Seanergy Maritime

What Seanergy Maritime does

Seanergy Maritime Holdings Corp. is a pure-play Capesize dry bulk shipping company incorporated in the Marshall Islands with executive offices in Glyfada, Greece, listed on the NASDAQ Capital Market under the ticker SHIP. The company owns and operates a fleet of 20 Capesize and Newcastlemax vessels with approximately 3,633,861 deadweight tons of cargo carrying capacity, transporting iron ore, coal, and bauxite across global shipping lanes for major commodity traders (Trafigura, Cargill Ocean Transportation) and mining companies (Anglo American). The company was founded in January 2008 and has evolved into one of only two publicly traded pure-play Capesize shipping companies globally.

The business model centers on chartering vessels at daily rates, employing a balanced strategy that mixes fixed-rate time charters (e.g., 50% of 2026 fleet days locked at $29,000/day) and index-linked contracts tied to the Baltic Capesize Index. Spot voyage charters are also executed for individual cargo movements. Seanergy generates additional management fee income from related-party United Maritime Corporation, which was spun off in 2022 and remains a minority-held entity receiving master management, technical management, and commercial services. Distribution is direct: the commercial team negotiates time and spot charter fixtures with charterers without intermediaries.

The company pursues aggressive fleet renewal, having invested over $425 million since 2020 to more than double its fleet. In February 2026 the newbuilding program was expanded to six eco-design Capesize and Newcastlemax vessels from Chinese shipyards Hengli and Jiangsu Hantong, totaling $460 million with deliveries scheduled for 2027-2028. The company operates with conservative leverage (43% loan-to-value), high fleet utilization (above 96%), five consecutive years of profitability, and 18 consecutive quarterly dividends. Other technology initiatives are limited to evaluating AI tools for internal fleet operations, knowledge management, and development cycles, with no disclosed proprietary AI products.

Name

Seanergy Maritime

Legal name

Seanergy Maritime Holdings Corp.

Website

https://seanergymaritime.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Seanergy Maritime Holdings Corp. is a NASDAQ-listed pure-play Capesize dry bulk shipping company operating a fleet of 20 Capesize and Newcastlemax vessels to transport iron ore, coal, and bauxite for global commodity traders, mining companies, and industrial charterers.

Ownership category

akta.pro rank

Product category

Dry Bulk Shipping Services

NAICS

Deep Sea Freight Transportation (483111), Deep Sea, Coastal, and Great Lakes Water Transportation (48311)

SIC

Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Dry Bulk Ocean Shipping (Capesize/Panamax/Handysize) (TLADAKAA)

akta.pro secondary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

Keywords

• Dry bulk shipping
• Capesize vessel transportation
• Maritime freight services
• Time charter shipping
• Bulk commodity transport

Headquarters

HQ city

Glyfáda

HQ country

Greece

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Others

Revenue model

1. Time Charter Revenue: Revenue from time charter contracts where vessels are chartered for a specified period at a daily rate. The company uses a balanced chartering strategy combining index-linked and fixed-rate contracts.
2. Spot Charter / Voyage Revenue: Revenue from spot market voyage charters for specific cargo transport trips. Spot rates fluctuate based on the Baltic Capesize Index.
3. Management Fee Income: Seanergy earns management fees from United Maritime Corporation under master management and technical management agreements, including fixed fees per day/month plus commercial management commissions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Seanergy Maritime Holdings Corp. is a pure-play Capesize dry bulk shipping company that owns and operates a fleet of 20 Capesize and Newcastlemax vessels with approximately 3,633,861 deadweight tons of cargo carrying capacity. The company transports dry bulk commodities — primarily iron ore, coal, and bauxite — for global commodity traders, mining companies, and industrial charterers under time charter and spot voyage charter contracts. Operations are supported by in-house technical and commercial ship management.

