Movers and SHAKERS
Monday, July 6, 2020
Seanergy Maritime (SHIP)
Financing Agreement Creates More Refinancing Clarity
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.
- Letter of financing commitment secured. A commitment letter for a five-year financing with an existing lender has been secured to refinancing maturing debt. While details on pricing and amortization are limited at this point, the maturity date is expected to be July 2025. The goal of the new financing is securing longer term financing at a reasonable cost and lowering annual debt amortization. The new financing should also enhance financing flexibility.
- June 30th maturity pushed out to July 31st. Secured debt of $30.1 million on the Geniuship and Gloriuship was due on June 30th. In order to finalize the terms and facilitate the closing of the new financing, the maturity date was ...
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.