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Seanergy Maritime (SHIP)
NASDAQ:SHIP
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Seanergy Maritime
(NASDAQ:SHIP)
70Outperform
Positive Factors
Earnings
SHIP's 2024 TCE rate was significantly higher than the Baltic Capesize Index average, indicating strong performance.
Financial Performance
SHIP reported 4Q24 results above recently-reduced forecasts.
Market Demand
Persistent demand for Capesize ships and almost no newbuild orders provide support for the company despite falling shipping rates.
Negative Factors
Dividends
The quarterly dividend was reduced, although this was anticipated.
Free Cash Flow
Reduce 4Q24 dividend forecast due to a 17.6% decline in free cash flow.
Shipping Rates
Daily rates for Capesize dry bulk ships have dropped significantly due to lower demand from China.
Seanergy Maritime (SHIP) vs. S&P 500 (SPY)
Market Cap
$114.34M
Dividend Yield11.61%
Average Volume (3M)227.44K
Price to Earnings (P/E)2.6
Beta (1Y)0.99
Revenue Growth51.91%
EPS Growth2984.06%
CountryUS
Employees93
SectorIndustrials
Sector Strength66
IndustryMarine Shipping
Share Statistics
EPS (TTM)2.10
Shares Outstanding20,902,365
10 Day Avg. Volume216,591
30 Day Avg. Volume227,440
Financial Highlights & Ratios
PEG Ratio0.00087
Price to Book (P/B)N/A
Price to Sales (P/S)1.32
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$12.00Price Target Upside129.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Seanergy Maritime Business Overview & Revenue Model
Company DescriptionSeanergy 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. The company was formerly known as Seanergy Merger Corp. and changed its name to Seanergy Maritime Holdings Corp. in July 2008. Seanergy Maritime Holdings Corp. was incorporated in 2008 and is based in Athens, Greece.
How the Company Makes MoneySeanergy Maritime generates revenue primarily through time charter agreements and spot market voyages. The company leases its vessels to customers, who charter them for a set period under time charter agreements, providing a stable and predictable income stream. Additionally, Seanergy participates in the spot market, where vessels are hired for single voyages based on prevailing market rates, allowing the company to capitalize on favorable shipping market conditions. The company's revenue is also influenced by global demand for dry bulk commodities, shipping rates, and fleet utilization rates. Strategic partnerships and long-term contracts with major charterers play a significant role in sustaining its revenue model.
Seanergy Maritime Financial Statement Overview
Summary
Seanergy Maritime shows strong financial performance with robust revenue and profit margins. A stable balance sheet supports growth, but low free cash flow requires attention. Overall, the company is well-positioned, but must manage debt and enhance free cash reserves.Income Statement
Seanergy Maritime has demonstrated strong revenue growth with a significant increase from $110.2M in 2023 to $167.5M in 2024, reflecting a 51.9% growth rate. The gross profit margin stands at 69.9%, and the net profit margin has improved to 25.9%. Additionally, the EBIT and EBITDA margins are solid at 37.4% and 55.2%, respectively. The company has shown impressive recovery and profitability over recent years, though it still needs to maintain this upward trajectory to cushion against market volatility.78
Positive
Balance Sheet
The balance sheet indicates a reasonable debt-to-equity ratio of 0.98, reflecting a balanced approach to leveraging debt. The return on equity (ROE) is robust at 16.6%, showcasing efficient use of equity capital. Equity ratio stands at 48.0%, suggesting a stable financial structure with a solid buffer against liabilities. However, the company should remain cautious of increasing debt levels to avoid potential risks.72
Positive
Cash Flow
Operating cash flow has improved significantly, reaching $75.3M in 2024, but free cash flow remains low at $927K. The operating cash flow to net income ratio is strong at 1.73, indicating good cash generation from operations. However, the free cash flow to net income ratio is weak at 0.02, highlighting potential challenges in cash retention after capital expenditures. Continuous focus on enhancing free cash flow is essential for long-term sustainability.66
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 167.46M | 110.23M | 125.02M | 153.11M | 63.34M | Gross Profit |
| 117.18M | 40.45M | 48.88M | 80.36M | 7.39M | EBIT |
| 62.57M | 21.35M | 9.50M | 47.96M | -268.00K | EBITDA |
| 92.45M | 45.22M | 60.84M | 79.07M | 12.45M | Net Income Common Stockholders |
| 43.47M | 2.28M | 17.24M | 41.35M | -28.84M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 34.92M | 19.43M | 32.48M | 47.13M | 23.65M | Total Assets |
| 545.85M | 477.88M | 513.60M | 486.92M | 295.25M | Total Debt |
| 257.87M | 232.97M | 314.68M | 222.75M | 184.28M | Net Debt |
| 236.00M | 213.54M | 282.20M | 175.62M | 160.63M | Total Liabilities |
| 283.67M | 249.43M | 291.90M | 242.44M | 199.55M | Stockholders Equity |
