Seanergy Maritime (SHIP) AI Stock Analysis

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Seanergy Maritime

(NASDAQ:SHIP)

Rating:76Outperform

Price Target:

$8.00

▲(8.11% Upside)

Seanergy Maritime's strong financial performance, positive technical indicators, and attractive valuation are the primary drivers of its solid stock score. The earnings call provided additional confidence in the company's strategic direction, despite some operational challenges. The absence of notable corporate events did not impact the score.

Positive Factors

Financial Flexibility

SHIP is anticipated to generate free cash flow which could be used to acquire more ships or reduce debt.

Growth Prospects

The increase in Guinea's export of dry bulk goods and higher iron ore prices and volumes from Brazil are likely to support SHIP's growth prospects.

Market Demand

Higher dry bulk shipping rates are driven by China's ongoing import demand for iron ore and bauxite.

Negative Factors

Demand Fluctuations

Dry bulk shipping rates declined on lower China demand.

Dividend Policy

SHIP reported 1Q25 results above expectations, but reduced the quarterly dividend by 50%, below our view; note that the company has a variable dividend.

Shipping Rates

Daily rates for Capesize dry bulk ships dropped 23.8% YTD after a 34.9% y/y decline in 4Q24 due to lower demand from China.

Seanergy Maritime (SHIP) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$153.21M

Dividend Yield8.92%

Average Volume (3M)107.03K

Price to Earnings (P/E)9.7

Beta (1Y)1.02

Revenue Growth1.66%

EPS Growth-46.13%

CountryUS

Employees93

SectorServices

Sector StrengthN/A

IndustryMarine Shipping

Share Statistics

EPS (TTM)0.18

Shares Outstanding20,902,365

10 Day Avg. Volume105,912

30 Day Avg. Volume107,034

Financial Highlights & Ratios

PEG Ratio<0.01

Price to Book (P/B)0.55

Price to Sales (P/S)0.86

P/FCF Ratio154.47

Enterprise Value/Market Cap2.72

Enterprise Value/Revenue2.49

Enterprise Value/Gross Profit4.36

Enterprise Value/Ebitda5.36

Forecast

1Y Price Target

$9.33

Price Target Upside26.08% Upside

Rating ConsensusStrong Buy

Number of Analyst Covering3

Seanergy Maritime Business Overview & Revenue Model

Company DescriptionSeanergy Maritime Holdings Corp. is a leading provider of maritime transportation services, primarily focused on the transportation of dry bulk commodities. The company operates a fleet of modern, fuel-efficient vessels, specializing in the transportation of iron ore, coal, and grain. Seanergy is dedicated to maintaining high operational standards and environmental sustainability while catering to the needs of its global customer base.

How the Company Makes MoneySeanergy Maritime generates revenue primarily through the chartering of its vessels to shipping companies and commodity traders. The company employs a mix of time charters and spot charters, allowing it to capitalize on favorable market conditions. Key revenue streams include long-term charters, which provide stable income, and short-term contracts that can yield higher rates during peak demand periods. Additionally, Seanergy benefits from strategic partnerships with major commodity producers and traders, enhancing its market presence and operational efficiency. The company's focus on maintaining a modern fleet and optimizing its operational costs further contributes to its profitability.

Seanergy Maritime Earnings Call Summary

Earnings Call Date:Aug 05, 2025

(Q2-2025)

% Change Since: 6.47%|

Next Earnings Date:Nov 19, 2025

Earnings Call Sentiment Positive

The earnings call highlighted a strong rebound in the Capesize market, improved financial performance, and solid operational metrics, reflecting a positive outlook for Seanergy. However, challenges such as revenue declines from last year, net loss for the first half, and operational off-hire days were noted. Despite these challenges, the positive aspects related to market rebound, fleet expansion, and shareholder returns indicate a promising future.

Q2-2025 Updates

Positive Updates

Strong Rebound in Capesize Market

The Baltic Capesize Index averaged $18,700 in Q2, a significant increase from Q1's average of $13,000. This rebound demonstrates market resilience despite macroeconomic uncertainty.

Improved Financial Performance

Seanergy recorded a net income of $2.9 million on net revenues of $37.5 million in Q2, marking a significant improvement from Q1 figures. Adjusted EBITDA rose to $18.3 million.

Fleet Expansion and Financial Flexibility

Seanergy closed Q2 with 21 Capesize vessels, acquiring two new vessels during the first half of 2025. Successful financings and refinancings were completed, totaling approximately $110.6 million.

Strong Operational Performance

The fleet achieved an average time charter equivalent of $19,800 per day in Q2, exceeding the Baltic Capesize Index averages. Approximately 52% of third-quarter operating days are fixed at $22,400 per day.

