Seanergy Maritime (SHIP)
NASDAQ:SHIP
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Seanergy Maritime
(NASDAQ:SHIP)
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Rating:66Neutral
Price Target:
$16.00
▲(8.92% Upside)
Action:DowngradedDate:02/18/26
The score is driven primarily by cyclical and less-consistent financial performance (volatile earnings and uneven free cash flow, with meaningful leverage). Offsetting that, the technical setup is strong with a clear uptrend and positive momentum, and the latest earnings call provided constructive 2026 outlook and partial forward coverage, while valuation is moderate with a supportive dividend yield.
Positive Factors
High utilization and forward coverage
Sustained >96% fleet utilization and partial forward fixing materially raise multi‑month revenue visibility versus pure spot exposure. For a time‑charter business model, high utilization preserves days‑earned and forward coverage locks a baseline TCE, supporting predictable cash flow and dividend capacity across the next 2–6 months.
Negative Factors
Capesize concentration / cyclicality
Concentration in Capesize tonnage amplifies exposure to commodity demand swings and freight volatility. Structurally, this raises earnings and cash‑flow dispersion across cycles, limiting downside protection and making multi‑period forecasting and debt service resilience highly dependent on favorable market turns.
Read all positive and negative factors
Positive Factors
Negative Factors
High utilization and forward coverage
Sustained >96% fleet utilization and partial forward fixing materially raise multi‑month revenue visibility versus pure spot exposure. For a time‑charter business model, high utilization preserves days‑earned and forward coverage locks a baseline TCE, supporting predictable cash flow and dividend capacity across the next 2–6 months.
Read all positive factors
Seanergy Maritime (SHIP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$314.39M
Dividend Yield4.94%
Average Volume (3M)227.26K
Price to Earnings (P/E)3.9
Beta (1Y)1.44
Revenue Growth-5.59%
EPS Growth-52.64%
CountryUS
Employees93
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.68
Shares Outstanding21,114,098
10 Day Avg. Volume180,738
30 Day Avg. Volume227,262
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 Cap1.71
Enterprise Value/Revenue4.83
Enterprise Value/Gross Profit12.88
Enterprise Value/Ebitda10.86
Forecast
1Y Price Target
$18.00Price Target Upside22.53% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.28
Revenue Forecast (FY)$184.42M
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:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive outlook: the company reported strong 2025 financial results, high utilization, robust margins, conservative leverage (fleet LTV 43%, net LTV 34%), meaningful liquidity ($62.7M) and a disciplined fleet renewal plan (three eco newbuilds at ~$226M). Management emphasized continued capital returns (dividends $0.43 in 2025) and secured attractive financing for two newbuilds. Key risks highlighted include Capesize market volatility, elevated newbuilding/asset prices, aging fleet-driven drydock disruptions (fleet capacity reduction >1.5% in 2026–2027), and some disclosure gaps (EPS inconsistency and an unspecified near-term deployment amount). Overall, positives — including profitability, cash generation, and balance-sheet strength — outweigh the negatives, though the company remains exposed to cycle risk and execution of its capex plan.Positive Updates
Consecutive Profitability
Company reported its fifth consecutive year of profitability for 2025 with strong quarterly and full-year results (CEO: Q4 EPS $0.68 and FY EPS $1.28; CFO reported FY net income $21.2M). Management highlighted operating leverage from vessel appreciation since 2021.
Negative Updates
Market Volatility and Cyclicality
Capesize market remains extremely volatile and subject to unpredictable factors; management emphasizes continued exposure as a pure-play Capesize operator, which increases sensitivity to cycle swings.
Read all updates
Q4-2025 Updates
Positive
Negative
Consecutive Profitability
Company reported its fifth consecutive year of profitability for 2025 with strong quarterly and full-year results (CEO: Q4 EPS $0.68 and FY EPS $1.28; CFO reported FY net income $21.2M). Management highlighted operating leverage from vessel appreciation since 2021.
Read all positive updates
Company Guidance
Guidance from the call emphasized a constructive 2026 outlook: management expects a 2026 time-charter-equivalent (TCE) of about $25,300/day (based on current FFA levels) while already fixing roughly 32% of available days at an average gross rate of $27,300/day (with selective additional fixing contemplated); at current FFA levels full‑year EBITDA is estimated at approximately $122.0M (versus ~ $95.0M at 2025 average BCI), with materially higher EBITDA if rates exceed $30,000/day. They reiterated capital allocation priorities — continue dividends (2025 dividends totaled $0.43/share, including $0.20 in Q4, and management expects the dividend policy to remain intact despite the newbuild program), fund three newbuilds with combined contract cost of ~$226.0M (deliveries Q2 2027–Q2 2028) and laddered capex of ~$100.0M in 2027 and ~$50.0M in 2028 — while preserving a conservative balance sheet (year‑end cash $62.7M, ~$3.1M/vessel; total debt ~ $294M; fleet LTV ~43% and net LTV ~34%; debt/vessel ~$14.7M vs. market value/vessel ~$34.1M; daily cash interest ~$2,570; daily opex ~$7,100; fleet utilization >96%).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
13.04
Positive
11.35
Positive
9.51
Positive
Market Momentum
0.54
Negative
66.12
Neutral
64.92
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 above the 20-day moving average (MA) of 13.47, above the 50-day MA of 13.04, and above the 200-day MA of 9.51, indicating a bullish trend. The MACD of 0.54 indicates Negative momentum. The RSI at 66.12 is Neutral, neither overbought nor oversold. The STOCH value of 64.92 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $367.94M | 4.15 | 9.08% | ― | 3.53% | -17.34% | |
66 Neutral | $314.39M | 3.91 | 7.83% | 4.94% | -5.59% | -52.64% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $54.59M | -8.29 | -4.65% | ― | -14.44% | 55.47% | |
58 Neutral | $214.66M | 14.72 | 1.81% | ― | -4.39% | -92.31% | |
55 Neutral | $310.08M | 15.21 | 3.60% | 2.34% | -6.43% | 79.57% | |
50 Neutral | $10.18M | 6.76 | 7.94% | ― | -6.63% | -38.69% |
* Industrials Sector Average
SHIP
Seanergy Maritime
15.47
9.97
181.07%
DSX
Diana Shipping
2.56
1.11
76.80%
GASS
StealthGas
10.07
4.58
83.42%
TOPS
Top Ships
2.22
-2.96
-57.11%
EDRY
EuroDry
20.27
11.50
131.13%
TORO
Toro Corp.
7.68
6.35
479.62%
Seanergy Maritime Corporate Events
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...
Seanergy Maritime Posts Strong Q4 2025, Raises Liquidity and Expands $226 Million Newbuilding Program
Feb 19, 2026
On February 17, 2026, Seanergy Maritime reported strong fourth‑quarter 2025 results, with net revenues rising to $49.4 million from $41.7 million a year earlier and adjusted EBITDA climbing to $28.9 million. For full‑year 2025, however...
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.