Movers and SHAKERS
Monday, June 29, 2020
1Q2020 Numbers In Line. Positioned for 2H2020 Recovery
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.
- 1Q2020 operating results largely in line with recently revised estimates. Reported EBITDA was $1.0 million, TCE rates were $8.5k/day and the net loss was $0.31/share. TCE revenue of $7.6 million was about $0.4 million below expectations due to a $500/day shortfall in TCE rates of $8.5k/day versus our estimate of $8.9k/day. TCE rates were about $3,912/day above the Baltic Cape Index (BCI) average of $4,569/day in 1Q2020 due to the opportunistic fixing of a rate on one Cape and premiums on charters over the BCI index.
- Equity issuance improved financial position. Refinancing activity will be high this year and news on capital allocation expected shortly. Close to $50 million of equity was issued this quarter in response to dry bulk market weakness and ahead of bank debt refinancings. Pro forma for....
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.