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Seanergy Maritime Holdings Corp (SHIP)
NASDAQ:SHIP
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Seanergy Maritime
(NASDAQ:SHIP)
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Rating:66Neutral
Price Target:
$12.50
▼(-7.75% Downside)
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
Forward coverage and TCE visibility
A meaningful portion of 2026 days are pre‑fixed and management-cited TCE guidance reduces revenue volatility risk. This forward coverage increases multi‑month cashflow visibility, supporting planning for dividends, scheduled capex and reducing reliance on short‑term spot rates across 2–6 months.
Liquidity and conservative fleet LTVs
Substantial cash and moderate fleet LTVs give financial flexibility to absorb cyclical troughs and fund staged newbuild payments. Lower net LTV and recent refinancings that cut interest costs support durability of dividends and capex execution without immediate distress in a downcycle.
Disciplined fleet renewal program
Investing in eco, high‑spec newbuilds modernizes the fleet, reduces future opex and regulatory risk, and preserves charter appeal. Secured financing for part of the program and staged delivery (2027–2028) help spread cash needs, supporting long‑term competitiveness and steady asset quality.
Negative Factors
Cyclical earnings and cashflow volatility
Seanergy’s profits and free cash flow swing materially with freight cycles, undermining multi‑period predictability. This cyclicality makes sustaining dividends, deleveraging or forecasting FCF reliant on prolonged favorable rates rather than stable recurring revenues, elevating structural payout risk.
Near‑term capex and leverage pressure
Large contracted newbuild payments plus meaningful outstanding debt increase execution and refinancing risk. If freight softens, funding staged capex or refinancing maturing debt could force higher leverage, asset sales or curtailed distributions, pressuring long‑term financial flexibility.
Concentrated Capesize exposure & aging fleet
Concentration in Capesize amplifies sensitivity to a single market segment. An aging fleet brings scheduled drydock downtime and higher maintenance capex, risking off‑hire and lower utilization during critical survey years, which can materially amplify cyclical earnings swings.
Seanergy Maritime (SHIP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$284.41M
Dividend Yield4.94%
Average Volume (3M)213.16K
Price to Earnings (P/E)13.3
Beta (1Y)1.27
Revenue Growth-8.99%
EPS Growth-68.66%
CountryUS
Employees93
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.68
Shares Outstanding21,114,098
10 Day Avg. Volume353,373
30 Day Avg. Volume213,162
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 Cap1.85
Enterprise Value/Revenue4.74
Enterprise Value/Gross Profit12.63
Enterprise Value/Ebitda10.48
Forecast
1Y Price Target
$18.00Price Target Upside32.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.29
Revenue Forecast (FY)$183.71M
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 the chartering of its fleet to shipping companies, which pay for the transportation of dry bulk commodities. The company employs a mix of time charters and spot charters, allowing it to capture varying market rates for its services. Key revenue streams include long-term contracts with established clients, which provide stable income, and opportunistic spot market contracts that can yield higher rates during periods of high demand. Additionally, Seanergy focuses on maintaining operational efficiency and minimizing costs, which enhances profitability. The company may also benefit from strategic partnerships with commodity producers and trading houses that require reliable shipping solutions, further solidifying its revenue base.
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.Q4-2025 Updates
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.
Strong Q4 and Full-Year Financials
Q4 net revenue of $49.4M, adjusted EBITDA $28.9M and net income $12.5M. Full-year net revenue $168.1M, adjusted EBITDA $81.7M and net income $21.2M (CFO noted adjusted EBITDA materially above five-year average).
High Utilization and Attractive TCE
Fleet utilization exceeded 96% in 2025 despite an intense dry-dock schedule. Q4 time charter equivalent (TCE) ~ $26,600/day and full-year TCE ~ $20,937/day; management expects ~ $25,300/day for 2026 (based on FFA).
Robust Margins and Cash Generation
EBITDA margin approximately 50% and operating cash flow margin roughly 33%, supporting recurring cash flows for shareholder returns and fleet modernization.
Strong Balance Sheet and Liquidity
Cash and equivalents of $62.7M (~$3.1M per vessel). Fleet loan-to-value about 43% and net LTV ~34%. Total debt ~$294M with debt per vessel ~$14.7M vs average market value ~$34.1M (significant embedded equity).
Capital Returns to Shareholders
Declared total dividends of $0.43 per share in 2025 (including $0.20 in Q4). Since Q4 2021, returned approximately $96M to shareholders via dividends, buybacks and note repurchases.
Disciplined Fleet Renewal Programme
Secured three high-spec eco newbuildings (two Capesize, one Newcastlemax) at leading Chinese yards with deliveries between Q2 2027 and Q2 2028; combined contract cost ≈ $226M. Financing for two vessels already secured on attractive terms.
Improved Financing Metrics
Recent refinancings strengthened liquidity, lowered margins and extended maturities. Daily cash interest expense per vessel decreased ~6% year-over-year to ~$2,570/day.
Commercial Strategy and Forward Coverage
Balanced chartering approach combining index-linked exposure with selective forward fixtures: ~32% of available 2026 days fixed at average gross $27,300/day (subject to profit-sharing increases), supporting cash flow visibility while preserving upside.
