Wednesday, May 28, 2025
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.
First quarter results. Seanergy reported first-quarter net revenues of $24.2 million, slightly ahead of our estimate of $23.5 million, due to a higher-than-expected time charter equivalent (TCE) rate. Adjusted EBITDA and earnings per share (EPS) were $8.0 million and a loss of $0.27, respectively, compared to our estimates of $6.1 million and a loss of $0.38. The better-than-anticipated results are reflective of higher revenues as well as lower costs due to savings in general and administrative expenses.
Updating estimates. We are increasing our 2025 revenue estimates to $142.9 million from $142.5 million. Additionally, we are raising our adjusted EBITDA and EPS estimates to $70.5 million and $0.74, respectively, up from $68.1 million and $0.59. These revisions are reflective of management’s guidance of better-than-expected TCE rates and fewer dry-docking days, resulting in higher operating days and lower expenses.
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