| 262.18M | 228.44M | 221.70M | 244.48M | 95.69M |
| Cash Flow | Free Cash Flow | |||
| 927.00K | 30.83M | -33.16M | -116.56M | -30.00M | Operating Cash Flow |
| 75.28M | 31.32M | 37.29M | 80.76M | -9.73M | Investing Cash Flow |
| -79.37M | 17.75M | -56.26M | -184.62M | -21.86M | Financing Cash Flow |
| 14.08M | -56.62M | 5.83M | 127.44M | 39.10M |
Seanergy Maritime Technical Analysis
Negative
5.24
Price Trends
6.53
Negative
6.75
Negative
8.21
Negative
Market Momentum
-0.41
Positive
32.23
Neutral
56.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SHIP, the sentiment is Negative. The current price of 5.24 is below the 20-day moving average (MA) of 5.89, below the 50-day MA of 6.53, and below the 200-day MA of 8.21, indicating a bearish trend. The MACD of -0.41 indicates Positive momentum. The RSI at 32.23 is Neutral, neither overbought nor oversold. The STOCH value of 56.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $207.20M | 1.81 | 35.83% | 8.33% | 12.43% | -1.63% | |
73 Outperform | $188.85M | 2.63 | 11.88% | ― | 16.54% | 42.56% | |
70 Outperform | $114.34M | 2.59 | 16.96% | 11.61% | 51.91% | 2984.06% | |
63 Neutral | $20.77M | 0.67 | 15.48% | ― | -45.58% | 45.06% | |
62 Neutral | $4.17B | 11.26 | 5.46% | 215.76% | 4.12% | -8.54% | |
55 Neutral | $172.49M | 25.34 | 2.56% | 11.41% | -12.93% | -86.34% | |
40 Underperform | $22.95M | 53.35 | 0.24% | ― | 11.74% | -91.84% |
* Industrials Sector Average
Performance Comparison
SHIP
Seanergy Maritime
5.24
-3.31
-38.71%
DSX
Diana Shipping
1.42
-1.27
-47.21%
ESEA
Euroseas
29.20
3.54
13.80%
GLBS
Globus Maritime
1.10
-0.89
-44.72%
GASS
StealthGas
5.03
-0.82
-14.02%
CTRM
Castor Maritime
2.12
-1.18
-35.76%
Seanergy Maritime Earnings Call Summary
Earnings Call Date: Mar 6, 2025 | % Change Since: -22.94% | Next Earnings Date: May 21, 2025
Earnings Call Sentiment Positive
The earnings call reflected strong performance and strategic growth by Seanergy with record profitability, effective fleet expansion, and robust shareholder returns. These positive developments were tempered by short-term market volatility and one-off legal expenses. The outlook for the Capesize market remains optimistic, highlighting long-term growth potential.Highlights
Record Profitability in 2024
Seanergy reported a net income of $43.5 million for 2024, compared to $2.3 million in 2023, marking a significant increase in profitability.
Strategic Fleet Expansion
The company expanded its fleet to 21 vessels, with a carrying capacity of 3.8 million deadweight tons, including the acquisition of high-quality Japanese-built vessels.
Strong Dividend and Share Buyback Strategy
Seanergy declared total 2024 dividends of $0.76 per share and repurchased 226,000 shares, reinforcing its commitment to shareholder value.
Effective Hedging Strategy
The company's time charter equivalent outperformed the Baltic Capesize Index by 27% in Q4 and 11% for the year, showcasing its effective hedging strategy.
Positive Market Outlook for 2025
Capesize market fundamentals remain strong with limited fleet growth and increasing demand for iron ore and bauxite, supporting a favorable supply-demand balance.
Lowlights
One-Off Legal Expenses Impacting Profits
Legal expenses related to AGM litigation had a temporary impact on Seanergy's bottom line, totaling $4.1 million for 2024.
Short-Term Volatility in Capesize Market
Q4 2024 experienced a market correction with the BCI declining to $18,300 a day, impacted by reduced Brazilian iron ore exports and lower Capesize coal cargoes.
Softening of the Capesize Market in Q1 2025
The company expects a lower indicative time charter equivalent of approximately $13,400 per day for Q1 2025 due to market softness.
Company Guidance
In the recent conference call for Seanergy Maritime Holdings Corp., the company reported impressive financial results for the fourth quarter and full year 2024, showcasing record profitability with a net income of $43.5 million, a substantial increase from $2.3 million in 2023. The firm declared a cash quarterly dividend of $0.10 per share, totaling $15.6 million in 2024 distributions, and repurchased 226,000 shares at an average price of $9.44. The company's fleet expanded to 21 vessels, with a carrying capacity of 3.8 million deadweight tons, following a $138 million investment in four premium vessels. Seanergy achieved a daily time charter equivalent (TCE) rate of $25,100 for the year, surpassing the Baltic Capesize Index by 11%, while maintaining a fleet loan-to-value ratio of 45%. The company completed $174 million in financing and refinancings, reducing its debt-to-capital ratio to less than 50% and closing the year with a strong cash position of $34.9 million. Despite a Q4 net income of $6.6 million, impacted by $4.1 million in one-off legal expenses, Seanergy remains optimistic about the Capesize market's outlook, driven by robust demand for iron ore, bauxite, and coal, amid low fleet growth projections of 1.7% for 2024 and 1.4% for 2025.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.