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1. Company Snapshot

1.a. 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.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.

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1.b. Last Insights on SHIP

Seanergy Maritime Holdings Corp.'s recent performance has been driven by several positive factors. The company's Q3 earnings beat estimates, with quarterly earnings of $0.67 per share, exceeding the Zacks Consensus Estimate of $0.46 per share. Additionally, the company has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about its earnings prospects. Analysts predict a 39.4% upside in the stock, citing strong agreement among analysts in raising earnings estimates. The company has also reached a 52-week high, sparking interest in its future growth potential.

1.c. Company Highlights

2. Seanergy Maritime Holdings Corp. Delivers Strong Q3 2025 Results

Seanergy Maritime Holdings Corp. reported a robust financial performance for the third quarter of 2025, driven by its large vessel exposure and the ongoing strength in the Capesize market. Net revenue reached $47 million, adjusted EBITDA was $27.5 million, and net income totaled $12.8 million. Earnings per share (EPS) came in at $0.67, beating analyst estimates of $0.46. The company's financial performance was also reflected in its nine-month results, with net revenue of $108.7 million, adjusted EBITDA of $52.8 million, and net income of $8.8 million.

Publication Date: Nov -20

📋 Highlights
  • Q3 2025 Financial Performance:: Net revenue surged to $47M, adjusted EBITDA hit $27.5M, and net income reached $12.8M, driven by strong Capesize market rates.
  • Dividend & Capital Structure:: Declared $0.13/share quarterly dividend ($0.23 total 2025), with Class E warrant expiration removing legacy dilution and improving equity alignment.
  • Newbuilding Order:: Ordered a 181k DWT Capesize at $75M (Hengli shipyard, 2027 delivery), leveraging attractive economics vs. surging secondhand prices and fuel efficiency.
  • Market Dynamics:: Sustained Capesize demand at $24,600/day average rates, fueled by iron ore (Australia/Brazil) and Simandou project’s impending high-quality ore output.
  • Strategic Financing:: Maintained 45% loan-to-fleet value ratio, securing newbuild financing with ~2% margins and SOFR-based cost below 6%, prioritizing quality over expedited delivery.

Fleet and Market Outlook

The company's fleet of 20 large Capesize vessels and Newcastlemaxes positions it to benefit from a robust Capesize cycle, with a fleet loan-to-value ratio around 45%. The Capesize market continued to show sustained strength in Q3, with average rates of about $24,600 per day, driven by strong iron ore demand. The company is optimistic about demand for iron ore, coal, and bauxite, with the Simandou project starting in November and December expected to pick up long-haul demand for high-quality iron ore.

Growth Strategy and Newbuilding Order

In October, Seanergy placed its first newbuilding order, a 181,000 deadweight Capesize at Hengli shipyard, priced at approximately $75 million with delivery scheduled for 2027. This decision reflects attractive newbuilding economics versus surging secondhand values and positions Seanergy to capture stronger long-term returns from a modern, fuel-efficient fleet. The new build contract includes five installment payments, with 45% paid over the next twelve months and the remaining 55% paid at delivery.

Valuation and Dividend Yield

With a P/E Ratio of 12.62 and an EV/EBITDA of 7.17, the company's valuation appears reasonable. Analysts estimate next year's revenue growth at 16.1%, which could drive further upside. The company's dividend yield stands at 4.98%, providing a attractive return for shareholders. The company's strategy remains focused on capital returns, fleet renewal and growth, and financial health, with a strong track record of executing on these priorities.

Financial Health and Debt

As of quarter-end, total debt stood at approximately $292 million, corresponding to a loan-to-fleet value ratio below 45%. The company expects to conclude a highly attractive financing package for its newbuilding, featuring a competitive structure and compelling interest margin. With recent financings having margins around 2%, the company's average cost of debt is estimated to be around 5.5%, below 6%.

3. NewsRoom

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3 Stocks to Invest in the Flourishing Shipping Industry

Dec -01

Source: zacks.com

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Seanergy Maritime Holdings Corp (SHIP) Hits Fresh High: Is There Still Room to Run?

Nov -25

Source: zacks.com

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New Strong Buy Stocks for Nov. 24: SHIP, MD, and More

Nov -24

Source: zacks.com

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Best Income Stocks to Buy for Nov. 24

Nov -24

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Seanergy Maritime Holdings (SHIP) Upgraded to Strong Buy: What Does It Mean for the Stock?

