Wednesday, November 18, 2020

Seanergy Maritime (SHIP)

Upcoming 3Q2020 Call Will Focus on Dry Bulk Market and Debt Refinancing

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 operating results out this morning before market opens. Call today at 10:30am EST. Call number is 877-553-9962 and code is Seanergy. We are looking for TCE revenue of $15.3 million and TCE rates of $16.0k. We forecast EBITDA of $7.5 million and net income of $3.2 million, or $0.07/share. Please note that reported 3Q2020 net income will include a gain of ~$5.0 million ($0.11/share) from the debt refinancing in July.

Fine-tuning 2020 EBITDA estimate ahead of earnings call to reflect recent dry bulk market softness.  3Q2020 Cape TCE rates ranged from mid-teens to mid-$30k/day range. 4Q2020 is off to a softer start and current average is now in the $15k-$20k/day range. We are moving our 2020 EBITDA estimate to $17.5 million from $19.8 million to reflect updated TCE rate data and the expected timing voyage charters ...

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.