Friday, December 17, 2021
Seanergy Maritime (SHIP)
Another Refinancing Lined Up
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.
Geniuship debt refinanced on favorable terms. High cost debt of $20 million secured by the Geniuship and Gloriuship Capes will be partially refinanced with a new five-year loan of $15 million secured by the Geniuship priced at Libor plus 350 basis points. Positive impact from extending out the maturity by 1.5 years and reducing interest expense by ~600 basis points, or $0.9 million in 2022. Pro forma for refinancing, total debt is ~$243 million and cash is ~$45 million.
Transportation & Logistics online forum presentation by CEO Stamatis Tsantanis and CFO Stavros Gyftakis highlighted the substantial progress this year. The fleet expansion, debt financings, 1Q2021 equity offering and January debt restructuring, in addition to a $17 million buy back program, are solid examples of better execution and improved 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.
