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Seanergy Maritime (SHIP)
NASDAQ:SHIP
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Seanergy Maritime
(NASDAQ:SHIP)
Rating:68Neutral
Price Target:
$7.00
▲(10.94%Upside)
Positive Factors
Financial Strategy
SHIP anticipates continued generation of free cash flow and has access to debt to acquire more ships and refinance maturing debt.
Market Demand
Resilient demand from China for dry bulk and an increase in the Baltic Capesize Index by 57.8% positively influence shipping rates.
Revenue Growth
SHIP expects a higher TCE rate for 1Q25 than previously forecasted, indicating potential for increased revenue.
Negative Factors
Dividend Reduction
SHIP reported 1Q25 results above expectations, but reduced the quarterly dividend by 50%, below the analyst's view.
Market Conditions
Daily rates for Capesize dry bulk ships have dropped significantly due to lower demand from China.
Shipping Rates
Lower demand from China for dry bulk imports such as coal and iron has pressured shipping rates.
Seanergy Maritime (SHIP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$137.12M
Dividend Yield3.05%
Average Volume (3M)102.96K
Price to Earnings (P/E)5.2
Beta (1Y)1.06
Revenue Growth17.53%
EPS Growth58.04%
CountryUS
Employees93
SectorIndustrials
Sector Strength86
IndustryMarine Shipping
Share Statistics
EPS (TTM)-0.27
Shares Outstanding20,902,365
10 Day Avg. Volume77,819
30 Day Avg. Volume102,964
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)0.52
Price to Sales (P/S)0.00
P/FCF Ratio-4.00
Enterprise Value/Market Cap3.10
Enterprise Value/Revenue0.70
Enterprise Value/Gross Profit4.44
Enterprise Value/Ebitda1.52
Forecast
1Y Price Target
$10.13Price Target Upside60.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Seanergy Maritime Business Overview & Revenue Model
Company DescriptionSeanergy Maritime Holdings Corp. (NASDAQ: SHIP) is a shipping company that primarily focuses on the seaborne transportation of dry bulk commodities. The company operates a modern fleet of Capesize vessels, which are essential for transporting large volumes of dry bulk cargo like coal, iron ore, and grain across global trade routes. Headquartered in Athens, Greece, Seanergy Maritime serves major industry players, including mining companies, commodity traders, and energy producers, with a commitment to sustainable and efficient maritime operations.
How the Company Makes MoneySeanergy Maritime generates revenue through the chartering of its Capesize vessels to customers under time charter contracts and voyage charters. Time charter contracts involve leasing a vessel to a client for a specific period, during which the client is responsible for operational costs like fuel, while Seanergy earns a stable, predictable income. Voyage charters involve renting out vessels for specific voyages, wherein Seanergy manages all voyage-related expenses and receives payment based on freight rates. The company's earnings are significantly influenced by fluctuations in the global dry bulk shipping market, charter rates, and the demand for commodities. Strategic partnerships with major commodity trading companies and a focus on optimizing fleet operations also contribute to Seanergy's revenue streams.
Seanergy Maritime Earnings Call Summary
Earnings Call Date:May 27, 2025
(Q1-2025)
| % Change Since: 5.70%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed sentiment. Seanergy Maritime highlighted strategic fleet expansions, successful refinancing, and improved operational efficiency, reflecting a positive outlook and long-term confidence in the Capesize market. However, the company faced challenges with a net loss, revenue decline, and temporary market corrections in the first quarter. Despite these challenges, the overall tone suggested optimism for future profitability and market recovery.Q1-2025 Updates
Positive Updates
Strategic Fleet Expansion
Seanergy took delivery of two high-quality Japanese-built Capesize vessels, the Blue Ship and the May Ship, both employed under favorable contracts, aligning with the company's focus on modern, fuel-efficient tonnage.
Successful Refinancing Transactions
Completed transactions totaling $88.1 million to refinance existing debt and fund new acquisitions, removing all debt maturities for the next four quarters and improving financial flexibility.
