Friday, November 13, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Richard Magnusen, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Third Quarter Results Exceed Expectations. Seanergy Maritime reported third-quarter net revenue of $57.5 million, up 22% year over year, while adjusted EBITDA increased 41% to $40.8 million. Adjusted EPS rose to $1.25 from $0.67 in the prior-year period. Revenue, adjusted EBITDA, and adjusted EPS exceeded our estimates of $55.4 million, $35.0 million, and $0.95, respectively, driven by stronger-than-anticipated charter rates, lower operating expenses, and noncash adjustments.
Outlook for 2026 and 2027. Management projects average fourth-quarter TCE rates of approximately $33,284 per day, with 86% of expected operating days already fixed at an estimated $32,923 per day. Full-year 2026 TCE rates are expected to average approximately $31,000 per day, up 48% compared with 2025. During the earnings call, management characterized $32,000 to $35,000 per day as a reasonable Capesize market rate assumption for 2027. Strong third-quarter results and fourth-quarter guidance support upward revisions to our 2026 adjusted EBITDA and adjusted EPS estimates, while fleet expansion should increase earnings capacity beginning in 2027.
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