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Seanergy Maritime (SHIP)
NASDAQ:SHIP
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Seanergy Maritime
(NASDAQ:SHIP)
75Outperform
Positive Factors
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.
Revenue Potential
SHIP expects a higher TCE rate for 1Q25 than previously forecasted, indicating potential for increased revenue.
Negative Factors
Dividend Reduction
The quarterly dividend was reduced, although this was anticipated.
Free Cash Flow
Estimates for the next quarterly dividend have been reduced due to a forecasted decline in free cash flow.
Shipping Rates Decline
Recent drop in Capesize dry bulk shipping rates has led to reduced forecasts for the second half of 2024.
Seanergy Maritime (SHIP) vs. S&P 500 (SPY)
Market Cap
$145.52M
Dividend Yield7.93%
Average Volume (3M)224.10K
Price to Earnings (P/E)3.4
Beta (1Y)0.50
Revenue Growth51.91%
EPS Growth2984.06%
CountryUS
Employees81
SectorIndustrials
Sector Strength70
IndustryMarine Shipping
Share Statistics
EPS (TTM)2.10
Shares Outstanding20,611,923
10 Day Avg. Volume239,058
30 Day Avg. Volume224,097
Financial Highlights & Ratios
PEG Ratio0.00112
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 Upside70.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Seanergy Maritime Business Overview & Revenue Model
Company DescriptionSeanergy Maritime Holdings Corp. (NASDAQ: SHIP) is a Greece-based shipping company primarily engaged in the seaborne transportation of dry bulk commodities. The company operates a fleet of Capesize vessels, which are among the largest dry bulk carriers, and transports commodities such as coal, iron ore, and grain. Seanergy Maritime is focused on providing reliable and efficient maritime logistics services, primarily serving charterers and leading industrial players worldwide.
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 exhibits strong revenue growth and profitability margins, with efficient cash flow generation. The company has a manageable debt-to-equity ratio and a solid return on equity. However, potential market volatility and industry-specific risks need monitoring.Income Statement
Seanergy Maritime's TTM revenue growth is robust, with a significant increase from the previous year, demonstrating strong market demand. The company exhibits a healthy gross profit margin of 53.4% and a net profit margin of 28.6%, indicating effective cost management and profitability. EBITDA and EBIT margins are strong at 49.5% and 40.3%, respectively, reflecting operational efficiency. However, the volatility in revenue growth over the past years suggests potential market fluctuations.78
Positive
Balance Sheet
The company's balance sheet shows a moderate debt-to-equity ratio of 0.91, reflecting manageable leverage. Seanergy Maritime has a return on equity of 17.98%, indicating decent profitability relative to shareholder investments. The equity ratio is 49.8%, suggesting a balanced asset funding strategy. However, the industry-standard leverage remains a concern that needs monitoring.65
Positive
Cash Flow
Seanergy Maritime's cash flow performance is strong, with a remarkable increase in free cash flow, indicating improved liquidity and financial health. The operating cash flow to net income ratio of 1.61 demonstrates efficient cash generation from operations. The free cash flow to net income ratio of 0.95 further underscores the company's ability to convert earnings into free cash flow, enhancing financial flexibility.82
Very Positive
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 165.21M | 110.23M | 125.02M | 153.11M | 63.34M | 86.50M |
| Gross Profit | |||||
| 88.25M | 40.45M | 48.88M | 80.36M | 7.39M | 19.02M |
| EBIT | |||||
| 66.66M | 21.35M | 9.50M | 47.96M | -268.00K | 918.00K |
| EBITDA | |||||
| 81.83M | 45.22M | 60.84M | 79.07M | 12.45M | 24.06M |
| Net Income Common Stockholders | |||||
| 47.20M | 2.28M | 17.24M | 41.35M | -28.84M | -11.75M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 7.47M | 19.43M | 32.48M | 47.13M | 23.65M | 14.55M |
| Total Assets | |||||
| 265.50M | 477.88M | 513.60M | 486.92M | 295.25M | 282.55M |
| Total Debt | |||||
| 204.57M | 232.97M | 314.68M | 222.75M | 184.28M | 197.67M |
| Net Debt | |||||
| 197.10M | 213.54M | 282.20M | 175.62M | 160.63M | 183.12M |
| Total Liabilities | |||||
| 252.03M | 249.43M | 291.90M | 242.44M | 199.55M | 252.69M |
| Stockholders Equity | |||||
| 13.47M | 228.44M | 221.70M | 244.48M | 95.69M | 29.86M |
| Cash Flow | Free Cash Flow | ||||
| 44.86M | 30.83M | -33.16M | -116.56M | -30.00M | 759.00K |
| Operating Cash Flow | |||||
| 76.05M | 31.32M | 37.29M | 80.76M | -9.73M | 13.11M |
| Investing Cash Flow | |||||
| -45.35M | 17.75M | -56.26M | -184.62M | -21.86M | -12.35M |
| Financing Cash Flow | |||||
| -10.59M | -56.62M | 5.83M | 127.44M | 39.10M | 6.35M |
Seanergy Maritime Technical Analysis
Negative
7.04
Price Trends
7.02
Positive
7.40
Negative
8.72
Negative
Market Momentum
0.04
Positive
47.64
Neutral
13.41
Positive
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 7.04 is below the 20-day moving average (MA) of 7.10, above the 50-day MA of 7.02, and below the 200-day MA of 8.72, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 47.64 is Neutral, neither overbought nor oversold. The STOCH value of 13.41 is Positive, 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 | $1.90B | 5.82 | 14.71% | 15.32% | 33.31% | 62.94% | |
75 Outperform | $1.20B | 3.36 | 12.41% | 0.50% | 2.08% | -14.92% | |
75 Outperform | $145.52M | 3.35 | 16.96% | 7.93% | 51.91% | 2984.06% | |
70 Outperform | $392.66M | 4.51 | 11.99% | 5.33% | 8.17% | 35.92% | |
69 Neutral | $583.22M | 7.79 | 8.30% | 11.59% | 10.21% | ― | |
62 Neutral | $8.36B | 14.28 | 2.39% | 3.06% | 3.99% | -14.45% | |
55 Neutral | $193.40M | 29.25 | 2.56% | 13.66% | -12.93% | -86.34% |
* Industrials Sector Average
Performance Comparison
SHIP
Seanergy Maritime
7.04
-0.79
-10.09%
DSX
Diana Shipping
1.70
-0.99
-36.80%
GNK
Genco Shipping
13.46
-5.09
-27.44%
NMM
Navios Maritime Partners
40.31
-2.08
-4.91%
SB
Safe Bulkers
3.73
-1.01
-21.31%
SBLK
Star Bulk Carriers
16.20
-5.50
-25.35%
Seanergy Maritime Earnings Call Summary
Earnings Call Date: Mar 6, 2025 | % Change Since: 2.03% | 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.