Seanergy Maritime Holdings Corp (SHIP)
NASDAQ:SHIP
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Seanergy Maritime
(NASDAQ:SHIP)
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Rating:61Neutral
Price Target:
$15.00
▲(2.11% Upside)
Action:Reiterated
Date:05/29/26
The score is driven primarily by middling financial performance due to cyclicality, leverage, and inconsistent free cash flow. The latest earnings call was a clear positive with strong TCE guidance, forward coverage, and financing progress, but technicals remain weak and valuation is only moderately attractive.
Positive Factors
Fleet renewal with eco-design newbuilds
Upgrading to scrubber‑fitted eco newbuilds improves fuel efficiency, regulatory resilience and operating economics. Over multiple years this lowers per‑day opex, reduces emissions risk, and raises long‑term competitiveness and charter appeal versus aging tonnage.
Negative Factors
Capesize concentration / fleet single‑segment exposure
Pure‑play exposure to Capesize tonnage concentrates revenue and cashflow risk in a single segment tied to iron ore, coal and bauxite. Structural demand shocks, route disruptions or commodity destocking can quickly depress rates and utilization, amplifying earnings volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Fleet renewal with eco-design newbuilds
Upgrading to scrubber‑fitted eco newbuilds improves fuel efficiency, regulatory resilience and operating economics. Over multiple years this lowers per‑day opex, reduces emissions risk, and raises long‑term competitiveness and charter appeal versus aging tonnage.
Read all positive factors
Seanergy Maritime (SHIP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$326.00M
Dividend Yield4.94%
Average Volume (3M)266.66K
Price to Earnings (P/E)8.7
Beta (1Y)1.38
Revenue Growth15.24%
EPS Growth41.39%
CountryUS
Employees93
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.39
Shares Outstanding21,114,098
10 Day Avg. Volume326,469
30 Day Avg. Volume266,663
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)0.67
Price to Sales (P/S)1.20
P/FCF Ratio11.10
Enterprise Value/Market Cap1.70
Enterprise Value/Revenue4.99
Enterprise Value/Gross Profit13.30
Enterprise Value/Ebitda11.22
Forecast
1Y Price Target
$23.33Price Target Upside58.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)3.35
Revenue Forecast (FY)$200.92M
Seanergy Maritime Business Overview & Revenue Model
Company Description
Seanergy Maritime Holdings Corp., a shipping company, engages in the seaborne transportation of dry bulk commodities worldwide. It operates a fleet of 17 Capesize vessels with a cargo-carrying capacity of approximately 3,011,083 deadweight tons. T...
How the Company Makes Money
Seanergy makes money primarily by chartering its dry bulk vessels to customers and earning freight-related revenue. Its main revenue stream is time charter revenue, where a charterer pays a contracted daily hire rate for the use of a vessel over a...
Seanergy Maritime Earnings Call Summary
Earnings Call Date:May 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance for Q1 2026 with sizable YoY revenue (+≈77.7%) and adjusted EBITDA (+253%) gains, robust TCEs, ongoing shareholder returns (18th consecutive dividend), active fleet renewal (6 newbuilds contracted) and substantial financing progress (≈$237M secured for 4 ships). Management emphasizes disciplined capital allocation and manageable remaining CapEx (~$19M equity need for 2026), while acknowledging external risks: geopolitical uncertainty, concentration in the Capesize sector, remaining financing for 2 newbuilds, pending vessel disposals, and dry-docking/opex pressures. Overall, the positive operational results, balance sheet liquidity, and concrete progress on newbuild financing and commercial coverage outweigh the noted execution and market risks.Positive Updates
Strong Revenue Growth
Net revenues rose to $43.0M from $24.2M year-over-year, an increase of approximately 77.7%, driven by a robust Capesize market and commercial strategy.
Negative Updates
Remaining Newbuilding Financing and Equity Needs
Only 4 of 6 newbuildings have financing (~$237M) secured; financing discussions are ongoing for the remaining vessels. Remaining equity-funded portion of 2026 newbuilding CapEx is ~$19M, creating near-term funding requirements (management describes this as manageable).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Net revenues rose to $43.0M from $24.2M year-over-year, an increase of approximately 77.7%, driven by a robust Capesize market and commercial strategy.
