Here are 1-2 brief analogies to describe Seanergy Maritime:

1. Maersk for dry bulk: It's like Maersk, but specializing solely in shipping vast quantities of dry bulk commodities (such as iron ore and coal) across global oceans, rather than containers or diverse cargo.

2. Union Pacific for ocean freight: Think of Union Pacific Railroad, but transporting massive volumes of raw materials (like iron ore and coal) across the world's oceans via ships, instead of over land via trains.

• Dry Bulk Shipping Services: Seanergy Maritime provides global sea transportation services for major dry bulk commodities such as iron ore and coal, utilizing its fleet of Capesize vessels.

Seanergy Maritime (SHIP) primarily sells its services to other companies. However, the company does not publicly disclose the names of its specific major customers in its financial filings (such as its annual 20-F report). Shipping companies typically operate with a diverse base of charterers, and specific customer names are usually kept confidential unless a single customer accounts for a significant portion of revenue requiring disclosure, which is not the case for named entities in Seanergy's filings.

Based on their business description and the nature of the dry bulk shipping industry, Seanergy Maritime's major customers generally fall into the following categories of companies:

• Major International Dry Bulk Shipping Companies: These can be other shipping lines or their industrial business units that charter vessels to supplement their own fleets or meet specific contractual obligations.
• Mining Companies: Large global mining corporations that transport vast quantities of raw materials like iron ore, coal, bauxite, and grain across oceans.
• Commodity Trading Houses: Global trading firms that buy, sell, and transport bulk commodities worldwide.
• Steel Producers: Major international steel manufacturers that require the sea transport of iron ore and coal for their production processes.

Due to the lack of specific customer name disclosure by Seanergy Maritime, we cannot list individual customer companies with their symbols.

• Seanergy Asset Management Corp.

Stamatis Tsantanis, Chairman & Chief Executive Officer

Stamatis Tsantanis joined Seanergy Maritime in 2012 and has led its growth to become a prominent Capesize dry bulk company. He has over 24 years of experience in shipping and finance, having held senior management positions in both private and public shipping firms, as well as financial institutions. Mr. Tsantanis is also the Founder, Chairman, and Chief Executive Officer of United Maritime Corporation (NASDAQ: USEA), a diversified public shipping company that was initially established as a subsidiary of Seanergy. Prior to his role at Seanergy, he served as Group Chief Financial Officer of Target Marines S.A. and as Chief Financial Officer and Director of Top Ships Inc. following its initial public offering on NASDAQ. His career also includes experience as an investment banker at Alpha Finance, where he played a key role in numerous significant shipping corporate finance transactions in the U.S. capital markets. He is a member of the board of directors of Breakwave Advisors LLC.

Stavros Gyftakis, Chief Financial Officer

Stavros Gyftakis serves as the Chief Financial Officer of Seanergy Maritime Holdings Corp. Further detailed background information, specifically regarding if he founded or managed other companies, sold companies he was previously involved with to an acquirer, or has a pattern of managing companies backed by private equity firms, was not readily available in the search results.

Christina Anagnostara, Director

Christina Anagnostara has been a member of Seanergy's board of directors since December 2008. She previously served as the Chief Financial Officer of Seanergy Maritime from November 2008 until October 2013. Ms. Anagnostara also serves as a director on the board of United Maritime since June 2022. She brings over 26 years of experience in maritime and international business, covering areas such as finance, banking, capital markets, consulting, accounting, and audit. Before joining Seanergy Maritime Holdings Corp., she was the CFO of Seanergy Maritime Corp.

Theodora Mitropetrou, General Counsel - Corporate Secretary

Theodora Mitropetrou holds the position of General Counsel and Corporate Secretary at Seanergy Maritime Holdings Corp.

Stelios Psillakis, Technical Director

Stelios Psillakis is the Technical Director for Seanergy Maritime.

The global energy transition and decarbonization efforts pose a clear emerging threat to Seanergy Maritime's business model, particularly affecting the long-term demand for the bulk commodities their Capesize vessels primarily transport.

