Movers and SHAKERS
Seanergy Maritime (SHIP)
Dividend Surprise and 2022 Looking Good
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.
Record 4Q2021 EBITDA in line with expectations. Adjusted EBITDA of $38.8 million was in line with our estimate of $38.7 million. TCE rates of $36.6k/day were higher than expected and ownership days of 1,508 were in line, but opex and G&A expenses were higher than expected.
Fine tuning 2022 EBITDA estimates to reflect updated forward cover and current market conditions. We are bumping our 2022 EBITDA estimate to $110.6 million, up from $101.9 million, based on TCE rates of $27.0k/day, up from $24.9k/day. 1Q2022 forward cover increased to 90% of available days booked at $19.8k/day. While 1Q2022 EBITDA will drop sequentially due to seasonality, we expect with a 2Q2022 ...
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.