SHIP Seanergy Maritime Holdings
Dry Bulk Β· Capesize / Newcastlemax Β· 178 documents
Seanergy Maritime Holdings' 18-vessel dry bulk fleet β 16 Capesize and 2 Newcastlemax β should earn about $31,000 a day in 2026Q3 and pay $0.25 a share. That is our forecast (PATTERN payout on MODELLED TCE). All of those vessel-days are already fixed at rates Seanergy Maritime Holdings has disclosed.
Yields annualise each quarter Γ4 at the last close, $15.28 (2026-10-16). Our model is not company guidance.
What will Seanergy Maritime Holdings pay for 2026Q3?
Stated policy: βwe intend to distribute approximately 50% of our operating cash flow ... Less: debt repayments ... Less: discretionary quarterly reserve (this amount will be assessed by the board of directors on a quarterly basis ...)β
Booked vs market $/day
| Class | Booked | At | Spot now |
|---|---|---|---|
| Capesize | 71% | $31,000 | β |
| Newcastlemax | 71% | $31,000 | β |
Track record forecast vs paid
| Quarter | Forecast | Paid | Miss |
|---|---|---|---|
| 2026Q2 | $0.18 | $0.35 | -50% |
| 2026Q1 | $0.10 | $0.20 | -49% |
| 2025Q4 | $0.25 | $0.20 | +23% |
| 2025Q3 | $0.16 | $0.13 | +25% |
At 2026Q2βs actual $32,355/d, our model gives $0.27 against $0.35 declared (6 quarters, out-of-sample RΒ² 0.605).
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our modelβs figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Capesize Β· 16 | $32,3552026Q2 Β· fleet avg | $31,000100% of days | βlicensed index only | |
| Newcastlemax Β· 2 | $32,3552026Q2 Β· fleet avg | $31,000100% of days | βlicensed index only |
Company earned: the issuerβs own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.
Your rates open days only β booked days stay at the booked rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Ξ | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list Γ the quarter's calendar days for capesize, newcastlemax: no off-hire or drydock days are deducted there. |
1,656 | 1,656 | |||||||||||||
By class
| |||||||||||||||
| Fleet TCE, $/day modelled | 31,000 | 31,000 | |||||||||||||
Revenue (TCE basis), $m modelledVessel-days Γ fleet TCE. |
51.3 | 51.3 | |||||||||||||
Vessel opex, $m assumed2026Q2: $12.1m over 1,748 vessel-days, held per day. Disclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. |
(11.5) | ||||||||||||||
G&A, $m assumed2026Q2: $6.9m over 1,748 vessel-days, held per day. Disclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. |
(6.5) | ||||||||||||||
EBITDA, $m assumedDisclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. |
33.3 | ||||||||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
β | ||||||||||||||
Interest expense, $m assumed2026Q2: $4.3m over 1,748 vessel-days, held per day. Disclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. |
(4.0) | ||||||||||||||
Scheduled debt amortisation, $m stated2026Q2: $14.2m over 1,748 vessel-days, held per day (the issuerβs scheduled principal). Disclosed, but not the modelβs break-even: these cost lines do not explain the companyβs dividend history, so the break-even below is the one its dividends imply. |
(13.5) | ||||||||||||||
Drydock cost, $mNo separate drydock cash line on file. |
β | β | |||||||||||||
At the payout floor, $m patternThe rate below which this companyβs dividends stop, from its own history. It sits below its own cash costs of $21,454/day: it has paid from cash when rates ran under them. |
(22.2) | (22.2) | |||||||||||||
Payout floor, $/day patternThe rate below which this companyβs dividends stop, from its own history. It sits below its own cash costs of $21,454/day: it has paid from cash when rates ran under them. |
13,387 | 13,387 | |||||||||||||
| Cushion vs fleet TCE, $/day | 17,613 | 17,613 | |||||||||||||
Cash above the payout floor, $m modelledRevenue β payout floor Γ vessel-days: what the dividend is paid from in this model, not net of the company's cash costs. |
29.2 | 29.2 | |||||||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the modelβs cash. |
β | ||||||||||||||
Dividend policy pattern
βwe intend to distribute approximately 50% of our operating cash flow ... Less: debt repayments ... Less: discretionary quarterly reserve (this amount will be assessed by the board of directors on a quarterly basis ...)β
The stated policy is not a percentage the model can apply. It paid 19% of the cash above break-even over 2025Q1β2026Q2 (6 quarters); that share is applied to the cash line.
