Tag: Maritime

Seanergy Maritime (SHIP) – Updating Estimates; Growth Outlook Remains Favorable

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Thursday, July 23, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Updating Estimates. We have increased our 2Q 2026 revenue, adj. EBITDA, and adj. EPS estimates to $54.9 million, $38.4 million, and $1.15, respectively, from $50.0 million, $35.2 million, and $1.00. Our estimates reflect higher time charter equivalent rates than previously estimated. Moreover, we have lowered our estimates for vessel operating expenses in the second quarter and increased our estimate for general and administrative expenses in the second and third quarters. For FY 2026, we forecast revenue, adj. EBITDA, and adj. EPS of $203.2 million, $131.3 million, and $3.50, respectively, compared to our previous estimates of $198.3 million, $130.2 million, and $3.45.

Constructive Outlook. Seanergy’s outlook remains constructive, supported by favorable Capesize market fundamentals, a disciplined capital allocation strategy, and a multi-year fleet modernization program that positions the company to benefit from what we think will be a structurally attractive market through 2029. Following a strong first quarter in which the company reported significantly higher earnings and cash flow, we expect the momentum to continue, with second quarter time charter equivalent (TCE) rates projected to be approximately $31,430 per day.


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Seanergy Maritime (SHIP) – Better-than-Expected First Quarter Results

Posted on by [email protected]


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.

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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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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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.