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Seanergy Maritime (SHIP) - Lease Closed - Lowering Numbers to Reflect Rate Pullback

Thursday, July 15, 2021

Seanergy Maritime (SHIP)
Lease Closed - Lowering Numbers to Reflect Rate Pullback

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.

    Lease financing closed and new charter announced. A new lease on the Hellaship and Partnership was secured for $30.9 million with a Chinese firm on attractive terms of Libor plus 350 basis points. After delivery in August, the Worldship will chartered for 12-16 months at $31.75k/day.

    No change in financing stance.  Post financings related to acquisitions for ~$160 million and sale for ~$12 million, pro forma cash should approximate $45-$50 million in 3Q2021, with one Cape will remain unencumbered. While the recent transactions will require cash of ~$6 million, financial flexibility should remain good and we believe that no additional equity will be issued despite the F-3 filing ...

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. 

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