Read all positive updates
Company Guidance
The company guided to strong near-term earnings and liquidity metrics: Q2 time charter equivalent is expected at approximately $31,430/day (Q1 TCE was $24,200/day vs $13,400/day a year ago), and 45% of available operating days from Q2–YE have been fixed at average gross rates above $29,000/day (management also noted ~50% FFA coverage to year‑end at ~ $29,000/day); adjusted EBITDA for Q1 was $28.2 million, adjusted EPS $0.63, net revenues $43.0 million and adjusted net income $13.4 million. Balance sheet and capex guidance: cash & restricted cash totaled $68.8 million after investing $31 million in newbuilds; remaining newbuilding CapEx for Q2–Q4 2026 is ~$72 million (with $36 million already paid in Q2, $17 million to be covered by predelivery debt and ~$19 million by equity); ~ $237 million of financing has been agreed for 4 of 6 newbuilds, management targets 70–75% financing (25–30% equity) per newbuild and expects to maintain ~50% corporate/fleet leverage (current total debt $319.7 million, shareholders’ equity $289.3 million, total assets $640 million, LTV ~43% based on market values). Other metrics: operating costs are expected at ~$7,000–$7,200/ship/day, cumulative dividends now ~$2.84/share ($55.6 million) with a declared quarterly dividend of $0.20/share, and management reiterated expectations of continued strong cash flow and downside-protected multi‑year chartering for newbuilds.Seanergy Maritime Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
53
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 158.10M | 167.46M | 110.23M | 125.02M | 153.11M |
| Gross Profit | 62.63M | 117.18M | 40.45M | 53.76M | 83.16M |
| EBITDA | 77.25M | 92.45M | 45.22M | 52.93M | 69.33M |
| Net Income | 20.83M | 43.47M | 2.28M | 17.24M | 41.35M |
Balance Sheet | |||||
| Total Assets | 606.58M | 545.85M | 477.88M | 513.60M | 486.92M |
| Cash, Cash Equivalents and Short-Term Investments | 62.65M | 21.87M | 19.43M | 26.03M | 43.00M |
| Total Debt | 290.16M | 257.87M | 232.97M | 256.20M | 222.75M |
| Total Liabilities | 325.20M | 283.67M | 249.43M | 291.90M | 242.44M |
| Stockholders Equity | 281.38M | 262.18M | 228.44M | 221.70M | 244.48M |
Cash Flow | |||||
| Free Cash Flow | 17.02M | 927.00K | 30.83M | -33.16M | -116.56M |
| Operating Cash Flow | 52.61M | 75.28M | 31.32M | 37.29M | 80.76M |
| Investing Cash Flow | -23.35M | -79.37M | 17.75M | -56.26M | -184.62M |
| Financing Cash Flow | -1.52M | 14.08M | -56.62M | 5.83M | 127.44M |
Seanergy Maritime Technical Analysis
Positive
14.69
Price Trends
14.79
Positive
13.26
Positive
10.93
Positive
Market Momentum
0.15
Positive
50.96
Neutral
65.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SHIP, the sentiment is Positive. The current price of 14.69 is below the 20-day moving average (MA) of 15.69, below the 50-day MA of 14.79, and above the 200-day MA of 10.93, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 50.96 is Neutral, neither overbought nor oversold. The STOCH value of 65.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SHIP.
Seanergy Maritime Risk Analysis
Seanergy Maritime disclosed 60 risk factors in its most recent earnings report. Seanergy Maritime reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Seanergy Maritime Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $341.36M | 5.73 | 9.08% | ― | 3.73% | -10.22% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $150.03M | 25.11 | 1.49% | ― | 7.90% | ― | |
61 Neutral | $326.00M | 8.73 | 14.03% | 4.94% | 15.24% | 41.39% | |
59 Neutral | $61.95M | -205.64 | -0.33% | ― | -0.04% | 96.94% | |
52 Neutral | $294.02M | 5.96 | 8.69% | 2.34% | -5.39% | 393.65% | |
45 Neutral | $7.69M | 1.42 | 7.94% | ― | -6.63% | -38.69% |
* Industrials Sector Average
SHIP
Seanergy Maritime
15.45
9.30
151.38%
DSX
Diana Shipping
2.34
0.82
54.35%
GASS
StealthGas
9.62
3.34
53.18%
TOPS
Top Ships
0.95
-6.06
-86.48%
EDRY
EuroDry
22.41
14.02
167.10%
TORO
Toro Corp.
5.02
3.82
318.68%
Seanergy Maritime Corporate Events
Seanergy Maritime Posts Strong Q1 2026 Results and Expands $460 Million Capesize Fleet Renewal
May 29, 2026
On May 28, 2026, Seanergy Maritime reported a sharp turnaround in first-quarter performance for the period ended March 31, 2026, with net revenues rising 77% year over year to $42.9 million and net income reaching $9.7 million, versus a loss a yea...
Seanergy Maritime Files 2025 Form 20-F, Updates Investors on Fleet Expansion
Apr 1, 2026
On April 1, 2026, Seanergy Maritime Holdings announced it has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission. The filing, which is also accessible via the company&#...
Seanergy Maritime Expands $384 Million Newbuilding Program and Sells Older Capesize in Fleet Renewal Push
Mar 18, 2026
On March 12, 2026, Seanergy Maritime announced it has agreed to acquire two scrubber-fitted 181,500 dwt Capesize newbuildings from a first-class Japanese shipyard and to sell the 2010-built M/V Squireship to related party United Maritime. The move...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.