Seanergy Maritime Holdings is a pure-play Capesize dry bulk shipping company. Seanergy owns or leases a fleet of 20 vessels — 18 Capesize and two Newcastlemax — with a combined cargo capacity of roughly 3.6M deadweight tons, used to transport dry bulk commodities including iron ore, coal, and bauxite on long-haul routes, primarily from the Atlantic Basin to Asia. Seanergy charters its vessels to major commodity traders and shippers — including Cargill, Glencore, and Anglo American — under index-linked time charter agreements, where the daily hire rate floats with the Baltic Capesize Index. Most charters also allow Seanergy to lock in fixed rates using Forward Freight Agreement pricing, and two vessels operate under a hybrid fixed-floor plus profit-sharing structure, providing some downside protection while preserving upside. Revenue scales with fleet size, charter rates, and utilization. Because operating costs are largely fixed per vessel, earnings have significant leverage to charter rate movements. Seanergy is expanding and renewing its fleet, with five newbuilding vessels under construction at Chinese and Japanese shipyards at an aggregate contract cost of roughly $380M, with deliveries expected between 2027 and 2029, while selectively selling older vessels. Seanergy funds acquisitions through operating cash flow, vessel sale proceeds, and secured debt, primarily from Asian financial institutions, maintaining fleet loan-to-value of roughly 43%. The company has returned approximately $96M to shareholders since late 2021 through dividends and buybacks.