Movers and SHAKERS
Seanergy Maritime (SHIP)
Convert Debt Buy Backs Reduce Potential Equity Issuance
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.
New buy back program of $10.0 million half way done. Convert debt of $5.0 million has been bought back at par. Non-cash charge of ~$1.5 million will hit 1Q2022 numbers. Buy back reduces potential share issuance and fully diluted share count drops by ~4.2 million since conversion price was $1.20/share.
Capital Link webinar today at 10am EST likely to highlight substantial progress last year. Well positioned entering this year due to fleet expansion, debt financings, 1Q2021 equity offering and January debt restructuring. In addition, the $22 million buy back program to date, is a solid example of better execution and improving financials ...
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.