Seanergy Maritime (SHIP) – Earnings Preview

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Friday, May 19, 2023

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Seanergy Maritimes will report first quarter results next week. We expect results to continue a pattern of declining cash flow and earnings in response to lower shipping rates. That said, rates should be higher than the $10,191 average TCE guidance given in March 14th as shipping rates bottomed out in February. In addition, operating days will be up with more than 17 ships (Goodship and Tradership sold during the quarter as company modernizes the fleet).

We are adjusting our estimates to remove a one-time gain of $8 million on the sale of a ship. We now expect the company to report an adjusted loss of $12.4 million or $0.69 per share. Including the gain and non-cash G&A expenses, we look for the company to report a loss of $4.9 million or $0.27 per share. Our adjusted EBITDA forecast is for a loss of $8.4 million (a reported loss of $0.9 million).

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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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