Seanergy Maritime Holdings Corp. (SHIP): Business Model Canvas [Dec-2025 Updated]

You're looking past the daily noise in the dry bulk market to find an operator with a defintely clear, modern strategy, so I mapped out Seanergy Maritime Holdings Corp.'s core business model for you. This isn't just about moving iron ore; it's about securing premium transport using a pure-play fleet of $\mathbf{20}$ large vessels, often via index-linked time charters that offer both market exposure and downside protection. With $\mathbf{\$108.7}$ million in net revenues for the first nine months of 2025 and a $\mathbf{\$36.8}$ million cash position at September 30, 2025, their focus on disciplined fleet renewal and ESG initiatives-like bio-fuel trials-sets them apart. Dive into the nine blocks below to see precisely how they generate earnings and manage their cost structure.

Seanergy Maritime Holdings Corp. (SHIP) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Seanergy Maritime Holdings Corp. (SHIP) relies on to keep its pure-play Capesize fleet operating and modernizing. These aren't just vendors; they are strategic enablers for their fleet renewal and decarbonization goals.

Global financial institutions for senior debt financing

The relationships with lenders are key to maintaining balance sheet flexibility, especially as the company executes its fleet renewal strategy. While specific institution names for late 2025 aren't explicitly detailed, the financial metrics show the scale of these partnerships.

As of the end of Q2 2025, the company had completed $110.6 million in total financings and refinancings year-to-date. The long-term debt, which includes senior loans, stood at $307.7 million net of deferred charges at the close of Q2 2025. This debt level supported a fleet book value of $539.9 million at that time, resulting in a fleet loan-to-value (LTV) ratio of approximately 50%. By Q3 2025, the fleet LTV ratio improved slightly to around 45%. Importantly, Seanergy Maritime Holdings Corp. confirmed they had no further debt maturities in 2025.

Major shipyards for the $75 million newbuilding Capesize vessel

Securing the first-ever newbuilding order required a strong partnership with a shipyard capable of delivering modern, efficient tonnage. This move is a major step toward long-term value creation.

The agreement was sealed with Hengli Shipbuilding (Dalian) and Hengli Shipbuilding (Singapore) for one 181,000-dwt Capesize vessel equipped with scrubbers. The estimated construction cost for this vessel is around US$75M. The payment structure involves five installments, with 45% of the purchase price payable over the next 12 months and the remaining 55% due upon delivery, which is scheduled for Q2 2027.

Leading charterers/operators for bio-fuel trials and scrubber installations

Commercial partners are essential for testing new technologies and securing steady revenue streams. Seanergy Maritime Holdings Corp. is actively engaging these partners on decarbonization initiatives.

The company is initiating bio-fuel trials in collaboration with leading charterers and operators. On the emissions control front, about 50% of the fleet was fitted with scrubber equipment at one point, followed by a broader installation program with key dry-bulk charterers. Furthermore, Seanergy secured a new charter with a leading global commodities trader in Q3 2025.

Here's a look at the commercial coverage as of late 2025:

EU-funded SAFeCRAFT project stakeholders for decarbonization

This partnership under the EU funded SAFeCRAFT Project Consortium is central to the company's ESG strategy, aiming to demonstrate the viability of Sustainable Alternative Fuels (SAFs). The project is co-funded by the European Union's "Horizon Europe" program.

The project is an ambitious 48-month initiative, starting in December 2023. The demonstration vessel, one of Seanergy's existing Capesize vessels, will be retrofitted to use hydrogen (H2) as the primary energy source for electric power generation, with a minimum power output of 1.5MW. The resolute ambition is to achieve a 26% reduction of CO2eq in the existing vessel.

Key consortium stakeholders include:

• Hydrus Engineering S.A.
• American Bureau of Shipping
• National Technical University of Athens
• MOTOR OIL (Hellas) Corinth Refineries S.A.
• University of Patras
• Dresden University of Technology
• RINA Services SPA
• Pherousa Green Technologies AS
• Foundation WEGEMT
• University of Strathclyde

Technical and commercial managers (no related parties)

You should note the structure here is designed for independence, which is important for governance and avoiding conflicts of interest.

