Movers and SHAKERS
Seanergy Maritime (SHIP)
Improved Quarter, But Refinancing Risk Remains High
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.
3Q2020 results positively impacted by higher Cape TCE rates. Reported EBITDA turned positive and increased to $12.7 million versus negative $2.1 million in 2Q2020. Excluding a gain on refinancing of $5.2 million, adjusted EBITDA of $7.6 million was slightly above our recently revised estimate of $7.5 million due to slightly higher TCE rates of $16.2k/day (versus our $16.0k/day estimate) and lower G&A expenses, which offset higher opex. TCE revenue of $15.8 million was about $0.5 million above our estimate due to a ~$219/day variance shortfall in TCE rates and higher operating days of 973, about 9 days above our estimate.
Updating 2020 EBITDA estimate to reflect recent dry bulk market softness. We are moving our 2020 EBITDA estimate to $16.1 million from $17.5 million to reflect updated TCE rate data and the expected timing voyage charters that shift some revenue out of 3Q2020 and 4Q2020. We are lowering our 4Q2020 TCE rate estimate to $17.0k/day from $18.5k/day. Our adjustments do not include any potential impact ...
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.