Movers and SHAKERS
Wednesday, February 12, 2020
Scrubber Program Complete. Adjusting Estimates for Dry Bulk Market Weakness.
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.
IMO 2020 compliance plan implemented. Scrubbers were installed on five Capes, with the last one on December 19, 2019. The $12 million cost of the scrubber program was largely funded by charterers. Additional scrubber installations will be dependent upon customer support and funding.
4Q2019 operating results will be out before the market opens tomorrow (February 13th). There will be an earnings call at 11am EST and the call number is 877-553-9962 with a code of Seanergy. In advance of the call, we are fine-tuning our estimates. Our 4Q2019 estimates are EBITDA of $11.6 million based on TCE rates of $22.7k/day and...
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.