Movers and SHAKERS
Wednesday, July 8, 2020
Seanergy Maritime (SHIP)
Acquisition Expands Cape Fleet and Operating Leverage.
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.
- Acquisition expands Cape fleet by 10%. A definitive agreement was signed with an unaffiliated third party to acquire a 2005-built Cape vessel for $11.4 million. The vessel was built was Mitsui Engineering & Shipbuilding in Japan and has 177.5k DWT of capacity. The acquisition expands the Cape fleet to 11, or by 10%, and other opportunities are under review.
- Positive impact. Increasing 2020 EBITDA estimate by ~$1.6 million to $22.1 million. The acquired Cape will be renamed the Goodship and delivery is slated near the end of July. Given the rebound in Cape TCE rates, the acquisition appears well timed and it should be ...
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.