Wednesday, November 03, 2021
Seanergy Maritime (SHIP)
Strong Quarter and Solid Near-term Forward Cover
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 Capesize vessels. Upon delivery of the M/V Dukeship, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of 11.5 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”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Adjusted EBITDA of $32.2 million beat our estimate of $29.2 million. TCE rates of $30.8k/day and ownership days of 1,514 were higher than expected in addition to cash G&A expenses were lower than expected due to non-cash comp. The results hit a record level due to the timely expansion of the Cape fleet.
Updating 2021-2 EBITDA estimates. 4Q2021 forward cover is very high and higher than expected into 1Q2022. Our 2021 EBITDA estimate moves up to $90.7 million based on the positive quarter and TCE rates of $26.9k/day. 4Q2021 forward cover of 69% at ~$38.4k/day is very high due to a strong start to the quarter. Our 2022 EBITDA estimate of $102.2 million is based on TCE rates of $24.5k/day. 1Q2022 …
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.