| Output | Model | Your scenario | Ξ |
|---|---|---|---|
| Estimated distributable cash, $m | 5.5 | ||
| Estimated DPS, $/share modelled | $0.25 | ||
| Forward yield, run-rate % | 6.6% | ||
| vs last declared ($0.35, 2026Q2) | -28% |
Yield annualises the quarterβs DPS Γ 4 (a run-rate, not a forecast of the year) against the $15.28 close on 2026-10-16.
Showing the modelβs own figures. Setting your own rates needs JavaScript.
Dividend per share declared Β· model Β· you
Market context β rates, the dividend, and the price
Rates and dividend β realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β see Dividend forecast.
The line is the declared dividend per share β dashed where it is the model's estimate. The shaded band is how wrong this model has actually been over its 4 scored quarters β the observed spread, not a symmetric guess around it, with a tick per observation so its width can be counted. Those quarters came in 50% below, 49% below, 23% above, 25% above what was paid. It reaches $0.51 per share, past the top of this chart. Model estimate β not issuer guidance.
Forward (our model β model quarter Γ4): $1.01/yr Β· @ $15.28 (as of 2026-10-16) = 6.6% yield (forward, model) Β· Trailing TTM $0.88/yr = 5.8%
Price and the yield it implied
Latest: 2026-Q2 declared $0.35/share on 2026-08-06, 8.1% annualised against the $17.24 close that day.
The continuous line is the daily closing price in dollars β the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 4 declared dividends and is marked nowhere else β each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β
Where SHIP departs from that
- Vessel-days are modelled from the fleet list (ships Γ days in the quarter); no issuer day count is curated for this quarter.
- Capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class).
- Capesize: the issuer's own TCE estimate for the whole quarter, $31,000/day, prices every day (71% of days fixed, the rest at the issuer's own pricing of its open days) β owner 2026-10-19.
What drives it β fleet TCE, 2026Q3
Earnings bridge β 2026Q2 β 2026Q3
Dividend history & forecast accuracy
Upcoming
| Quarter | Ex-date (est.) | Forecast DPS | Actual DPS |
|---|---|---|---|
| 2026Q3 E | β | $0.25 | β |
| 2026Q4 E | β | $0.25 | β |
| Quarter | Ex-date | Forecast DPS | Actual DPS | Error |
|---|---|---|---|---|
| 2026Q2 | β | $0.18 | $0.35 | -50.0% |
| 2026Q1 | β | $0.10 | $0.20 | -49.0% |
| 2025Q4 | β | $0.25 | $0.20 | +23.4% |
| 2025Q3 | β | $0.16 | $0.13 | +24.6% |
DPS method: payout of cash above break-even.
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
16Γ capesize Β· 2Γ newcastlemax current
Fleet model β 2026Q3
Fleet model estimate β not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Capesize | 16 | β | β | 100% | 31,000 | β | 31,000 | β | 45.6 |
| Newcastlemax | 2 | β | β | 100% | 31,000 | β | 31,000 | β | 5.7 |
| Total | 18 | 31,000 | β | 51.3 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with the company's own guidance for the open days.
Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.
Model gaps & assumptions
capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) Β· capesize: the issuer's own TCE estimate for the whole quarter, $31,000/day, prices every day (71% of days fixed, the rest at the issuer's own pricing of its open days) β owner 2026-10-19 Β· newcastlemax: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) Β· newcastlemax: priced off the Capesize index β a neighbouring market (208k vs 180k dwt), ASSUMED, no premium added (owner 2026-10-19) Β· newcastlemax: the issuer's own TCE estimate for the whole quarter, $31,000/day, prices every day (71% of days fixed, the rest at the issuer's own pricing of its open days) β owner 2026-10-19 Β· DPS = 19% (own history) of cash above the $13,387/day payout floor (dividend history) over 1,656 vessel-days Β· stated policy (50% of cash after debt service, less a reserve the board sets each quarter) is context only: the reserve is not published, so the formula cannot be computed Β· its dividends stop at $13,387/day, below its own cash costs of $21,454/day: it has paid from cash when rates ran under its costs, so the floor is its payout behaviour, not a cash break-even
Forecast accuracy β fleet TCE
The model's fleet TCE for each quarter β the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate β scored against the TCE the company went on to report. Error is model minus reported, as a share of reported β positive means the model was too high.
