Seanergy Maritime (SHIP) – Strong results give us room to raise our target again

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Thursday, May 16, 2024

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.

Favorable results reflect higher pricing and an expanding fleet. Higher TCE rates reflect increased steel and coal activity as well as increased demand for shipping days due to disruptions in the Red Sea. Management used the favorable environment to lock in pricing for additional operating days in 2024. Management also announced the purchase of its 19th ship.

Strong cash flow allowed the company to pay a special dividend and pay down debt. The company is committed to return proceeds to shareholders though dividends and share repurchases. It made a modest reduction of debt during the quarter, helping to lower financing costs. Interest costs will most likely rise with the next ship purchase.

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This Company Sponsored 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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