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Seanergy Maritime (SHIP) – Results in line with recent revisions

Transportation
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Friday, August 05, 2022

Seanergy Maritime (SHIP)
Results in line with recent revisions

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.

Seanergy reported 2022-2Q results in line with expectations. SHIP reported net revenues of $32.8 million up 18% over last year and slightly above our estimate of $31.1 million. EBITDA of $16.1 million met our $16.2 million estimate and reported net income of $5.9 million ($0.03 per share) was slightly above our $5.5 million ($0.03 per share) estimate. We had fine-tuned our projections last month after a conversation with management.

TCE rates were the main cause for higher year-over-year result although coming in below early guidance. Average Time Charter Equivalent rates were $23,251 for the quarter in line with our $23,000 estimate. Management had forecast a 2Q TCE rate of $24,569 at the end of the first quarter. Shipping rates remain above historical levels but have fallen as the quarter progressed and concerns of a weakening global economy emerged. Still, the overall outlook remains positive as the iron ore and coal trades are active and China begins to reopen….

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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