Seanergy Maritime (SHIP) – Results fall on lower shipping rates but Seanergy is finding ways to offset the decline

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Wednesday, March 15, 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, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Fourth-quarter revenues fell sharply once again. Shipping rates continued to decline. The average TCE rate fell 53% year over year and 15% quarter over quarter. Seanergy was able to partially offset the impact of lower rates because of the net addition of ships in 2022 and thus a higher number of operating days. The company was also able to generate new revenues by providing management services to United Maritimes Corporation, which was spun off in July.

Lower revenues partially offset by cost reductions and share repurchases. Daily vessel operating costs were $6,651 during the quarter, down from $7,184 last year and $7,593 in the third quarter. Financing costs were below expectations despite the investment in new ships. Management has been active refinancing debt when possible. Of particular note was the decrease in diluted share count due to the repurchase of convertible notes. 

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*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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