Movers and SHAKERS
Seanergy Maritime (SHIP)
Debt Refinancings Completed and Impact is Favorable
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.
Total debt of $179 million, including secured debt of $117 million and subordinated debt of $62 million, was restructured. While secured debt of $60 million was refinanced last year, agreements to restructure additional secured debt of $57 million and subordinated debt of $62 million were recently finalized. As a result, secured debt is $119 million, subordinated debt is $17 million and convert debt is $39 million, or total debt of $175 million.
Favorable outcome is a reflection of solid bank group relationships and the forging of a new relationship with Jelco. Other goals achieved include preserving cash, pushing out maturities, lowering interest expense and improving financial flexibility. While negotiations took longer than expected, the agreements create some financial breathing room, establish a solid financial platform, and ...
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*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.