Specifically:

1. Declining Demand for Thermal Coal: A significant portion of Capesize shipping involves thermal coal for power generation. The global push for renewable energy and the phasing out of coal-fired power plants in many major economies (e.g., EU, US, and increasing commitments in Asia) directly threatens the long-term volume of thermal coal transportation. This mirrors how streaming services threatened the physical media rental market by eliminating the need for the physical product.
2. Shift in Steel Production Methods: Capesize vessels are also crucial for transporting iron ore and metallurgical coal, key inputs for traditional blast furnace steel production. However, there is a clear emerging trend towards "green steel" production, utilizing technologies like hydrogen-reduced iron (H2-DRI) or increased reliance on electric arc furnaces using recycled scrap. Should these methods scale and become prevalent, the demand for traditional iron ore and metallurgical coal, especially on long-haul routes, could be fundamentally altered, diminishing the need for the large-scale transport services provided by companies like Seanergy Maritime. This represents a disruptive shift in the input requirements for a core industry, akin to how new technologies disrupted incumbent business models in the past.

Seanergy Maritime Holdings Corp. (SHIP) operates primarily in the dry bulk shipping sector, focusing on the seaborne transportation of major commodities such as iron ore, coal, and grain. The company's fleet predominantly consists of Capesize and Newcastlemax dry bulk vessels.

The addressable market for Seanergy Maritime can be identified as the global dry bulk shipping market, with a significant focus on the Capesize vessel segment.

The global dry bulk shipping market was valued at approximately USD 373.26 billion in 2024 and is projected to reach USD 394.44 billion in 2025. This market is expected to grow at a compound annual growth rate (CAGR) of 5.37% from 2025 to 2034, reaching USD 631.59 billion by 2034.

Specifically within this, the global Capesize bulk carrier market, which is a core segment for Seanergy Maritime, was valued at USD 145.94 billion in 2025. The Capesize segment held the largest share in the dry bulk shipping market, accounting for 37% of the total market in 2025, and is expected to grow at a CAGR of 5.6% from 2025 to 2034.

Expected Drivers of Future Revenue Growth for Seanergy Maritime (SHIP)

• Fleet Expansion and Modernization: Seanergy Maritime has been strategically expanding its fleet through the acquisition of high-quality vessels. In the first quarter of 2025, the company took delivery of two Japanese-built Capesize and Newcastlemax vessels, increasing its operating fleet to 21 ships with a combined cargo capacity of 3.8 million DWT. This disciplined growth strategy is expected to enhance operational capabilities and earnings power.
• Favorable Capesize Market Fundamentals: The company anticipates a robust Capesize market supported by a historically low newbuilding orderbook and limited net fleet growth, projected at just 1.5% in 2025 and 1.9% in 2026. This supply-side constraint, coupled with sustained global demand for major raw materials, is expected to lead to a favorable supply-demand balance and stronger charter rates.
• Outperformance of the Baltic Capesize Index (BCI) through Commercial Strategy and Hedging: Seanergy's commercial strategy, which includes strategic freight hedging activities and index-linked time charters, has consistently enabled the company to outperform the Baltic Capesize Index. This approach helps to maximize Time Charter Equivalent (TCE) rates and provides strong cash flow visibility, even amidst market volatility.
• Increasing Demand for Key Dry Bulk Commodities: Growth in demand for essential raw materials such as iron ore, bauxite, and coal, particularly from emerging economies and increased cargo flows from the Atlantic basin, is a significant driver. The anticipated start of the Simandou iron ore project in Guinea from 2025 is also expected to contribute to longer sailing distances, further boosting tonne-mile demand for Capesize vessels.

Share Repurchases

• Seanergy Maritime completed two share repurchase plans totaling $26.7 million within seven months leading up to July 2022.
• In December 2023, the company authorized a new share repurchase program of up to $25 million for its common shares and other securities.
• By August 2025 (Q2 2025 results), Seanergy reported $45.2 million in share repurchases as part of its capital return strategy.

Share Issuance

• In August 2020, Seanergy Maritime completed an underwritten public offering of units, including common shares and warrants, to raise approximately $25.0 million.
• From 2020 to 2025, the company raised approximately $175 million through public offerings and secured $328.2 million via new financing and refinancing transactions to strengthen its balance sheet.
• In March 2025, Seanergy announced plans for fixed income investor meetings that could lead to a four-year USD denominated senior unsecured bond issue, with proceeds potentially used for debt refinancing or vessel acquisitions.

Capital Expenditures

• Over the past five years, Seanergy Maritime invested over $425 million.
• The company acquired four Japanese Capesize and two Newcastlemax vessels, while selling three of its oldest Capesize vessels to improve fleet age and operating margins.
• As of Q2 2025, Seanergy expanded its fleet by acquiring two new vessels, increasing its total to 21 Capesize ships.