Seanergy Maritime Holdings Corp. explicitly states there are No Related Parties involved in Commercial & Technical Management. The company is audited by Deloitte from 2022 onwards.

Seanergy Maritime Holdings Corp. (SHIP) - Canvas Business Model: Key Activities

Seanergy Maritime Holdings Corp. operates a fleet consisting of 20 vessels as of the third quarter of 2025, which are pure-play Capesize and Newcastlemax types. The company executed a profitable sale of a vintage Capesize vessel, which released approximately $12.0 million in liquidity during the nine-month period ending September 30, 2025.

The operational performance metrics for the fleet in 2025 reflect market conditions:

The company's commercial activity centers on securing premium employment through index-linked charters.

• The entire fleet remains on index-linked charters, ensuring full market exposure.
• The fleet achieved a daily TCE of $23,476 for the third quarter of 2025.
• For the nine-month period ended September 30, 2025, the daily TCE rate was $19,031.
• In Q3 2025, Seanergy Maritime Holdings Corp. renewed three time-charters with existing counterparties and concluded a new charter with a leading global commodities trader.

The disciplined fleet renewal and modernization strategy involves both divestment and investment in newer tonnage.

• Seanergy Maritime Holdings Corp. entered into its first-ever newbuilding contract in October 2025.
• The new vessel is a scrubber-fitted Capesize priced at approximately $75 million.
• Delivery for the newbuilding is scheduled for the first half of 2027.
• The company's fleet loan-to-value ratio was reported around 45%.

Managing vessel operations includes controlling daily running costs.

The average daily Operating Expense (OPEX) for the fleet was $7,086 for the third quarter of 2025, compared to $6,873 in the same period of 2024.

Selective hedging of freight rates using Forward Freight Agreements (FFAs) is a core part of managing volatility.

For the fourth quarter of 2025, the company hedged approximately 55% of its available days at a gross rate of $24,900. This hedging activity contributed to an estimated Q4 TCE of around $23,900.

Seanergy Maritime Holdings Corp. (SHIP) - Canvas Business Model: Key Resources

You're looking at the core assets Seanergy Maritime Holdings Corp. (SHIP) relies on to generate revenue in the Capesize and Newcastlemax segment as of late 2025. Honestly, for a shipping company, the physical assets-the ships-are everything, but the balance sheet strength supporting them is what allows for opportunity.

The foundation of the business is its physical fleet, which is highly specialized. This focus is a deliberate choice to capture the specific dynamics of the largest dry bulk carriers.

Here are the key resource metrics as reported following the Q3 2025 results:

The composition of the fleet itself is a key resource, especially concerning environmental compliance and operational efficiency. The company has made moves to modernize and optimize this asset base.

• Fleet of 20 large Capesize and Newcastlemax dry bulk vessels.
• Vessels with installed scrubber technology: approximately 50% of the fleet.
• The fleet book value stood at $513.7 million as of September 30, 2025.
• The company maintained a strong cash position of $36.8 million as of September 30, 2025.

Beyond the ships, the human capital is critical. You have an experienced management team in the dry bulk sector that has successfully navigated fleet renewal and capital structure optimization, including the recent sale of a vintage vessel and placing a first-ever newbuilding order.

The balance sheet health, supported by these physical assets, is a resource that provides operational flexibility. Here's a quick look at the debt structure supporting the fleet value:

• Long-term debt (net of deferred charges) was $287.5 million at the end of Q3 2025.
• Stockholders' equity at the end of the third quarter was $271.3 million.

This healthy cash position, reported at $36.8 million, is equivalent to about $1.8 million per vessel, which helps fund ongoing operational expenses and shareholder distributions.

Seanergy Maritime Holdings Corp. (SHIP) - Canvas Business Model: Value Propositions

You're looking at the core value Seanergy Maritime Holdings Corp. delivers to its customers and stakeholders as of late 2025. It's all about moving major dry bulk commodities reliably with a modern, market-exposed fleet.

Reliable, large-scale transportation for major dry bulk commodities

Seanergy Maritime Holdings Corp. operates a fleet focused exclusively on the Capesize segment, which handles the largest dry bulk cargoes. As of September 30, 2025, the operating fleet consisted of 20 large Capesize vessels and Newcastlemaxes. The average age of this fleet was 14.2 years at the end of the third quarter of 2025. This focus provides scale for transporting major commodities like iron ore and coal.