Commitment to Shareholder Returns

Since Q4 2021, Seanergy has returned approximately $89 million to shareholders, including $44.2 million in dividends and $45.2 million in share repurchases.

Promising Market Outlook

Capesize ton-mile demand is growing, driven by iron ore and bauxite exports, with a 6% increase in shipments from the Atlantic Basin in the first half of 2025.

Negative Updates

Revenue Decline Compared to Last Year

Net revenue for Q2 2025 was $37.5 million, down from $43.1 million during the same period last year. Adjusted EBITDA was also approximately $10 million lower than last year's figure.

Net Loss for First Half of 2025

Despite positive Q2 results, Seanergy reported a net loss of $4 million for the first six months of 2025, reflecting the softer freight environment in the first half of the year.

Operational Challenges

Approximately 150 off-hire days for vessel dry dockings in the first half of the year impacted earnings. Additional 90 to 120 off-hire days are expected in the second half.

Reduced Cash Position

Cash position at the end of Q2 was $25.4 million, reflecting regular dividend distributions, debt repayments, and vessel acquisitions.

Company Guidance

During the Seanergy Maritime Holdings Corp. conference call, significant guidance was provided regarding the company's performance and strategic outlook. For the second quarter of 2025, Seanergy reported a net income of $2.9 million on net revenues of $37.5 million, marking an improvement from the first quarter. The average time charter equivalent for the fleet was $19,800 per day, with 52% of operating days fixed at a gross rate of $22,400 per day for the third quarter. The company also highlighted its strategic fleet expansion, with two new vessels acquired, bringing the total to 21 Capesize vessels. Seanergy has completed financing transactions totaling approximately $110.6 million, enhancing financial flexibility, and maintaining a fleet loan-to-value ratio of about 50%. A discretionary cash dividend of $0.05 per share was declared, consistent with the first quarter, reflecting confidence in continued market improvement. The company emphasized its robust financial position with cash reserves of $25.4 million and a debt-to-capital ratio slightly above 50%. Overall, Seanergy remains optimistic about further enhancing shareholder returns, supported by favorable market dynamics and strategic fleet management.

Seanergy Maritime Financial Statement Overview

Summary

Seanergy Maritime's financial performance shows strong revenue growth and profitability improvements with a 51.9% revenue increase from 2023 to 2024. The company maintains a solid gross profit margin of 69.9% and net profit margin of 25.9%. However, low free cash flow highlights the need for effective capital management strategies to enhance sustainability.

Income Statement

Positive

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.

Balance Sheet

Positive

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.

Cash Flow

Positive

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.

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
EBITDA	92.45M	45.22M	60.84M	79.07M	12.45M
Net Income	43.47M	2.28M	17.24M	41.35M	-28.84M
Balance Sheet
Total Assets	545.85M	477.88M	513.60M	486.92M	295.25M
Cash, Cash Equivalents and Short-Term Investments	21.87M	19.43M	32.48M	47.13M	23.65M
Total Debt	257.87M	232.97M	314.68M	222.75M	184.28M
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

Technical Analysis Sentiment

Positive

Last Price7.40

Price Trends

50DMA

6.80

Positive

100DMA

6.33

Positive

200DMA

6.80

Positive

Market Momentum

MACD

0.19

Negative

RSI

61.03

Neutral

STOCH

67.00

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 7.4 is above the 20-day moving average (MA) of 7.13, above the 50-day MA of 6.80, and above the 200-day MA of 6.80, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 61.03 is Neutral, neither overbought nor oversold. The STOCH value of 67.00 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

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ESEA	79 Outperform	$359.61M	3.01	32.88%	4.46%	7.73%	0.50%
SHIP	76 Outperform	$153.21M	9.69	5.93%	8.92%	1.66%	-46.13%
GASS	75 Outperform	$252.56M	3.62	10.95%	―	14.08%	28.84%
CTRM	69 Neutral	$20.10M	2.34	-5.58%	―	-29.15%	-118.42%
DSX	63 Neutral	$180.60M	11.96	4.23%	6.69%	-4.90%	21.09%
Sector *	63 Neutral	kr27.06B	8.15	-7.45%	3.62%	6.12%	-105.14%
GLBS	42 Neutral	$21.30M	61.24	-0.43%	―	17.92%	-131.47%

* Services Sector Average

Performance Comparison

SHIP

Seanergy Maritime

7.38

-2.89

-28.14%

DSX

Diana Shipping

1.57

-0.85

-35.12%

ESEA

Euroseas

56.46

22.24

64.99%

GLBS

Globus Maritime

1.02

-0.56

-35.44%

GASS

StealthGas

6.95

0.97

16.22%

CTRM

Castor Maritime

2.11

-2.67

-55.86%

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.Date of analysis: Aug 06, 2025