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Seanergy Maritime Holdings Corp.

SHIP

Seanergy Maritime Holdings Corp. • NASDAQ
$10.57 ▲ 3.32% (+0.34)
Market Cap $223.18 M
52w High $10.61
52w Low $4.78
Dividend Yield 0.52%
P/E 14.28
Volume 230.61K
Outstanding Shares 21.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $46.992M ▲ $4.908M ▼ $12.445M ▲ 26.483% ▲ $0.61 ▲ $27.733M ▲
Q2-2025 $37.479M ▲ $5.257M ▲ $2.787M ▲ 7.436% ▲ $0.14 ▲ $17.601M ▲
Q1-2025 $24.206M ▼ $4.325M ▼ $-6.863M ▼ -28.352% ▼ $-0.34 ▼ $4.787M ▼
Q4-2024 $41.677M ▼ $16.845M ▲ $6.638M ▼ 15.927% ▼ $0.32 ▼ $18.213M ▲
Q3-2024 $44.356M $6.807M $12.546M 28.285% $0.64 $17.946M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $12.844M ▼ $597.565M ▼ $339.823M ▼ $257.742M ▲
Q1-2025 $30.9M ▲ $603.482M ▲ $348.694M ▲ $254.788M ▼
Q4-2024 $21.866M ▼ $545.853M ▲ $283.674M ▲ $262.179M ▼
Q3-2024 $41.285M ▲ $527.585M ▲ $265.013M ▼ $262.572M ▲
Q2-2024 $32.724M $524.977M $270.276M $254.701M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.445M ▲ $10.141M ▼ $23.226M ▲ $-21.494M ▼ $16.918M ▲ $10.846M ▲
Q2-2025 $2.787M ▲ $11.234M ▲ $-3.608M ▲ $-13.499M ▼ $-5.506M ▼ $8.212M ▲
Q1-2025 $0 ▼ $5.632M ▼ $-41.74M ▼ $32.092M ▲ $984K ▲ $-28.034M ▼
Q4-2024 $6.622M ▼ $18.221M ▼ $-36.241M ▼ $11.341M ▲ $-11.369M ▼ $-13.068M ▼
Q3-2024 $12.546M $21.105M $-3.119M $-14.701M $8.561M $13.251M

Revenue by Products

Product Q2-2019Q4-2019Q2-2021Q4-2021
Spot Charter
Spot Charter
 $30.00M ▲$30.00M ▲$20.00M ▼$10.00M ▼
Time Charter
Time Charter
 $10.00M ▲$20.00M ▲$30.00M ▲$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last few years, and the company has generally been profitable since the pandemic period. Profitability margins look reasonable for a cyclical shipping business, with operating and net income both positive in recent years. Earnings per share, however, look very uneven. This is heavily affected by repeated reverse stock splits and past dilution, so the headline per‑share figures can be misleading. Underneath that, the core business seems to have moved from loss-making during the downturn to clearly profitable in the current shipping environment, but results will remain sensitive to freight rate swings and global demand for iron ore and coal.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base and book equity over time while keeping debt at a level that appears manageable for a capital‑intensive industry like shipping. Cash on hand is modest relative to total assets, which is common in this sector, but it means the company depends on steady cash generation and access to financing. Overall, leverage does not look extreme, but the structure still leaves the business exposed if shipping markets turn sharply weaker, especially given its focused exposure to large Capesize vessels.

Cash Flow

Cash Flow Operating cash flow has been consistently positive after the pandemic slump, which supports the view that the fleet is generating solid underlying cash earnings in normal to good market conditions. Free cash flow has been choppier because the company has been investing heavily in its fleet and in efficiency and environmental upgrades. Some years show meaningful outflows tied to vessel purchases and retrofits, with more recent periods closer to breakeven or slightly positive. This pattern suggests a business in an investment phase, using cash from operations to modernize and position the fleet, rather than maximizing near‑term cash surplus.

Competitive Edge

Competitive Edge Seanergy operates in a tough, highly cyclical industry, but it has carved out a clear niche as a pure-play owner of the largest dry bulk vessels. This specialization gives it deep know‑how in Capesize operations and commercial management, and helps it build strong ties with major commodity producers and traders. Longer-term charter contracts and close customer relationships can soften some of the volatility of spot freight rates, though they cannot eliminate it. The narrow focus on Capesize ships also cuts both ways: it strengthens expertise and brand with key charterers, but increases exposure to demand for iron ore and coal, global trade flows, and Chinese industrial activity. Competition from other large dry bulk owners remains intense, and asset values and freight rates can shift quickly when new capacity enters or leaves the market.

Innovation and R&D

Innovation and R&D For a shipping company, Seanergy is relatively active on the innovation front. It has invested in scrubbers and energy‑saving technologies to comply with emissions rules and to lower fuel costs, sometimes with cost-sharing from charterers. The fleet strategy emphasizes modern, efficient vessels rather than running older tonnage to exhaustion. The hydrogen retrofit project under the EU’s SAFeCRAFT program and biofuel and fuel‑conditioner trials place Seanergy among the early movers on alternative fuels in deep‑sea dry bulk. These initiatives are still experimental and carry technical and execution risk, but if successful they could give the company a reputation and practical lead in decarbonized shipping solutions, aligning it with tightening environmental rules and the preferences of large, sustainability‑focused customers.

Summary

Seanergy has transitioned from a weaker, loss‑making position around 2020 to a more solid, profitable footing as shipping markets improved, with growing revenue and healthier margins. The balance sheet shows a larger, more modern fleet financed with moderate but meaningful debt, which is typical for the sector but still leaves the company exposed if freight markets deteriorate. Cash generation from operations is sound, but much of it has been reinvested into vessels and green technologies, leading to uneven free cash flow. Strategically, the company’s pure‑play focus on Capesize ships and close relationships with major charterers are clear strengths, though they also concentrate its risk in one vessel class and a few key cargo types. Repeated reverse stock splits in the past hint at a history of volatility and capital structure challenges, even as current operations look stronger. Looking ahead, Seanergy’s competitive position will depend heavily on how it navigates freight cycles, manages debt, and executes on its environmental and fuel‑innovation projects, which could either enhance its standing or add complexity and cost if they do not deliver as expected.