| Quarter | Model TCE | Reported TCE | Error |
|---|---|---|---|
| 2026Q2 | $24,300/day | $32,355/day | -24.9% |
| 2026Q1 | $37,825/day | $24,219/day | +56.2% |
| 2025Q4 | $27,562/day | $26,614/day | +3.6% |
| 2025Q3 | $25,275/day | $23,476/day | +7.7% |
| 2025Q2 | $21,538/day | $19,807/day | +8.7% |
| 2025Q1 | $12,650/day | $13,403/day | -5.6% |
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Ξ |
|---|---|---|---|
| Revenue | $55.7M | $42.9M | +48.5% |
| Opex | $12.1M | $12.6M | -12.2% |
| Net income | $26.2M | $9.7M | > +500% |
reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete β treat income-derived figures as provisional
Full P&L grid β 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 55.7 | 42.9 | 49.4 | 47.0 | 37.5 | 24.2 |
| Voyage expenses $M | 1.3 | 1.4 | 1.1 | 2.6 | 1.1 | 0.7 |
| Vessel opex $M | 12.1 | 12.6 | 13.3 | 14.1 | 13.8 | 12.5 |
| G&A $M | 6.9 | β | β | β | β | β |
| Depreciation $M | 9.2 | 9.6 | 9.4 | 9.4 | 9.1 | 8.3 |
| Interest expense, gross $M | β | β | β | β | β | 5.2 |
| Net income $M | 26.2 | 9.7 | 12.5 | 12.8 | 2.9 | β6.8 |
| Declared DPS | 0.35 | 0.20 | 0.20 | 0.13 | 0.05 | 0.05 |
Profit statement β highlights SEC EDGAR company facts
| Line | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | H1 2015 | 2015Q4 (FY β 9M) | FY2015 | H1 2016 | 2016Q4 (FY β 9M) | FY2016 | H1 2017 | 2017Q4 (FY β 9M) | FY2017 | H1 2018 | 2018Q4 (FY β 9M) | FY2018 | H1 2019 | FY2019 | H1 2020 | FY2020 | H1 2021 | FY2021 | H1 2022 | FY2022 | H1 2023 | FY2023 | H1 2024 | FY2024 | H1 2025 | FY2025 | YoY Ξ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6.3 | 54.8 | 71.6 | 49.0 | 23.8 | 2.1 | 1.8 | 7.1 | 11.7 | 15.7 | 11.3 | 36.0 | 32.9 | 22.3 | 74.8 | 38.1 | 24.6 | 91.5 | 34.8 | 86.5 | 22.4 | 63.3 | 48.2 | 153.1 | 62.5 | 125.0 | 46.4 | 110.2 | 81.4 | 167.5 | 61.7 | 158.1 | -5.6% |
| EBITDA / operating income | 40.4 | 18.4 | -183.6 | -181.1 | 19.3 | 81.8 | -1.8 | -4.4 | -7.1 | -7.5 | -3.8 | -14.7 | -1.9 | 4.8 | 2.8 | 0.7 | 3.2 | 4.3 | -3.6 | 12.0 | -8.4 | -0.3 | 9.0 | 65.9 | 16.8 | 29.7 | 6.7 | 21.3 | 34.1 | 62.6 | 6.5 | 43.3 | -30.8% |
| Operating expenses | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| Net result | 31.6 | 1.6 | -197.8 | -193.8 | 10.9 | 80.3 | -2.1 | -5.9 | -9.0 | -11.9 | -6.9 | -24.6 | -9.6 | -0.1 | -3.2 | -12.3 | -3.2 | -21.1 | -15.5 | -11.7 | -19.6 | -18.4 | 0.6 | 41.3 | 9.6 | 17.2 | -3.5 | 2.3 | 24.3 | 43.5 | -4.0 | 21.2 | -51.3% |
| Declared DPS | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
Full P&L grid β 4 lines Γ 32 quarters