Modern, efficient fleet with a newbuilding order for 2027 delivery

The company is actively modernizing its assets. In Q3 2025, Seanergy Maritime Holdings Corp. executed a key fleet renewal step by selling one vintage vessel, releasing approximately $12.0 million in net liquidity. Concurrently, the company entered into its first-ever newbuilding contract for a scrubber-fitted Capesize vessel, priced at $75 million, with delivery scheduled for the first half of 2027.

The fleet composition and modernization efforts are detailed below:

Full market exposure via index-linked charters with downside protection

Seanergy Maritime Holdings Corp. employs a commercial strategy centered on index-linked time-charters, which ensures full exposure to market rate increases. The company stated its entire fleet remains on index-linked charters. Downside volatility is managed through selective hedging using Forward Freight Agreements (FFAs). For instance, in Q4 2025, the company fixed approximately 55% of its available days at a gross rate of $24,900.

Outperforming the Baltic Capesize Index (BCI) daily TCE

The index-linked strategy has consistently resulted in Time Charter Equivalent (TCE) rates that outperform the Baltic Capesize Index (BCI). The performance metrics demonstrate this value:

• Q2 2025 TCE of $19,807, representing a 6% premium over the average BCI of $18,681.
• Q1 2025 estimated TCE of approximately $13,400 per day, which was 44% above the year-to-date BCI average of approximately $9,300 per day.
• Q3 2025 TCE reached $23,476.
• For the nine-month period ending September 30, 2025, the fleet TCE was $19,031.

The company also returned capital, declaring a Q3 2025 dividend of $0.13 per common share, marking the 16th consecutive payout. Total distributions for 2025 through Q3 reached $0.23 per share.

Commitment to ESG via decarbonization initiatives and bio-fuel trials

Seanergy Maritime Holdings Corp. has formalized its commitment to sustainability through governance and project participation. The company established a dedicated Sustainability Committee. Furthermore, it is involved in advancing alternative fuel use.

Key ESG data points include:

• Participation in the EU funded SAFeCRAFT project, which aims to revolutionize the use of alternative fuels.
• Recognition as a "Best Workplace for Women" in 2025.
• Maintaining 80% independent board members.

The company's conservative capital structure supports these long-term initiatives, with net debt at approximately $292.0 million as of Q3 2025, corresponding to a loan-to-fleet value ratio below 45%. Cash and cash-equivalents stood at $36.8 million at the end of September 2025.

Seanergy Maritime Holdings Corp. (SHIP) - Canvas Business Model: Customer Relationships

Direct, long-term relationships with top-tier charterers are central to Seanergy Maritime Holdings Corp. (SHIP) operations, maintaining a focus on quality counterparties.

The fleet size as of Q2 2025 stood at 21 Capesize vessels, following acquisitions. For the third quarter of 2025, Seanergy Maritime Holdings Corp. renewed three time-charters with existing counterparties and concluded a new charter with a leading global commodities trader. The company maintains a strategy focused on maintaining 100% charter coverage across the fleet with tier 1 charterers.

Dedicated commercial management drives charter negotiation success, evidenced by outperformance against the market benchmark.

• The fleet achieved a daily Time Charter Equivalent (TCE) of $23,476 for the third quarter ended September 30, 2025.
• For the first nine months of 2025, the daily TCE rate was $19,031.
• The Q2 2025 TCE of $19,807 per day represented a 6% outperformance over the Baltic Capesize Index (BCI) of $18,681 for the same period.
• In Q1 2025, the TCE of $13,403 represented a 3% premium over the average BCI of $12,998.

Investor relations emphasize consistent capital returns, aligning shareholder interests with operational performance.

The capital return policy has resulted in cumulative cash dividends of $2.31 per share, totaling $44.2 million distributed since 2022. For the third quarter of 2025, a cash dividend of $0.13 per common share was declared, marking the 16th consecutive quarterly dividend. Total distributions for 2025 through Q3 reached 23 cents per share. The company also pursued share buybacks, completing a $16.7 million buyback plan across convertible notes, warrants, and common shares at one point. As of September 30, 2025, total stockholders equity reached $271.3 million.

