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Seanergy Maritime (SHIP) - Solid Quarter Sets Positive Tone for Year

Wednesday, May 26, 2021

Seanergy Maritime (SHIP)
Solid Quarter Sets Positive Tone for Year

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.

    1Q2021 EBITDA of $6.5 million was ahead of our estimate is $5.7 million due to higher average TCE rates of $16.2k/day. TCE revenue of $15.1 million was $0.9 million higher due to a positive rate variance and opex of $5.6 million was about $0.5 million lower than expected, which more than offset higher G&A expense of $2.7 million.

    Fine tuning 2021 EBITDA estimate to $81.4 million based on TCE rates of $24.9k/day versus our prior estimate of $77.1 million based on TCE rates of $26.8/day to reflect 1Q2021 results, updated forward cover and the timing of the pending acquisitions.  2Q2021 forward cover is high at 96% of available days booked at an average TCE rate of $22.4k/day. Please note that the average TCE rate is a blend of ...

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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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