| Basis of Presentation and General Information |
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1.
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Basis of Presentation and General Information:
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Seanergy
Maritime Holdings Corp. (the “Company” or “Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Glyfada, Greece. The Company provides global transportation solutions
in the dry bulk shipping sector through its subsidiaries.
The accompanying consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).
On December 31, 2025, the Company had a working capital deficit of $13,171, which includes an amount of $4,934 relating to pre-collected revenue and is included in deferred revenue in the accompanying consolidated balance sheets. This amount represents
current liabilities that do not require future cash settlement. The working capital deficit is mainly attributable to the repayments due under the long-term debt and the other financial liabilities. For the year ended December 31, 2025, the
Company realized a net income of $21,242 and generated cash flow from operations of $52,607. The Company believes it has the ability to continue as a going concern over the next twelve months following the date of the issuance of these consolidated financial statements
and finance its obligations as they come due via cash from operations and through the excess cash obtained from the five sale and
leaseback agreements entered into subsequent to the year end (Note 16).
Consequently, the consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.
a. Subsidiaries in Consolidation:
Seanergy’s subsidiaries included in these consolidated financial statements as of December 31, 2025:
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Company
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Country of
Incorporation
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Vessel name
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Date of Delivery
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Date of
Sale/Disposal
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Seanergy Management Corp. (1)(2)
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Marshall Islands
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N/A
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N/A
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N/A
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Seanergy Shipmanagement Corp. (1)(2)
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Marshall Islands
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N/A
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N/A
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N/A
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Emperor Holding Ltd. (1)
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Marshall Islands
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N/A
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N/A
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N/A
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Pembroke Chartering Services Limited (1)(3)
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Malta
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N/A
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N/A
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N/A
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Sea Genius Shipping Co. (1)
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Marshall Islands
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Geniuship
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October 13, 2015
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September 10, 2025
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Premier Marine Co. (1)
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Marshall Islands
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Premiership
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September 11, 2015
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N/A
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Squire Ocean Navigation Co. (1)(4)
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Liberia
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Squireship
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November 10, 2015
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March 20, 2025
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Lord Ocean Navigation Co. (1)(4)
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Liberia
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Lordship
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November 30, 2016
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April 28, 2023
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Champion Marine Co. (1)
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Marshall Islands
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Championship
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November 7, 2018
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N/A
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Fellow Shipping Co. (1)
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Marshall Islands
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Fellowship
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November 22, 2018
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N/A
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Friend Ocean Navigation Co. (1)(4)
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Liberia
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Friendship
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July 27, 2021
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March 20, 2025
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World Shipping Co. (1)
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Marshall Islands
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Worldship
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August 30, 2021
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N/A
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Duke Shipping Co. (1)
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Marshall Islands
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Dukeship
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November 26, 2021
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N/A
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Partner Marine Co. (1)(4)
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Marshall Islands
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Partnership
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March 9, 2022
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March 9, 2022
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Honor Shipping Co. (1)
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Marshall Islands
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Honorship
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June 27, 2022
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N/A
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Paros Ocean Navigation Co. (1)
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Liberia
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Paroship
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December 27, 2022
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N/A
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Knight Ocean Navigation Co. (1)(4)
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Liberia
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Knightship
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December 13, 2016
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April 6, 2023
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Flag Marine Co. (1)
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Marshall Islands
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Flagship
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May 6, 2021
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N/A
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Hellas Ocean Navigation Co. (1)(4)
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Liberia
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Hellasship
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May 6, 2021
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June 28, 2024
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Patriot Shipping Co. (1)(4)
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Marshall Islands
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Patriotship
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June 1, 2021
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June 28, 2024
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Good Ocean Navigation Co. (1)(3)
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Liberia
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Goodship
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August 7, 2020
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February 10, 2023
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Traders Shipping Co. (1)(3)
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Marshall Islands
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Tradership
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June 9, 2021
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February 28, 2023
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Partner Shipping Co. Limited (1)(3)
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Malta
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Partnership
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May 31, 2017
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March 9, 2022
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| Titan Ocean Navigation Co. (1) |
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Liberia |
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Titanship |
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October 24, 2024 |
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N/A |
Icon Ocean Navigation Co. (1)(4)
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Liberia |
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Iconship |
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June 11, 2024 |
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June 11, 2024 |
Kaizen Shipping Co. (1)(4)
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Marshall Islands |
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Kaizenship |
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October 1, 2024 |
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October 1, 2024 |
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N/A
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Atsea Ventures Corp. (1)
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Marshall Islands |
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N/A |
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N/A |
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N/A |
| Prime Ocean Navigation Co. (1) |
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Liberia |
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N/A |
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N/A |
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N/A |
King Marine Co. (1)
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Marshall Islands |
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N/A |
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N/A |
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N/A |
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(1)
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Subsidiaries wholly owned
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