Improved Operational Efficiency
Achieved a 7% reduction in daily operating expenses year-over-year, enhancing operational efficiency and financial resilience.
Positive Market Outlook
Capesize daily charter rates rebounded from $6,000 to $23,000 within the quarter, with long-term fundamentals supported by constrained vessel supply and resilient demand.
Strategic Hedging and Coverage
About 39% of Q2 operating days hedged at $22,700, and one-third of available days throughout the year secured at rates exceeding $22,000, ensuring profitable cash flows.
Negative Updates
Net Loss in Q1 2025
Recorded a net loss of $6.8 million in the first quarter, attributed to a softer earnings environment and temporary market corrections.
Decline in Revenue and TCE
Revenue decreased to $24.2 million from $38.3 million year-over-year, and Time Charter Equivalent (TCE) fell to $13,400 per day from $24,100.
Challenges in Capesize Market
Temporary correction in the Capesize market due to severe weather disruptions in Australia and high coal inventories, affecting charter rates.
Company Guidance
In the first quarter of 2025, Seanergy Maritime Holdings Corp. reported a revenue of $24.2 million, EBITDA of $6.6 million, and a net loss of $6.8 million, alongside a cash balance of $31 million. Despite a softer earnings environment, the company declared a dividend of $0.05 per common share, reflecting their commitment to shareholder returns. The company maintained a daily time charter equivalent (TCE) of $13,400, outperforming the Baltic Capesize Index by approximately 3%. Looking ahead, Seanergy provided guidance for Q2 with an expected TCE of about $19,100, supported by forward freight agreement (FFA) hedging, while 39% of Q2 operating days are hedged at an average rate of approximately $22,700. Additionally, Seanergy completed $88.1 million in refinancing transactions, reducing debt maturities for the next four quarters and positioning the company for capital returns and market opportunities. The strategic acquisition of two Japanese-built vessels, financed through a mix of cash and bank financing, aligns with their focus on modern, fuel-efficient tonnage. Seanergy is optimistic about long-term Capesize market fundamentals, driven by constrained vessel supply growth and steady demand for dry bulk commodities.Seanergy Maritime Financial Statement Overview
Summary
Seanergy Maritime has demonstrated strong revenue growth and profitability improvements, with a robust gross profit margin of 69.9% and a net profit margin of 25.9%. The balance sheet is stable with a reasonable debt-to-equity ratio, though caution is needed regarding debt levels. Operating cash flows are strong, but low free cash flow highlights a need for better capital management.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 |
| 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
Negative
6.31
Price Trends
6.09
Positive
6.31
Negative
7.35
Negative
Market Momentum
0.09
Positive
46.11
Neutral
12.67
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 6.31 is below the 20-day moving average (MA) of 6.55, above the 50-day MA of 6.09, and below the 200-day MA of 7.35, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 46.11 is Neutral, neither overbought nor oversold. The STOCH value of 12.67 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 (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $319.01M | 2.45 | 39.30% | 5.71% | 14.62% | 21.99% | |
75 Outperform | $242.58M | 3.51 | 10.95% | ― | 14.08% | 28.84% | |
68 Neutral | $137.12M | 5.22 | 10.11% | 3.05% | 17.53% | 58.04% | |
65 Neutral | $10.56B | 15.51 | 5.57% | 1.96% | 2.71% | -26.32% | |
61 Neutral | $20.77M | 2.38 | 3.07% | ― | -32.07% | -9.50% | |
58 Neutral | $174.81M | 21.95 | 2.79% | 2.65% | -8.74% | -70.04% | |
47 Neutral | $24.09M | 61.24 | -0.43% | ― | 17.92% | -131.47% |
* Industrials Sector Average
Performance Comparison
SHIP
Seanergy Maritime
6.31
-3.83
-37.77%
DSX
Diana Shipping
1.46
-1.33
-47.67%
ESEA
Euroseas
44.72
12.70
39.66%
GLBS
Globus Maritime
1.15
-0.72
-38.50%
GASS
StealthGas
6.41
-1.06
-14.19%
CTRM
Castor Maritime
2.14
-2.42
-53.07%
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.