Nov -20

Source: zacks.com

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Best Momentum Stock to Buy for Nov. 20th

Nov -20

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Wall Street Analysts Predict a 39.39% Upside in Seanergy Maritime Holdings (SHIP): Here's What You Should Know

Nov -20

Source: zacks.com

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Best Income Stocks to Buy for Nov. 20th

Nov -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.05%)

6. Segments

Time Charters

Expected Growth: 8%

Seanergy Maritime Holdings Corp.'s 8% growth in Time Charters is driven by increasing demand for dry bulk commodities, rising global trade, and a growing fleet size. Additionally, the company's focus on cost-effective operations, strategic vessel acquisitions, and a strong balance sheet contribute to its growth momentum.

Fees from Related Parties

Expected Growth: 10%

Seanergy Maritime Holdings Corp.'s 10% growth in Fees from Related Parties is driven by increased vessel management services, higher charter rates, and a growing fleet size. Additionally, the company's strategic partnerships and joint ventures have contributed to the rise in fees from related parties, further solidifying its position in the maritime industry.

7. Detailed Products

Dry Bulk Shipping

Seanergy Maritime Holdings Corp. provides dry bulk shipping services, offering transportation of dry bulk commodities such as iron ore, coal, and grains.

Capesize Vessels

The company operates a fleet of Capesize vessels, which are among the largest dry bulk carriers in the world, providing efficient and cost-effective transportation of bulk commodities.

Panamax Vessels

Seanergy Maritime Holdings Corp. also operates a fleet of Panamax vessels, which are ideal for transporting smaller bulk cargoes and navigating through the Panama Canal.

Supramax Vessels

The company's Supramax vessels offer flexibility and versatility in transporting a wide range of dry bulk commodities, including grains, minerals, and metals.

Ship Management Services

Seanergy Maritime Holdings Corp. provides ship management services, including technical management, crew management, and commercial management.

8. Seanergy Maritime Holdings Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Seanergy Maritime Holdings Corp. is medium due to the availability of alternative transportation methods, such as air and land transportation, which can substitute for sea transportation.

Bargaining Power Of Customers

The bargaining power of customers for Seanergy Maritime Holdings Corp. is low due to the company's strong market position and the lack of concentration among its customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Seanergy Maritime Holdings Corp. is medium due to the presence of a few large suppliers of vessels and equipment, which can exert some pressure on the company.

Threat Of New Entrants

The threat of new entrants for Seanergy Maritime Holdings Corp. is high due to the relatively low barriers to entry in the shipping industry, which can lead to increased competition.

Intensity Of Rivalry

The intensity of rivalry for Seanergy Maritime Holdings Corp. is high due to the highly competitive nature of the shipping industry, which can lead to price wars and reduced profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 50.46%
Debt Cost 7.99%
Equity Weight 49.54%
Equity Cost 7.99%
WACC 7.99%
Leverage 101.85%

11. Quality Control: Seanergy Maritime Holdings Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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ZIM Shipping

A-Score: 5.8/10

Value: 10.0

Growth: 6.7

Quality: 6.9

Yield: 10.0

Momentum: 1.0

Volatility: 0.3

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HHLA

A-Score: 5.0/10

Value: 6.0

Growth: 2.6

Quality: 2.4

Yield: 3.8

Momentum: 8.0

Volatility: 7.3

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KNOT Offshore Partners

A-Score: 4.6/10

Value: 8.9

Growth: 2.3

Quality: 4.9

Yield: 5.6

Momentum: 4.0

Volatility: 1.7

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Seanergy Maritime Holdings

A-Score: 4.5/10

Value: 7.8

Growth: 2.2

Quality: 3.8

Yield: 9.4

Momentum: 1.5

Volatility: 2.3

1-Year Total Return ->

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Cadeler

A-Score: 4.0/10

Value: 7.3

Growth: 5.8

Quality: 5.9

Yield: 0.0

Momentum: 0.5

Volatility: 4.3

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EuroDry

A-Score: 2.4/10

Value: 8.0

Growth: 2.9

Quality: 0.4

Yield: 0.0

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.52$

Current Price

10.52$

Potential

-0.00%

Expected Cash-Flows