.26 | $0.55 | +111.5% | $39M | +11.2% |
| Nov 14, 2023 | $-0.29 | $-0.14 | +51.7% | $24M | -29.0% |
| Aug 2, 2023 | $0.12 | $0.18 | +50.0% | $28M | +14.2% |
| May 25, 2023 | $-0.69 | $-0.02 | +97.1% | $18M | -34.4% |
| Mar 14, 2023 | $0.14 | $0.05 | -64.3% | $29M | +6.7% |
SHIP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 15, 2026 | Gyftakis Stavrosofficer: See Remarks | Sell | 3,300 | $14.81 |
| Apr 8, 2026 | Gyftakis Stavrosofficer: See Remarks | Sell | 3,570 | $13.95 |
| Jul 29, 2009 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 1,314 | $6.50 |
| Dec 18, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 28,148 | $6.50 |
| Dec 18, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 11,400 | $6.50 |
| Nov 18, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 13,900 | $6.50 |
| Nov 18, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 1,600 | $6.50 |
| Nov 14, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 15,850 | $6.50 |
| Nov 14, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 3,000 | $6.50 |
| Nov 4, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 80,000 | $6.50 |
| Oct 31, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 3,600 | $6.50 |
| Oct 31, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 30,000 | $6.50 |
| Oct 20, 2008 | Nisswa Acquisition Master Fund Ltd.10 percent owner | Sell | 11,500 | $6.50 |
Source: SHIP SEC Form 4 filings, latest Jul 15, 2026. For informational purposes only — not investment advice.
See the full SHIP insider & 13F page →Seanergy Maritime Holdings Corp. company profile
Overview
Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) is a Greece-based dry bulk shipping company that was incorporated in 2008, originally as Seanergy Merger Corp. before changing its name later that year. The company went public in January 2008 and has established itself as a focused operator in the Capesize vessel segment of the global dry bulk shipping industry. Headquartered in Athens, Greece, Seanergy has grown its fleet from 16 vessels in 2022 to 21 vessels as of 2024, representing approximately 3.8 million deadweight tons of cargo capacity. The company has demonstrated significant operational improvements over recent years, achieving a 50% increase in net revenue for 2024 compared to the previous year, while maintaining a disciplined approach to capital allocation through dividends and share buybacks.
Business
Seanergy Maritime operates in the dry bulk shipping industry, which involves the seaborne transportation of unpackaged bulk commodities such as iron ore, coal, grain, bauxite, and other raw materials. The company specializes exclusively in operating Capesize vessels, which are among the largest dry bulk carriers in the world, typically ranging from 150,000 to 400,000 deadweight tons. The dry bulk shipping industry serves as a critical link in global supply chains, moving essential raw materials from producing regions to manufacturing centers worldwide. Capesize vessels are specifically designed to carry large quantities of commodities like iron ore from countries such as Brazil and Australia to steel-producing nations, primarily in Asia. These vessels are called "Capesize" because they are too large to transit the Suez or Panama Canals and must navigate around the Cape of Good Hope or Cape Horn. Seanergy's fleet consists of 21 vessels with a combined cargo-carrying capacity of approximately 3.8 million deadweight tons. The company focuses on Capesize and Newcastlemax vessels, with Newcastlemax being a specific type of Capesize vessel designed to maximize cargo capacity while still being able to dock at the Port of Newcastle in Australia. The company has strategically focused on acquiring high-quality, fuel-efficient Japanese-built vessels, which are known for their superior construction quality and operational efficiency. The company operates as a single business segment, with 100% of its revenue derived from dry bulk shipping operations. Their vessels are employed in both spot market trading and time charter arrangements, providing flexibility to capitalize on market opportunities while maintaining some revenue stability.
Revenue model
Seanergy generates revenue through vessel chartering arrangements in the dry bulk shipping market. The company employs two primary revenue models: spot market trading and time charter contracts. In spot market arrangements, vessels are chartered for individual voyages at prevailing market rates, while time charter contracts involve leasing vessels to customers for fixed periods at predetermined daily rates. The company's financial performance is measured using Time Charter Equivalent (TCE) rates, which represent the average daily revenue per vessel after deducting voyage expenses. In 2024, Seanergy achieved an average TCE rate of $25,100 per day across its fleet, generating total net revenue of $167.5 million. The company's customers include major commodity traders, mining companies, and other participants in the global dry bulk trade. Several factors significantly impact Seanergy's profitability margins. Positive margin drivers include strong demand for iron ore and coal transportation, particularly from China and other Asian economies, limited new vessel supply due to low shipbuilding orders, and the company's focus on fuel-efficient vessels that reduce operating costs. The company benefits from vessel supply constraints, with Capesize fleet growth limited to just 1.4% projected for 2025, representing the lowest delivery years since 2003. Negative margin pressures come from volatile freight rates that can fluctuate dramatically based on seasonal demand patterns, global economic conditions, and geopolitical events. Fuel costs represent a significant expense, and rising bunker fuel prices directly impact profitability. Additionally, increased environmental regulations requiring costly compliance measures, port congestion that reduces vessel utilization, and potential economic slowdowns in key commodity-importing regions like China pose ongoing challenges to maintaining consistent margins. The company maintains operational discipline with daily operating expenses (OpEx) of approximately $7,000 per vessel and selling, general, and administrative costs ranging from $1,500 to $2,000 per vessel per day. This cost structure allows Seanergy to remain profitable even during periods of lower freight rates, though margins can vary significantly based on market conditions.
