Movers and SHAKERS
Wednesday, July 22, 2020
Seanergy Maritime (SHIP)
Refinancing Generates $5.6 Million Gain
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.
- Debt maturity settled at a discount generates gain of $5.6 million. An unexpected positive outcome was realized when secured debt of $29.1 million on the Geniuship and Gloriuship due at the end of July was settled for $23.5 million. The discount will generate a one-time gain of $5.6 million (~$0.19/share) in 3Q2020.
- New financing funded debt retirement. A new debt facility of $22.5 million funded the payoff of maturing debt. The five-year facility will be due in July 2025 and the interest rate will be fixed. Pricing and amortization are limited at this point, but the net result is longer term financing at a reasonable cost and ...
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.