Thursday, August 12, 2021
Seanergy Maritime (SHIP)
Stock Buyback Another Sign of Financial Stability
Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Stock buy back program announced. The Board of Directors approved a stock buy back program of up to $17 million. At the current price, the buy back equals ~16.4 million shares, or close to 10% of the current shares outstanding of ~168.5 million. We believe that this positive move should help support the stock price, especially if the buy back program is active.
Buy back program reinforces our view that equity issuance near the current price is unlikely. As highlighted in recent notes, the financial position has improved markedly, and we believe that no additional equity will be issued despite the F-3 filing on July 2nd. After pending transactions close, pro forma 3Q2021 cash should be $45-$50 million, or close to 2Q2021 cash of $56 million. Financial …
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.
