Seanergy Maritime Holdings Corp.
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2.81%
ROIC.AI
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- Seanergy Maritime Holdings Corp. (SHIP) is a pure-play Capesize shipowner that provides seaborne dry bulk transportation services worldwide through the ownership and operation of a modern fleet of Capesize and Newcastlemax vessels; its operating fleet consists of 20 vessels (2 Newcastlemax and 18 Capesize) with an average age of approximately 14.3 years and an aggregate deadweight tonnage capacity of about 3.63 million dwt, serving customers transporting major dry bulk commodities such as iron ore, coal and grains on spot and period time charters linked to the Baltic Capesize Index. The Company, incorporated in the Marshall Islands in 2008 with executive offices in Glyfada, Greece, trades on the Nasdaq Capital Market. It targets mining companies, trading houses and commodity consumers in global markets. In January 2025, Seanergy expanded its fleet through agreements with Japanese third parties for the acquisition of a Newcastlemax vessel and a bareboat charter with purchase obligation for a Capesize vessel at a total cost of approximately $69 million, financed by cash reserves and new credit facilities including a $53.6 million sustainability-linked senior facility from Piraeus Bank; these additions, delivered in the first quarter of 2025 and employed under index-linked time charters of 12 to 15 months with Costamare and others, increased the fleet to 21 vessels with 3.8 million dwt capacity while maintaining a loan-to-value ratio below 50%. Recent strategic moves also include the profitable sale of a vintage Capesize vessel generating $12 million in net proceeds and an accounting profit of $2.3 million, entry into its first newbuilding contract for fleet renewal, and new time charter agreements such as for the M/V Lordship with ST Shipping and Transport Pte. in September 2025.
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