Competitive moat
Seanergy Maritime operates in the highly competitive and cyclical dry bulk shipping industry, where establishing a strong economic moat is challenging. The company's competitive advantages are relatively modest and primarily stem from operational efficiency and strategic fleet composition rather than structural barriers to entry. The company's main competitive strengths include its specialized focus on high-quality Capesize vessels, particularly Japanese-built ships known for their fuel efficiency and reliability. This focus allows Seanergy to achieve operational excellence and consistently outperform benchmark indices like the Baltic Capesize Index. The company has demonstrated superior operational performance, outperforming the BCI by approximately 7% in recent years through skilled vessel deployment and market timing. Seanergy's experienced management team and established relationships with charterers provide some operational advantages, enabling the company to secure favorable charter arrangements and optimize vessel utilization. The company's strategic positioning in the Capesize segment, which serves essential commodity trades like iron ore transportation, provides exposure to relatively stable long-term demand drivers. However, the company faces significant competitive pressures and lacks strong structural moats. The shipping industry is characterized by low barriers to entry for well-capitalized competitors, commodity-like service offerings where vessels are largely interchangeable, and intense price competition driven by supply and demand dynamics. Large integrated shipping companies with diversified fleets and stronger balance sheets can weather market downturns more effectively and potentially offer more competitive rates. Disruption risks include potential shifts toward alternative transportation methods for certain commodities, environmental regulations that could favor newer, more expensive vessels, and the cyclical nature of commodity demand that can dramatically impact freight rates. Additionally, the company's relatively small size compared to major shipping conglomerates limits its negotiating power and ability to secure long-term contracts. While Seanergy has carved out a respectable niche in the Capesize market, its competitive position remains vulnerable to market cycles and competitive pressures inherent in the shipping industry.
Risks & safety
Seanergy Maritime presents a moderate margin of safety with mixed financial health indicators that require careful monitoring. • Liquidity and Cash Position: The company maintains $21.9 million in cash and short-term investments as of Q4 2024, but faces a current ratio of 0.74, indicating potential short-term liquidity pressure with current liabilities of $61.6 million exceeding current assets of $45.9 million. • Debt and Solvency: Total debt stands at $261.5 million against total assets of $545.9 million, resulting in a debt-to-equity ratio of 0.98. The fleet loan-to-value ratio of 45% provides reasonable collateral coverage, and importantly, no significant debt maturities occur until Q2 2025, providing near-term breathing room. • Cash Flow Generation: Strong operational cash flow of $75.3 million in 2024 demonstrates the company's ability to generate cash from operations, though free cash flow was minimal at $0.9 million due to significant capital expenditures for fleet expansion. • Valuation Metrics: The stock trades at attractive valuation levels with a P/E ratio of 3.3, EV/EBITDA of 4.1, and price-to-book ratio of 0.55, suggesting potential undervaluation relative to earnings and assets. • Other Considerations: The company's return on equity of 17% demonstrates efficient capital utilization, while the cyclical nature of the shipping industry creates earnings volatility that could impact financial stability during market downturns. The company's focus on a single vessel type (Capesize) creates concentration risk but also operational expertise.
Recent development
Over the past few years, Seanergy has executed a strategic transformation focused on fleet modernization and disciplined growth. The company has systematically upgraded its fleet quality by disposing of older vessels and acquiring premium Japanese-built Capesize and Newcastlemax vessels. In 2022, Seanergy sold three of its oldest vessels (built 2004-2006) and acquired two modern Japanese vessels, continuing this fleet renewal strategy through 2024 with the acquisition of four additional premium vessels for $138 million. A significant corporate development was the spin-off of United Maritime Corporation in 2022, which allowed Seanergy to focus exclusively on its core Capesize operations while providing shareholders with exposure to a separate entity. The company also completed a 10:1 reverse stock split and regained Nasdaq compliance, strengthening its capital markets position. Capital allocation strategy has become increasingly shareholder-friendly, with the company distributing $87 million in capital returns over the past three years through dividends and share buybacks. In 2024 alone, Seanergy paid $15.6 million in dividends ($0.76 per share) and repurchased 226,000 shares. The company has also demonstrated financial discipline by completing $174 million in financing and refinancing transactions to optimize its capital structure. Operational improvements have been substantial, with the company consistently outperforming the Baltic Capesize Index through superior vessel deployment and market timing. Seanergy has also embraced environmental, social, and governance (ESG) initiatives, releasing its first ESG report, establishing a sustainability committee, and installing ballast water treatment systems across its fleet. The company continues to invest in energy-saving devices to improve fuel efficiency rather than pursuing expensive newbuilding programs, reflecting a pragmatic approach to environmental compliance while maintaining cost discipline.
SHIP company profile · for informational purposes only — not investment advice.
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