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GLYFADA, Greece - Seanergy Maritime Holdings Corp. (NASDAQ:SHIP), currently valued at $176 million market cap, has completed the sale of its Capesize vessel M/V Geniuship for approximately $21.6 million to an unaffiliated buyer, the company announced Tuesday. According to InvestingPro analysis, the company appears slightly undervalued at its current price of $8.42.
The 170,057 deadweight ton vessel, built in 2010 by Sungdong SB in South Korea and acquired by Seanergy in 2015, was delivered to its new owner on September 10. The transaction generated net cash proceeds of approximately $12.0 million after loan repayment and is expected to result in an accounting profit of around $2.5 million in the company’s third-quarter financial results. This sale is particularly significant given the company’s current debt burden of $307.94 million and limited liquidity, with a current ratio of 0.39. InvestingPro subscribers can access 8 more key financial tips and a comprehensive analysis of Seanergy’s financial health.
Seanergy also reported that its Class E warrants, issued on August 20, 2020, expired on August 20, 2025. Following this expiration and the previous termination of Class D warrants in April 2025, the company now has no outstanding warrants or other convertible securities.
"The sale was concluded prior to her upcoming dry-docking, resulting in significant capex savings for Seanergy," said Stamatis Tsantanis, the company’s Chairman and CEO, in a press release statement.
Following the vessel sale, Seanergy’s operating fleet consists of 20 vessels (2 Newcastlemax and 18 Capesize) with an average age of approximately 14.3 years and an aggregate cargo carrying capacity of approximately 3,633,861 deadweight tons.
The company, incorporated in the Republic of the Marshall Islands with executive offices in Glyfada, Greece, specializes in marine dry bulk transportation services through its fleet of Capesize vessels.
In other recent news, Seanergy Maritime Holdings Corp. reported its financial results for the second quarter of 2025, highlighting significant fleet expansion. The company emphasized its robust cash position and favorable market conditions, although specific earnings forecasts were not disclosed. These developments indicate a positive market positioning for Seanergy Maritime. The absence of specific earnings estimates might leave some investors seeking more detailed financial projections. However, the focus on fleet growth suggests strategic investments in the company’s operational capabilities. The market’s response to these announcements appeared to reflect investor confidence in Seanergy Maritime’s strategic direction. No analyst upgrades or downgrades were reported in connection with these recent developments.
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