Seanergy Maritime Holdings Corp. provides flexibility via index-linked charters with fixed-rate conversion options, which is a core part of their strategy to capture market fundamentals while managing volatility.

The company established a new strategy of period employment and index-linked chartering exposure. As of Q3 2025 reporting, the entire fleet remains on index-linked charters, ensuring full market exposure. The commercial strategy balances upside potential with stability through selective hedging.

The company has the option to convert variable Time Charter (T/C) rates to fixed rates based on the prevailing FFA (Forward Freight Agreement) curve for almost all the fleet. Furthermore, Seanergy Maritime Holdings Corp. is executing fleet renewal, including a newbuilding order priced at approximately $75 million for a Capesize vessel scheduled for Q2 2027 delivery.

Seanergy Maritime Holdings Corp. (SHIP) - Canvas Business Model: Channels

Direct negotiation with global commodity traders and miners is the primary channel for securing employment for the Seanergy Maritime Holdings Corp. fleet of 21 Capesize vessels as of the third quarter of 2025. The commercial strategy centers on index-linked time charters, which allow the company to capture market strength while using selective FFA (Forward Freight Agreement) hedging for downside protection.

The realized earnings through these chartering channels show significant quarterly variation:

For the fourth quarter (Q4) of 2025, the company fixed approximately 55% of available days at a gross rate of $24,900 per day, estimating a total TCE of around $23,900.

Shipbrokers are the essential intermediary channel for chartering and for capital transactions like sale & purchase. The fleet renewal strategy in 2025 involved the sale of a vintage vessel and the ordering of the company's first-ever newbuilding Capesize. The company's commercial strategy is designed to balance upside potential with stability, which is executed through the selection of charter counterparties, often global commodity traders and miners.

Investor presentations and earnings calls serve as the direct channel to capital markets. Seanergy Maritime Holdings Corp. held webcasts and released corresponding presentations for its financial results in:

• Q3 2025 (November 13, 2025)
• Q2 2025 (August 5, 2025)
• Q1 2025 (May 27, 2025)

Corporate investor presentations were also made available in September 2025, June 2025, May 2025, and March 2025. As of September 30, 2025, the company maintained a cash position of $36.8 million and declared a quarterly cash dividend of $0.13 per common share.

Global shipping routes dictate vessel deployment and are a key factor in demand. The Capesize market strength in H1 2025 was supported by specific commodity flows:

• Bauxite shipments from Guinea loaded on Capes rose by more than 30% year-on-year.
• Iron ore Cape loadings originated from Brazil and Canada.
• Longer routes to the Far East increase the effective number of vessels required, supporting demand.

The Capesize order book, representing new supply, was historically low at about 9% of the existing fleet as of the first half of 2025.

Seanergy Maritime Holdings Corp. (SHIP) - Canvas Business Model: Customer Segments

Seanergy Maritime Holdings Corp. focuses its customer engagement almost exclusively on the dry bulk commodities sector, specifically those requiring the large capacity of its pure-play fleet of Capesize and Newcastlemax vessels. The primary cargo moved by this fleet type is iron ore and bauxite, which directly points to the core customer base being entities involved in the extraction and large-scale movement of these materials. As of the third quarter of 2025, Seanergy Maritime Holdings Corp. reported a fleet of 20 large Capesize vessels and Newcastlemaxes.

The company's commercial strategy is built around securing employment with high-quality counterparties. For instance, in the third quarter of 2025, Seanergy Maritime Holdings Corp. renewed three time-charters with existing counterparties and concluded a new charter with a leading global commodities trader. This indicates a direct relationship with major trading houses that manage the logistics for the world's largest miners and end-users.

The nature of the relationship with these customers is heavily structured around market exposure. The entire fleet remains on index-linked charters, which is a mechanism designed to preserve full market exposure for the vessel owner while managing volatility through selective Forward Freight Agreement (FFA) hedging. This structure suggests that the ultimate customers-the major international mining companies and large industrial users of iron ore and bauxite-are served indirectly through these charter arrangements.

