Thursday, March 25, 2021
Seanergy Maritime (SHIP)
4Q2020 Results In Line. Expanding for Upturn.
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.
4Q2020 Operating results were in line with expectations. Reported adjusted EBITDA of $8.3 million was in line with our expectations after adding back the one-time items from the costs of debt restructuring and refinancing. TEC revenue of $16.7 million was slightly higher than expected due to higher TCE rates of $16,511/day but was offset by higher opex of $6,132/day. Management fees were $276/day and G&A expenses were $1,902/day.
Increasing 2021 EBITDA estimate to $51.0 million from $47.7 million to reflect 1Q2021 forward cover, current dry bulk market conditions and pending acquisitions. Our estimate is based on TCE rates of $17,742/day, up from a previous estimate of $17,742/day with no change in ownership days of 4,613. With the quarter largely passed,1Q2021 forward cover was 98% booked at an average TCE rate of …
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.
