Movers and SHAKERS
Thursday, August 6, 2020
Seanergy Maritime (SHIP)
2Q2020 Loss Reflects Weak Dry Bulk Market, But 2H2020 Recovery Appears Under Way.
Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP" and class A warrants under "SHIPW".
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
- 2Q2020 results likely to be weaker due to lower Cape TCE rates. Reported EBITDA of negative $2.1 million was slightly below our recently revised estimate of negative $1.8 million due to lower TCE rates of $5.4k/day (versus our $5.5k/day) estimate and higher G&A expenses.
- Fine-tuning 2020 EBITDA estimate based on forward cover of 88% of available days booked at more than $22k/day. As a result, our 2020 EBITDA estimate is now $19.7 million, up from $19.2 million, based on Cape TCE rates of $12.8k/day range, up ...
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the 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.