Wednesday, February 18, 2026
Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q4’25 financial results. Seanergy reported Q4 net revenues of $49.4 million and adjusted EBITDA of $28.9 million, exceeding our estimates of $48.3 million and $28.2 million, respectively. Adjusted net income and adjusted EPS were $14.2 million and $0.68, ahead of our $11.7 million and $0.56 estimates. The stronger than expected earnings were due to a higher average time charter equivalent (TCE) rate of $26,614 per day versus our $26,000 estimate.
Favorable Capesize market. The Capesize market is supported by favorable supply and demand fundamentals. The global orderbook stands at roughly 12% of the fleet, while approximately 40% of Capesize, Newcastlemax, and VLOC vessels are over 15 years old, with special surveys expected to reduce effective supply by 1.5% to 2.5% annually. Additionally, Brazilian iron ore exports and West African bauxite shipments continue to expand, with Simandou expected to add incremental long-haul volumes in 2026 and 2027. In our view, this combination of structural supply constraints and steady commodity trade flows supports a constructive rate environment throughout 2026.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.