Tuesday, May 13, 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.
Updating first quarter estimates. We are revising our first quarter 2025 adjusted EBITDA and EPS estimates to $6.1 million and a loss of $0.38, respectively, from $6.0 million and a loss of $0.39. The revisions are driven by fewer dry-docking days during the quarter and an increase in operating days to 1,716 from 1,691. We also expect lower general and administrative costs, though this benefit is partially offset by higher vessel expenses tied to an increase in estimated ownership days.
Full year 2025 estimates. We are lowering our adjusted EBITDA and EPS estimates to $68.1 million and $0.59, down from $79.6 million and $1.17, respectively. The downward revisions reflect lower time charter rates and fewer operating days of 7,241 compared to our previous estimate of 7,391 due to an increase in the number of dry-docking days during the year. We have lowered our total revenue forecast to $142.5 million from $154.9 million. We modestly lowered our operating expense estimate to $111.7 million from $113.2 million, driven by expectations for lower general and administrative costs.
Get the Full Report
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.
