Movers and SHAKERS
Seanergy Maritime Holding Corp. (SHIP)
Weak operating results create good opportunity on pure cape market player.
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.
- Weaker than expected 4Q2018 Due to Cape Market Weakness. Reported adjusted 4Q2018 EBITDA of $6.3 million was well below our estimate mainly due to lower time equivalent (TCE) rates and higher than expected opex.
- Adjusting 2019 EBITDA estimate to
reflect lower TCE rates. Cape market improvement expected later this year. To incorporate the current malaise in the cape market, our
2019 EBITDA estimate moves down sha...
*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.