Product overview

Seanergy Maritime Holdings Corp. is a pure-play Capesize dry bulk shipping company operating a fleet of 20 vessels with approximately 3,633,861 dwt of cargo carrying capacity. The company provides global transportation solutions for dry bulk commodities (iron ore, coal, and bauxite) through its fleet of Capesize and Newcastlemax vessels, offering both time charter and spot charter arrangements. The core fleet is complemented by fleet management services (technical and commercial management), ESG reporting capabilities, and participation in decarbonization research through the SAFeCRAFT Consortium. The company is listed on NASDAQ under the symbol SHIP with executive offices in Glyfada, Greece.

Differentiator

Problem solved

Functional benefit

Products and services

• Dry Bulk Shipping Services

Quantifiable outcome

• 77% year-over-year revenue increase in Q1 2026 ($42.9M vs $24.2M)
• +4 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• SAFeCRAFT ConsortiumcoreStrategic or Co-development PartnerSeanergy participates in the SAFeCRAFT Consortium for decarbonization research. The consortium focuses on developing and researching green technologies and practices for the shipping industry, supporting Seanergy's ESG and green loan strategy tied to CO2 emissions reduction.
• Capital LinkminorGTM or Marketing PartnerSeanergy cooperates with Capital Link to distribute press releases, corporate actions, annual reports, and newsletters to investors and the public. Capital Link hosts virtual company presentations featuring Seanergy management.
• United Maritime CorporationcoreStrategic or Co-development PartnerUnited Maritime is a spin-off of Seanergy and remains a related party. Seanergy earns management fees from United under master management and technical management agreements. Seanergy sold the MV Dukeship to United via an 18-month bareboat charter ($9,450/day + $22M purchase obligation). United divested smaller Kamsarmax vessels and acquired Capesize vessels, reshaping its fleet toward larger vessels.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Star Bulk Carriers: Pure-play dry bulk shipping company listed on NASDAQ (SBLK) operating a large fleet of Capesize and Newcastlemax vessels — directly comparable to Seanergy on ship size, customer base, and business model.
• Golden Ocean Group: Dry bulk shipping company listed on NASDAQ (GOGL) with a Capesize-focused fleet serving the same global commodity traders and miners. Operates similar vessel sizes and charter strategies.
• Genco Shipping & Trading: NASDAQ-listed (GNK) dry bulk shipper with a mix of Capesize, Ultramax and Supramax vessels transporting iron ore, coal, and grains — highly comparable on customer type and time-charter/voyage mix.
• Eagle Bulk Shipping: NASDAQ-listed (EGLE) dry bulk owner-operating Supramax/Ultramax vessels; comparable in scale and pure-play dry bulk strategy though focused on the smaller vessel class.
• Diana Shipping: NYSE-listed (DSX) dry bulk owner with a diversified fleet including Capesize vessels; comparable time-charter revenue model and commodity-cargo customer base.
• Safe Bulkers: NYSE-listed (SB) dry bulk shipping company operating Panamax, Kamsarmax, and Capesize vessels; comparable Greek-shipowner DNA and chartering strategy with iron ore/coal focus.
• United Maritime Corporation: Seanergy's 2022 spin-off; NASDAQ-listed (USEA) dry bulk operator with Kamsarmax/Capesize exposure under master management agreements with Seanergy. Direct operational overlap and shared customer relationships.

Broad incumbents

• International Seaways: NYSE-listed (INSW) diversified tanker and dry bulk owner; broader portfolio gives fixed-income-like stability, but dry bulk segment is directly comparable to Seanergy's Capesize focus.
• Costamare: NYSE-listed (CMRE) Greek shipowner primarily in containerships but with a dry bulk platform; less directly comparable but overlapping on Greek-shipping business model and customer base.

Emerging players

• Pangaea Logistics Solutions: NASDAQ-listed (PANL) niche dry bulk operator focused on specialized ice-class vessels and short-sea trades; not a direct Capesize competitor but comparable as a publicly-traded pure-play dry bulk operator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/seanergy_ship
• LinkedInlinkedin.com/company/seanergy-maritime-holdings-corp-

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries24 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seanergy Maritime