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Seanergy Maritime (SHIP) – 4Q2021 Results Today – Call Should Highlight Positive Outlook

Transportation
2 min read

Thursday, March 10, 2022

Seanergy Maritime (SHIP)
4Q2021 Results Today – Call Should Highlight Positive Outlook

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 Capesize vessels. Upon delivery of the M/V Dukeship, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Poe Fratt, Senior Research Analyst, Logistics, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    4Q2021 Results out BMO today. TCE rates above $35.0k/day should drive EBITDA to $38.7 million despite higher opex. Today’s 11:30am EST call should highlight 2021 achievements and positive 2022 outlook. Also, we will be looking for an update on 1Q2022 forward cover. Call number is (877) 870 9135 and code is 9389462.

    2022 EBITDA estimate reflects higher opex and last forward cover update.  Last update on 1Q2022 forward cover was ~35% including six of 17 Capes fixed at ~$28.0k/day, but it should be higher now. Expect 1Q2022 weakness with a 2Q2022 pickup. Our 2022 EBITDA estimate of $101.9 million is based on TCE rates of $24.9k/day. Typical seasonality factored in, with TCE rates of $19.5k/day in 1Q2022 …


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. 

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