You can see the operational commitment to these segments through the forward coverage secured as of late 2025:

• For the fourth quarter of 2025, approximately 55% of available days were hedged at a gross rate of $24,900.
• The estimated Time Charter Equivalent (TCE) for the fourth quarter of 2025, factoring in spot rates and the FFA curve, was around $23,900.
• Looking back at the second quarter of 2025, seven out of the 21 vessels were fixed at an average fixed rate of about $22,400 per day for the second half of the year.

While the outline suggests relationships with other major shipping lines, the reported activity centers on securing employment directly with commodity movers. The following table summarizes the fleet status relevant to servicing these customer segments as of the third quarter of 2025:

The company's strategy of maintaining a pure-play Capesize platform, with a fleet book value of $513.7 million as of September 30, 2025, is specifically tailored to meet the high-volume, long-haul requirements of the world's largest iron ore and coal shippers.

Seanergy Maritime Holdings Corp. (SHIP) - Canvas Business Model: Cost Structure

You're looking at the core costs Seanergy Maritime Holdings Corp. (SHIP) faces to keep its pure-play Capesize fleet running through late 2025. Shipping is a capital-intensive game, and the cost structure reflects that heavy asset base.

Vessel Operating Expenses (OPEX) are a major, recurring cost. For the nine months ended September 30, 2025, the average daily OPEX came in at $7,086 per day. This figure is up from $6,873 per day in the same period of 2024. These daily costs cover everything needed to keep the ships operational, not including the charter hire itself.

Here's a breakdown of the vessel operating expenses before pre-delivery costs for the nine-month period ended September 30, 2025, which totaled $39,684 thousand:

The components making up these vessel operating expenses are quite specific, which is helpful for you to see where the money goes. Honestly, these are the costs you watch closely when charter rates dip.

• Crew costs
• Provisions
• Deck and engine stores
• Lubricants
• Insurance costs
• Maintenance and repairs (including dry-docking provisions)

Debt Servicing is another significant outflow. As of the end of the third quarter of 2025, Seanergy Maritime Holdings Corp. reported $287.5 million in long-term debt, which includes senior loans and other financial liabilities, net of deferred charges. While the exact debt servicing payment for the period isn't explicitly stated, this principal balance drives the required interest and amortization payments.

Capital Expenditures (CapEx) are shifting toward modernization. The company executed a major strategic move by entering into its first-ever newbuilding contract in October 2025 for a 181,000 deadweight Capesize vessel at the Henley shipyard. Installment payments for this newbuilding will become a key CapEx cost moving forward, though specific installment amounts for late 2025 aren't detailed in the latest reports.

General and Administrative Expenses are the overhead costs of running the corporate side of Seanergy Maritime Holdings Corp. While the company reported strong Adjusted EBITDA of $52.8 million for the nine months ended September 30, 2025, specific G&A line items are bundled within the overall operating costs and are not broken out separately in the provided summary data.

Seanergy Maritime Holdings Corp. (SHIP) - Canvas Business Model: Revenue Streams

Seanergy Maritime Holdings Corp. generates its top-line revenue primarily from chartering its fleet of Capesize vessels to customers. For the nine-month period ended September 30, 2025, the company recorded $108.7 million in Net Revenues. This revenue performance was achieved with a fleet Time Charter Equivalent (TCE) earnings averaging $19,031 per day across 5,363 operating days for the 9M 2025 period.

The structure of these earnings is supported by a mix of contract types and asset management activities. Here's a quick look at the key revenue-related financial data points from the latest reporting period:

Beyond the core time charter hire, Seanergy Maritime Holdings Corp. structures its revenue streams to capture market upside and manage asset base efficiency. These include:

• Index-linked time charter payments from customers, providing a hedge against rising operating costs or market rates.
• Realized gains from selective Forward Freight Agreement (FFA) hedging activities, used to lock in favorable rates.
• Gains from profitable vessel sales, such as the one that released approximately $12.0 million of net liquidity.

The company actively manages its fleet to enhance cash flow, evidenced by the profitable sale of a vintage Capesize vessel, which provided a direct, non-recurring cash inflow. This focus on asset optimization complements the recurring revenue from its charter agreements. It's defintely a multi-pronged approach to capturing value in the dry bulk sector.