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Seanergy Maritime (SHIP)
Solid Quarter and Strong Start to 2H2019
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.
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- EBITDA of $1.7 million ahead of $1.2 million estimate due to higher TCE rates of $9,104/day (+$471), lower opex (-$272) and G&A expenses (-$339). Strong start to 3Q2019 with 62% of available days booked at $23,800/day.
- Increasing 2019 EBITDA estimate to $19.9 million (from $17.08 million) and fine-tuning 2020 EBITDA estimate of $39.6 million. We forecast 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.