Movers and SHAKERS
Seanergy Maritime (SHIP)
Another Cape Acquisition Expands Fleet to 17
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, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Cape acquisition expands Cape fleet to 17. A Cape, built in 2010 in Japan, will be acquired for $34.3 million in mid-November and renamed the Dukeship. A BWTS has been installed and a survey was recently completed so uptime should be high over next two years. The acquisition also expands overall operating leverage; each $1.0k/day change in Cape TCE rates has a $5.9 million EBITDA impact.
Fine tuning 2021 EBITDA estimate to $87.3 million, but increasing 2022 EBITDA estimate to $102.2 million from $97.5 million based on TCE rates of $24.5k/day. Higher opex drags down 3Q2021 results, but acquisition pushes up our 4Q2021E EBITDA to $40.3 million based on TCE rates of $35.0k/day. Visibility is limited into next year with only three Capes fixed at a TCE rate north of $30.0k/day, or ...
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.