Movers and SHAKERS
Thursday, June 18, 2020
Weak 1H2020 Leads to 2H2020 Recovery
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.
- Dry bulk market volatility impacts 1H2020 estimate, but 2H2020 recovery appears likely. The year started off weaker than expected and operating results will be lower than expected when 1Q2020 numbers are reported next week. Cape TCE rates are recovering and approaching the $20.0k range, but we are lowering our EBITDA estimate to $18.7 million based on TCE rates of $13.0k, down from our previous estimate of $27.2 million based on $15.3k/day, to reflect the 1H2020 weakness.
- Equity issuance improves financial position with refinancings on the horizon. Close to $50 million of equity has been issued this quarter in response to dry bulk market weakness and ahead of refinancings. Bank debt of...
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.