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Seanergy Maritime (SHIP)
Cape Market Moving Sharply Higher, SHIP Should Move Up Too
Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. The company owns a modern fleet of 10 Capesize dry bulk vessels with a combined cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of 9.8 years. The company was formerly known as Seanergy Maritime Corp. and changed its name to Seanergy Maritime Holdings Corp. in January 2009.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Cape market has rebounded strongly over the past quarter and spot rates exceed $30k/day. Despite the overhang of trade tensions and sluggish global economic growth, the dry bulk market has been stronger than expected. The Baltic Capesize Index (BCI) has exploded higher over the past month and is near a multi-year high. At 4,256, the BCI is well above the extraordinary low of 92 on April 4th and ~25% above the current 3Q2019 average.
- Increasing 2019 EBITDA estimate to $17.08 million (from $15.05 million) and introducing 2020 EBITDA estimate of $40.59 million. Given the strong rebound in the cape market, we are forecasting cape TCE rates of...
*Analyst certification and important disclosures included in full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.