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Seanergy Maritime (SHIP) - Another Acquisition Increases Cape Exposure

Tuesday, May 25, 2021

Seanergy Maritime (SHIP)
Another Acquisition Increases Cape Exposure

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.

    Another acquisition moves pro forma Cape fleet to 16. A 2012-built Cape, the Worldship, will be acquired for $33.7 million in 3Q2021. The Worldship has a scrubber and BWTS and a survey should be completed prior to delivery so downtime should be limited over the next two years. Combined with the Tradership and Patriotship, recent acquisitions total $135 million. Debt/lease financing of ~$48 million has been lined up or in process and existing cash should fund the remainder of the acquisition cost. If additional financing is required, flexibility is good since the Worldship, Patriotship and Hellaship should be unencumbered.

    Increasing 2021 EBITDA estimate to $77.1 million based on TCE rates of $26.8k/day versus our prior estimate of $75.4 million based on TCE rates of $26.8/day to reflect new acquisition.  Current 2H2021 Cape FFA rates are holding above $30.0k/day and most of the Capes are working on charters at indexed rates. While FFAs were fixed on four Capes earlier this year at lower TCE rates, we view the new ...

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. 

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