| Line item | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | H1 2015 | Q4 2015 | FY2015 | H1 2016 | Q4 2016 | FY2016 | H1 2017 | Q4 2017 | FY2017 | H1 2018 | Q4 2018 | FY2018 | H1 2019 | FY2019 | H1 2020 | FY2020 | H1 2021 | FY2021 | H1 2022 | FY2022 | H1 2023 | FY2023 | H1 2024 | FY2024 | H1 2025 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating revenues | 6.3 | 54.8 | 71.6 | 49.0 | 23.8 | 2.1 | 1.8 | 7.1 | 11.7 | 15.7 | 11.3 | 36.0 | 32.9 | 22.3 | 74.8 | 38.1 | 24.6 | 91.5 | 34.8 | 86.5 | 22.4 | 63.3 | 48.2 | 153.1 | 62.5 | 125.0 | 46.4 | 110.2 | 81.4 | 167.5 | 61.7 | 158.1 |
| Operating expenses | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β | β |
| Operating income | 40.4 | 18.4 | -183.6 | -181.1 | 19.3 | 81.8 | -1.8 | -4.4 | -7.1 | -7.5 | -3.8 | -14.7 | -1.9 | 4.8 | 2.8 | 0.7 | 3.2 | 4.3 | -3.6 | 12.0 | -8.4 | -0.3 | 9.0 | 65.9 | 16.8 | 29.7 | 6.7 | 21.3 | 34.1 | 62.6 | 6.5 | 43.3 |
| Profit for the period | 31.6 | 1.6 | -197.8 | -193.8 | 10.9 | 80.3 | -2.1 | -5.9 | -9.0 | -11.9 | -6.9 | -24.6 | -9.6 | -0.1 | -3.2 | -12.3 | -3.2 | -21.1 | -15.5 | -11.7 | -19.6 | -18.4 | 0.6 | 41.3 | 9.6 | 17.2 | -3.5 | 2.3 | 24.3 | 43.5 | -4.0 | 21.2 |
Realized fleet TCE
Realized fleet TCE versus benchmark: 6 points, 2025-01-01 to 2026-04-01; Realized fleet TCE latest 32,355.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Guidance & sources
Issuer guidance β forward-looking
No current-quarter guidance on file.
Historical guidance (4 rows)
| Period | Metric | Value | Coverage | As of | Source |
|---|---|---|---|---|---|
| 2026H2 | CAPESIZE TC cover (H2 2026) | $30,800 | 55% | 2026-07-30 | |
| 2026H2 | NEWCASTLEMAX TC cover (H2 2026) | $30,800 | 55% | 2026-07-30 | |
| 2026Q3 | CAPESIZE TCE estimate (whole quarter) | $31,000 | 71% | 2026-07-30 | |
| 2026Q3 | NEWCASTLEMAX TCE estimate (whole quarter) | $31,000 | 71% | 2026-07-30 |
Sources β press, filings & documents
Press & filings by quarter
Recent documents
- edgar 2026-10-02 6-K β Current Report (2026-10-02)
- edgar 2026-10-02 6-K exhibit (2026-10-02)
- edgar 2026-08-06 6-K β Current Report (2026-08-06)
- edgar 2026-08-06 6-K exhibit (2026-08-06)
- edgar 2026-08-06 6-K exhibit (2026-08-06)
- edgar 2026-07-08 6-K β Current Report (2026-07-08)
- edgar 2026-07-08 6-K exhibit (2026-07-08)
- edgar 2026-07-01 6-K β Current Report (2026-07-01)
- edgar 2026-05-29 6-K β Current Report (2026-05-29)
- edgar 2026-05-29 6-K exhibit (2026-05-29)
- edgar 2026-04-01 6K (2026-04-01)
- edgar 2026-04-01 6K exhibit (2026-04-01)