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.
Aging Global Fleet and Drydock Impact
Significant aging in the larger bulker fleet: ~40% of larger bulkers exceed 15 years and only ~9% of the fleet is 20+ years old. Extensive 15-year special surveys in 2026–2027 expected to temporarily reduce effective supply (estimated fleet capacity reduction >1.5% and potentially 2–2.5%), incurring downtime and costs.
High Newbuilding and Asset Price Inflation
Five-year-old vessel values are highly inflated—near newbuilding prices—making secondhand acquisitions unattractive. Newbuild pricing pressure raises capital intensity and requires careful financing to preserve returns.
Significant Near-Term CapEx Commitments
Committed contract cost for three newbuilds of approximately $226M with scheduled funding needs (management disclosed ~$100M in 2027 and $50M in 2028). The amount expected to be deployed in the current year was not specified in the call (disclosure gap).
Concentration Risk in Capesize Exposure
Being a pure-play Capesize operator amplifies both upside and downside risk tied to a single segment and its freight-rate cycles; management acknowledges volatility while leaning into exposure.
Uncertainty on Employment of Newbuilds
Despite strong charterer interest, management has not committed the newbuilds to long-term employment given strengthening markets—this creates near-term uncertainty in forecasting returns for those vessels.
Operational Downtime and Drydock Scheduling
2025 experienced an intense dry-dock schedule (though utilization remained high); 2026 still faces dry-docking and off-hire risk from 15-year surveys, even if expected to be somewhat lower than 2025.
Inconsistent EPS Reporting
The transcript includes inconsistent EPS figures: CEO cited FY EPS of $1.28 while CFO referenced earnings per share of $1.02 when discussing net income of $21.2M—this discrepancy is a reporting/communication issue that warrants clarification.
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 profitability has been strong in favorable periods (notably 2024) but remains highly cyclical with earnings variability into 2025. The balance sheet shows meaningful leverage with rising debt, increasing sensitivity if freight rates weaken. Cash flow quality is uneven with inconsistent free cash flow relative to earnings, reducing visibility.Income Statement
Profitability has been strong in the last two annual periods, with 2024 showing very high gross and net profitability (about 70% gross margin and ~26% net margin) and solid operating earnings. However, earnings and revenue have been volatile across the cycle: revenue declined in 2022–2023 before rebounding, and net income swung from a large loss in 2020 to strong profits in 2021/2024, then eased in 2025 (net income down to ~$20.8M vs. ~$43.5M in 2024). Overall, the company shows the ability to generate strong profits in favorable markets, but results are not yet consistent year-to-year.64
Positive
Balance Sheet
The balance sheet is moderately leveraged for a shipping company, with debt roughly in line with equity in recent years (debt-to-equity around ~1.0 in 2023–2024) and total debt rising to ~$290M in 2025. Equity has grown over time (from ~$95.7M in 2020 to ~$281.4M in 2025), supporting asset growth, but leverage remains meaningful and increases financial sensitivity if freight rates weaken. Returns on equity were strong in 2021 and 2024, but very weak in 2023, underscoring cyclicality.58
Neutral
Cash Flow
Operating cash flow has generally been positive and improved versus the 2020 outflow, but free cash flow has been uneven: deeply negative in 2021 and 2022, strongly positive in 2023, minimal in 2024, and better again in 2025 (~$17.0M). Cash conversion quality also fluctuated: 2023 free cash flow nearly matched net income, while 2024 free cash flow was very low relative to earnings. This pattern suggests cash generation is highly dependent on capital spending and market conditions, reducing visibility.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
13.55
Price Trends
10.25
Positive
9.53
Positive
8.24
Positive
Market Momentum
0.96
Negative
78.41
Negative
92.88
Negative
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 13.55 is above the 20-day moving average (MA) of 11.42, above the 50-day MA of 10.25, and above the 200-day MA of 8.24, indicating a bullish trend. The MACD of 0.96 indicates Negative momentum. The RSI at 78.41 is Negative, neither overbought nor oversold. The STOCH value of 92.88 is Negative, 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 | $307.66M | 4.71 | 9.65% | ― | 12.23% | -5.22% | |
66 Neutral | $284.41M | 13.34 | 7.65% | 4.94% | -8.99% | -68.66% | |
65 Neutral | $22.76M | 2.14 | 7.94% | ― | 4.77% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $284.80M | 15.09 | 4.91% | 2.34% | -5.45% | 139.59% | |
56 Neutral | $102.42M | 708.00 | 1.57% | ― | -30.68% | -98.19% | |
55 Neutral | $45.93M | -4.31 | -11.12% | ― | -20.95% | -77.49% |
* Industrials Sector Average
SHIP
Seanergy Maritime
13.55
6.83
101.58%
DSX
Diana Shipping
2.60
0.80
44.69%
GASS
StealthGas
8.24
2.48
43.06%
TOPS
Top Ships
4.47
-0.99
-18.13%
EDRY
EuroDry
19.85
8.88
80.95%
TORO
Toro Corp.
3.52
2.25
178.04%
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.