Seanergy Maritime (SHIP) – Results reflect weakening prices, as expected

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Friday, December 02, 2022

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.

Third quarter results reflect a drop in shipping pricing, as expected. Shipping rates have fallen sharply in the last few quarters. Although management took some steps to lock in pricing this summer, it should be pointed out that the bulk of its fleet is on spot or indexed rates. We lowered our estimates in October to reflect weakening industry fundamentals, so weaker results were largely anticipated.

Slightly better-than-expected results reflect increased operating days. Seanergy brought several vessels into dry dock for repairs and upgrades in previous quarters. As a result, it was able to keep its ships active in the most recent quarter. The result was an increase in operating days above our expectations leading to higher-than-expected revenues.

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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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